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Over 50 Market Untapped

The over 50 market is cited as a great place to look if you are looking for a business startup idea perhaps.

Could this be something you hadn't given any thought to but it has just hit you right between the eyes?

A recognised but under served demographic in Britain waiting for your product or service

I read this tiny yet significant article recently in a free newspaper from our most upmarket supermarket Waitrose.

Mariella Frostrup, is a well-known British broadcast and TV personality, journalist and quite outspoken lady.

She writes a weekly column for the Waitrose Weekend Magazine

I happened to spot the piece in her column, aptly entitled:

 Over 50’S: untapped, not tapped out!

I was intrigued, I have been saying this for the longest time to my young colleagues in the office when they pipe up about people who are a bit older being “a bit past it.”

“Past it? I haven’t even got to it yet” is my usual reply.

Anyway, she was writing about David Cameron our former prime minister approaching his 50th birthday.

He had just left office and was being chastised for quitting and moving on but she thought actually this was not uncommon at his age.

She wrote: “The majority of career changes occur among the over 50’s who control 54 percent of the nation’s disposable income, yet are invisible in advertising.”

Over 50 market is waiting!

This shouts to me very loudly there is a gap in the market and a market in the gap.

The midlife crowd or baby boomers as the Americans love to say are waiting.

I know they are because I and many others I know fall into that demographic and actually she is right. 

The only products or services we seemed to be offered are funeral plans, cosy slippers or a very nice line in comfortable cardigans.

Only this morning in the post was a free brochure for one of those nice armchairs that you push a button to help you get out it, and yet another insurance policy, you know the ones “to save my family from unnecessary stress at an already difficult time”

Hang on, who do think they are talking to? They have got me completely wrong.

Life is different these days.

We are not our parents generation

We are living longer, have more disposable income and we want more choice.

I would love to see clothes, travel, financial services, photography, art, dining experiences, personal development, food, and everything else really tailored for me.

So I am positive so many other people of my generation have the same aspirations.

One of my own personal preferences would be a revolution in the hair and beauty industry.

Either a mobile service to fit in with my lifestyle or a salon that is staffed by older hairdressers who have more interesting things to say to me than “are you going out tonight?”

I promise you, if there was a more friendly and older person centric business offered in just about any niche in business I believe you would succeed.

Why do I say that?

In this country alone, but the situation is the same generally across the world the population is aging fast.

The baby boomer births were from 1946 to 1964, so you an work out where I am coming from.

As time goes on we are going to need products and services right across the spectrum and not just medical ones either. Not everyone in the over 50 market is ready to wind down their life yet, in fact quite the opposite.

We generally have more time and more money and health is getting better as medicine gets better and better.

People move, downsize, want a more flexible lifestyle., time with family, still want to travel, heavens even may want to start a business or go into education again.

The possibilities are potentially endless, all it needs is a spark in the dark.

What ideas have already sprung into your mind for the over 50 market since you started reading this page.

I have at least 10 already.

And here is another thing, surprising to some I am sure...The over 50 market...

Are Very Technology Oriented

She went on to say: “My generation’s use of smartphones alone increased by a staggering 80 percent between 2015 and 2016, according to an Enders Analysis report.”

So we are not all dinosaurs then!

I love my smartphone and IPad and buy stuff and read stuff on it all the time and I am very proficient with social media.  

I see people all the time in my age group on their smart phone and tablet and they are most definately not surfing for funeral plans.

You could get going on your business start-up idea on Facebook in the morning and I could be reading your advert on the bus home in the afternoon.

This is where I thought she was really interesting:”So, where are the apps and websites (I read any business here) aimed at mature adults, the only people not already saturated in new technology ownership?

I read where is YOUR app or website/business. What is stopping you, people are waiting for you!

Are you a business startup idea waiting to happen?

She concluded by saying: “Let’s hope the upcoming addition of our ex-PM to the near third of the population who are in the 50 plus market creates a change in perception of a demographic that is the most enterprising yet commercially ignored sector of society

I agree, when I speak to people in my own demographic there are so many closet cake, candle or soap makers, weekend wedding photographers, and a whole host of other talents that would love to pursue their own business start-up idea.

I say to them and you what are you waiting for? 

Your over 50 market is waiting!