In the United States of America the over 50’s represents over half of all disposable income. Indeed, the baby boomer generation (born between 1945 and 1968) represents one of the biggest population ‘bubbles’ in the history of mankind. Because of its size and sheer spending power this group is recognised as an important segment throughout the developed world.
The Prime Time segment in South Africa is worth over R300 billion a year and has grown by 10% since 2004. However, the market remains largely untapped and therefore represents a huge opportunity for companies and marketers.
This research shows that while this segment makes up only a small proportion of the adult population (6%), they represent nearly 20% of all consumer spending power.
Furthermore, despite the current economic downturn, this golden seam of South Africa’s biggest spenders are more recession-resistant than their counterparts under-40 years. Yet this group say they are being ignored by marketers.
A Prime Timer is anyone aged between 40 and 69, lives in a major metropolitan area and falls in LSM 7 to 10. The study examined the size, spending power, indebtedness and growth of this group. The project explores, international trends, attitudes and behavior, media consumption, and what this means for marketers?