The Importance of the “Grey Pound”
We’ve heard a lot about the “Grey Pound” and “Silver Surfers” over the past 15 years, as the number of seniors has grown rapidly, both in terms of proportion of the population and their wealth.
The over-65 population in the UK now holds over 80% of the nation’s financial wealth. This spending power means that older adults are an increasingly important target audience for brands, as connecting with digital seniors can unlock this increased spending power.
A Seismic Change in Seniors’ Habits Since 2020
Older adults have often been characterised as being tech-phobic and treated as such in the digital arena. While it remains the case that older adults’ specific needs should be considered as part of any digital strategy; it is worth considering the changes that have taken place in recent years.
The Covid-19 pandemic led to a huge leap forward for many older adults in terms of their digital usage. The need to use technology to have contact with family, to attend medical appointments, to buy groceries or make other purchases has meant many more older adults now have digital devices such as smartphones or tablets. It has also increased the confidence and skill level of many others, simply due to the frequency of use of devices to surf the web or to join Zoom calls or WhatsApp groups in order to have family contact.
Since 2019, the proportion of internet users aged over 65 has increased from 73% to 88%. 82% of digital seniors are now using a smartphone on a daily basis and own, on average, five electronic devices.
Older adults are also great users of social media with 60% of digital seniors using Facebook on a daily basis and 88% using YouTube on a weekly basis.