Survey: Over-50s have money to spend but businesses are not targeting them

OVER 1.2 million people in Ireland are aged over 50, have billions of euro to spend, are well resourced and optimistic and upbeat about their future.

In a recent survey, 67% said the recession has had little impact on their lives or their living standards.

One of the key figures to emerge from the research was that while citizens aged 65 and over have a declared income of €6.6bn, only 10% of marketing spend is aimed at the over 50s.

The details are contained in an Amárach Consulting survey of 500 people over which was carried out in january and February.

The findings were presented to the annual Business of Ageing Conference — Turning Silver into Gold, at the Royal Hospital Kilmainham, yesterday.

The failure of the market to target that age category suggests a massive failure on behalf of Irish industry in tapping into a very lucrative market segment.

The survey found the 50-plus group are happy and relatively affluent — the majority are optimistic and upbeat about their personal future while 71% said their income had decreased significantly in the last year.

In the over-50s, it emerged that 6 in 10 have a pension income and a significant 65% have not made any drastic changes to their spending pattern.

The research found, however, that the due to the economic uncertainty, many said they would be more cautious about splashing their cash given their belief that the economy will take quite some time to recover.

The over-50s group are more likely to spend money on holidays, new cars, eating out and home improvements than any other section of the population, the survey found.

Delegates were also told the world is “experiencing a demographic revolution?”

It means that within the next 40 years the 60-plus population will have doubled in size and will account for around a fifth of the world’s total population.

Details of the world’s first ever 50-plus festival — Greystock — were announced the conference.

Greystock, an international festival promoting all aspects of positive ageing, will take place in Kilkenny in September 2011.

The festival aims to develop and provide a platform for positive debate and discussion among the 50-plus market.