Compared to younger populations, seniors have a much higher net worth than their younger counterparts. Mostly, this is due to investing and saving and having a long work life. This makes them a ripe market for smart business owners who have products and services of interest to senior markets.
What Is a Senior?
The term “senior citizen” is used often to refer to people who have reached the age at which they can collect social security or traditionally retire – in other words, age 65. Most dictionaries also define a senior citizen as age 65.
But, if you ask them, they will deny the term “senior citizen” unless it’s to get a movie ticket discount, sign up for Medicare, or to collect social security. Therefore, for marketing purposes, you may want to define your group of “seniors” based on their demographics, interests, and needs rather than only on their age.
For example, if you want to market to grandparents, people can be grandparents long before they’re considered seniors. Therefore, for marketing purposes you may want to consider seniors anyone who is a grandparent who is over 50 years of age instead of 65. But of course, this depends on your product, service, and other factors.
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