The 60+ demographic represents the fastest-growing and wealthiest segment, with real income expected to grow at double digits by 2040. Yet, businesses often overlook this potent segment due to outdated stereotypes. Data-driven strategies and innovation can unlock both immediate and long-term volume growth.
Mature consumers: An untapped opportunity
In an environment of sluggish economic growth, rising costs and global uncertainty, companies must reassess their expansion strategies. Euromonitor International’s Voice of the Industry Survey 2024 indicates that 53% of business professionals plan to drive growth over the next five years by targeting new consumer segments. Among these, mature consumers stand out as one of the most underserved groups.
By 2040, 19% of the global population will be aged 60+, with key markets witnessing accelerated ageing: Western Europe (32% of the population in 2040), Eastern Europe (30%), North America (27%) and Australasia (27%). In these regions, mature consumers will outnumber children aged 0-17, thereby reshaping demand and increasing their economic influence.
Despite the growth, businesses remain slow to act, constrained by outdated perceptions that assume mature consumers are frugal, tech-averse and inflexibly loyal. Breaking these stereotypes is the first step in unlocking the segment’s potential. A structured approach to identifying high-potential geographies is also critical. Needs-based innovation must follow. Companies that act now will gain a competitive edge in a future landscape increasingly shaped by mature consumers.
Breaking stereotypes
Mature consumers defy conventional stereotypes, demonstrating strong spending power and evolving consumption patterns. Households led by individuals aged 60+ recorded a 14% nominal increase in spending over 2022-2024, more than double the growth observed across all households. Despite common assumptions that they prioritise essentials, discretionary spending constitutes nearly half of their budgets.
Another stereotype is tech reluctance. Over the last decade, receptiveness to technology, in fact, has accelerated. In half of the analysed markets in 2024, more than 75% of households headed by mature consumers had internet access, with full penetration reported in Bahrain and South Korea.
Ultimately, despite perceptions of strong transactional loyalty, more than half of mature consumers seek out new products and services. Only 20% consistently shop within loyalty programmes, according to Euromonitor’s Voice of the Consumer: Lifestyles Survey, fielded January to February 2024, with nearly half identifying as bargain hunters, reflecting a pragmatic, value-driven mindset.
Determining high-potential markets
Shifting perceptions of mature consumers is only the starting point. The next imperative is pinpointing high-potential markets. A structured, data-driven approach is crucial, with Euromonitor’s Market Potential Index providing a comprehensive framework for identifying opportunities. The Index assesses 103 markets using 14 key metrics consolidated into six pillars. Higher rankings indicate greater market potential for companies targeting mature consumers, while lower rankings signal limited opportunities.
North America and Western Europe present particularly robust opportunities for companies targeting mature consumers in discretionary goods and services. These regions benefit from high purchasing power, large populations and strong digital engagement, creating an ideal environment for volume growth.
Embracing age-friendly innovation
Empowerment, indulgence and inclusion are the higher-order motivations shaping the values and purchasing decisions of mature consumers. Brands that innovate in line with these priorities not only build trust and loyalty but also enhance their reputations.
Empowering mature consumers involves offering the tools, resources and opportunities that promote independence, informed decision-making and a fulfilling life despite age-related challenges. There is robust demand for preventive wellness solutions that bolster long-term health while offering greater convenience.
Cardiovascular conditions rank as the second-highest concern among consumers aged 60 and above, with 50% of mature consumers expressing worry
Source: Euromonitor’s Voice of the Consumer: Health and Nutrition Survey, fielded in February 2024
According to the Passport Innovation tracker, cardiovascular health claims increased by 49% over 2022-2024.
Consumers aged 60 and above are among the wealthiest and most populous cohorts, with a noticeable increase in spending, especially in non-essential categories. They actively seek premium products that align with their desires and capabilities, that allow them to indulge.
Inclusion requires that brands engage mature consumers by positioning ageing as both desirable and relevant. Robust brand messaging is crucial in this endeavour.
Learn more about mature consumers’ demand and opportunities in our report, Unlocking Growth with 60+ Consumers. If you are interested in other generations, please check out Maximising Opportunities in the Millennial Market or Future of Consumption: Unlocking Gen Z Behaviour for Crafting Powerful Strategies.