I often talk about the “older” crowd… or the group to whom I prefer to use the label: “Masters of Life!”
And, the reason I talk about it so much is because that’s where the money is!
But, when I look at how the fitness industry is projected by the mainstream media, and even our own trade publications….you’d think the only people working out are between 18 and 29!
But even if it was… the 18-29 crowd does NOT have any “real purchasing power.” At least not the type of money the “boomers” have.
They are not the ones buying premium memberships or value-added training packages.
The Numbers Say It All
You know I do my homework so… here we go.
- The U.S. population over age 50 is 100 million.
- It will soon control more than 70 percent (70%) of the disposable income in this country.
- Two thirds of all new car sales are purchased by people age 50 or older
- Half of all computers/mobile devices and a third of all movie tickets are sold to people over age 50
- The over 50 crowd spends over $7 billion a year shopping online (think online courses like ONBOARD 101.)
- More than 80 percent (80%) of all premium-travel dollars flow from their credit cards.
- This makes the over 50 group the third largest economy in the world, (trailing only the gross national product of the United States and China).
These are Amazing Statistics.
Marketers, including fitness industry advertising, for the last century has been obsessed with youth. Only 5 percent of advertising is directed to the 50-plus.
When you look at auto commercials almost everyone you see in the car are people between the ages of 18 and 24 even though people 50-plus purchase five times (5X) as many new cars as people 18 to 25.
Nielsen, a tracking research company, calls the 50-plus age group “the most valuable generation in the history of marketing.”
One would wonder why 50-plus Americans are so ignored by marketers…
The 50+ Segment Has Always Spent BIG!
A little history might shed some light on why.
In the 1980s (when the 50+ group was much younger) the perception of these young consumers was that they were impoverished and lazy.
But in reality, as consumers this group put the country on an economic roll that would last for decades.
Now, today, as baby boomers they haven’t stopped spending, traveling, adapting and living life to the fullest.
And here’s the best part for your fitness business. The population of the 50-plus is projected to grow by 34 percent (34%) between now and 2030.
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