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Lifestyles of the Over-55s - UK - February 2016

“Not only are today’s over-55s wealthier, they are also healthier and have more time to spend their money before and during retirement. All these factors are contributing to a rise in a mature demographic of shoppers eager to explore all the options available to them.”

– Ina Mitskavets, Senior Consumer and Lifestyles Analyst

This report looks at the following areas:

  • 50 marks the start of the better half in people’s lives
  • Using technology to maintain family ties

The view that older demographics are set in their ways and do not like to deviate from things they are used to needs to be challenged. Today’s over-55s are open to opportunities, owing to their strong purchasing power and because they are at a point in their lives when a lot of things change for them.

But older consumers do not want to be treated any differently to younger generations, so focusing on specific needs, concerns and interests (rather than age) could often be a better strategy.

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Table of contents

  1. Overview

    • What you need to know
    • Executive Summary

        • ‘Living for tomorrow’
          • Figure 1: Plans for retirement, November 2015
        • Banishing the one-size-fits-all approach
          • Figure 2: Attitudes towards researching and buying technology products, November 2015
        • Improving the shopping journey for the over-55 fashionistas
          • Figure 3: Attitudes towards researching and buying fashion items, November 2015
        • Spending extra, but only on things that really matter
          • Figure 4: Attitudes towards spending, November 2015
        • What we think
        • Issues and Insights

          • 50 marks the start of the better half in people’s lives
            • The facts
              • The implications
                • Using technology to maintain family ties
                  • The facts
                    • The implications
                    • The Market – What You Need to Know

                      • The growing clout of the over-55s
                        • Silver Splitters
                          • Wealth distribution favours older generations
                            • Age of retirement is creeping up
                              • Greater need for raising awareness about healthy lifestyles
                              • Market Drivers

                                • UK population continues to age
                                  • Figure 5: Trends in the age structure of the UK population, 2010-20
                                • Silver Splitters open up commercial opportunities
                                  • Figure 6: Relationship status, November 2015
                                  • Figure 7: Number of divorces, by age of husband and wife at divorce, England and Wales, 2003-13
                                • Home ownership high amongst over-55s
                                  • Figure 8: Housing situation, by age, November 2015
                                • The older, the wealthier
                                  • Figure 9: Distribution of household total wealth, by household type: Great Britain, July 2012 to June 2014
                                • Working over-55s – a boon for many markets
                                  • Figure 10: Employment status, by gender and age, November 2015
                                • Age of retirement on the rise
                                  • Increasing interest in health
                                    • Figure 11: Amount of effort people put into staying healthy, by age, August 2015
                                  • Internet and mobile use
                                    • Figure 12: Internet and mobile phone usage, November 2015
                                • The Consumer – What You Need to Know

                                  • Only a third of 55-64s have saved enough for their retirement
                                    • Culinary adventurousness declines with age
                                      • A touch of the personal
                                        • Mature models are key when marketing fashion to the over-55s
                                          • Focus on the home
                                          • Retirement Plans

                                            • Pensions - the perfect storm
                                              • Figure 13: Attitudes towards retirement savings and future cost of care, by age, November 2015
                                            • Pent-up demand for travel in pre-retirement
                                              • Figure 14: Plans for retirement, by age, November 2015
                                            • Companionship is important in retirement
                                              • Figure 15: Plans for retirement, by marital status, November 2015
                                            • Pets make loyal companions
                                              • Figure 16: Screenshot from Hasbro website, January 2016
                                          • Eating Habits

                                            • Majority prefer scratch cooking at home
                                              • Figure 17: Eating habits, by age, November 2015
                                            • Workers are more adventurous with food
                                                • Figure 18: Eating habits, by employment status, November 2015
                                              • Raising interest in healthy diets
                                                • Figure 19: Eating habits, by attitudes towards spending, November 2015
                                              • Catering to the tastes of the elderly
                                                • Figure 20: Screenshot illustrating the Smoothfood concept, January 2016
                                            • Researching and Buying Technology

                                              • Banishing stereotypes
                                                • Figure 21: Attitudes towards researching and buying technology products, November 2015
                                              • Humanising technology
                                                  • Figure 22: Attitudes towards researching and buying technology products, by gender and age, November 2015
                                                • Online sources becoming more important
                                                  • Social media makes it easier to keep in touch with others
                                                    • Figure 23: Screenshot from the Mindings app, January 2016
                                                • Researching and Buying Fashion

                                                  • Improving the shopping experience of the over-55s
                                                      • Figure 24: Attitudes towards researching and buying fashion items, November 2015
                                                    • Demand for older models
                                                      • Value of expert advice
                                                      • Attitudes towards Spending

                                                        • Capturing the spending power of the over-55s
                                                          • Figure 25: Attitudes towards spending, by gender and age, November 2015
                                                        • The home and garden sector stands to benefit
                                                          • Figure 26: Attitudes towards spending, by household income, November 2015
                                                        • Marketing health to mature consumers
                                                        • Appendix – Data Sources, Abbreviations and Supporting Information

                                                          • Data sources
                                                            • Abbreviations
                                                              • Definitions
                                                                • Generations

                                                                Companies Covered

                                                                To learn more about the companies covered in this report please contact us.

                                                                Lifestyles of the Over-55s - UK - February 2016

                                                                £2,195.00 (Excl.Tax)