According to Nielsen’s 2022 consumer shift study, the U.S. population has become older, increasing by 14.7% over the past decade. This aging population is driving a consumer shift in spending that advertisers need to consider. The report states that the net worth of persons 55-64 is 12% higher than persons 35-54 and 32% higher than persons 25-34. And persons 55-64 outspend younger demos in many verticals, including new vehicle and home improvement purchases.

With these shifts in an older population, it makes sense to take another look at your advertiser’s audience. It is important to understand and account for all media consumption to inform marketing decisions. Could your product be used by this older demo as well? With the increase in population and the spending power available to P55-64, should this audience be overlooked? Should the target demo of advertisers be taken into account for performance tracking, and should they consider additional messaging targeting the aging population?

Regardless of the media tactic, population changes drive consumer shifts, and these factors should be taken into consideration. While traditional TV viewership has long been considered a great way to reach older demos, the recent shift in viewing habits from linear TV to streaming TV has seen the highest growth. Average weekly streaming minutes have increased YoY by 24% (Source: Nielsen). P55+ had the highest growth rate YoY in time spent streaming. This trend will continue as older TV content (past movies and TV series) continues to increase across streaming channels. This on-demand, easy viewing (increased smart TV sales growth) will continue to feed the growth trend of older audiences across streaming channels.

Media measurement data continues to grow to allow for finer behavior and audience targeting outside of the traditional demo, but many media tactics, including linear TV, are still transacted using demos – so consideration of the aging population shift is important. With an older audience and persistent content growth, consumption patterns continue to shift. Recognizing these changes and continually adjusting marketing measurement and mix should be a constant as well.

References: Nielsen AgencyWebinar_ConsumerShift_10062022