YEATS MAY have got it all wrong: a study to be published later this week suggests that this might be a country for old men – and women – after all.
Most respondents to a new survey of the over-50s claim to be happy, relatively affluent and upbeat about their personal futures while more than two-thirds say the recession has not had a major impact on their lives.
To coincide with a Business of Aging conference in Dublins Royal Hospital on Wednesday, Amárach Research surveyed 500 adults over 50 about their needs and experiences as consumers.
While 71 per cent said they had seen their income decrease significantly over the past 12 months, 67 per cent claimed the recession had not had a strong impact on their lives and a similar number said they had not made any drastic changes to their spending throughout the downturn.
According to the survey, the State’s 1.2 million people over 50 are far more likely to splash out on holidays, new cars, restaurants and home improvements than any other section of the population.
When it comes to shopping, the over-50s are very clear where their loyalties lie: just 10 per cent said they would consider switching from a premium brand of tea to an own-label brand tea, but 50 per cent said they would be happy to dump branded toiletries in favour of own-brand alternatives.
The survey suggests that people over 50 are less brand-conscious than other groupings and the brand most readily identified was Guinness, with 6 per cent selecting it as the single product they were most familiar with. A further 4 per cent said Aldi was the most recognisable brand and Dunnes, Lidl, Toyota, and Apple were all mentioned by 3 per cent of those polled.
Some 77 per cent of those polled believed the media was quick to portray them as vulnerable but despite this perceived vulnerability, the over-50s are confident and enthusiastic consumers.
It found that 40 per cent are active online with most of that number falling into the 50-to-64 age bracket. Google is by far the most popular website and 38 per cent say they use it most frequently. Facebook finishes in second place at 19 per cent, while Ryanair comes third on 13 per cent. Of those who use the web, 37 per cent have a Skype account while 29 per cent are active on Facebook.
Director of the conference Anne Connolly described the survey as fundamental to helping Irish businesses understand the changing needs of this demographic and said it was “now more important than ever for Irish businesses to explore new markets and we’re proud to be leading the way in alerting businesses to the huge potential of the 50-plus market and the opportunities that a global ageing population brings.”
Among the speakers at Wednesday's conference are George Magnus, the senior economic adviser at UBS International Investment Bank and the author of The Age of Ageing;Dick Stroud, the author of The 50-Plus Marketand Gerard O'Neill, the chairman of Amárach Research who will present comprehensive details of the survey.
The conference will also focus on health products and services, the world of work and moving beyond retirement and how to market and sell to people over 50.
