The Mature Market

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Oct 2014

My research of the mature market, which focuses on the over-55’s, has given me insights into various different aspects of the relationship of advertisers and marketers with this older marketplace.

Focusing primarily on four main peer reviewed journal articles has given me insights into several key factors of the portrayal of mature market in media advertisements.

In Lynn Langmeyers, Advertising Images of Mature Market (1993), she touches on the social power of the media, the connection, or lack there of, between generations and the results of stereotyping age groups. Langmeyer reflects on the social repercussions of inaccurate portrayals of the older consumer and their affects on, not only the mature market but society in general.

Mosca, Paul and Handlin (2003) discuss the appeal and process of targeting the mature market, the negative depiction of older people in advertisements and a disconnection between markets and the mature market. They consider that the client may be the culprit of negative representations of older people in advertisements.

‘A Content Analysis of the Portrayal of Mature Individuals in Television Commercials’ by Peterson and Ross (1997) investigate the role of the older consumer and the frequency of advertisement in television and magazine targeting at the older consumer. They also cover consumer behaviour of older age groups and the problems that may arise for some elderly people.

Review

Peterson and Ross (1997) claim that mature consumers are a highly desirable market for advertisers to target. They discuss why marketers might become more interested in the older market due to several appealing factors. They posit that their purchasing power is becoming stronger due to the population of this demographic steadily increasing.

Langmeyer (1993) concurs that projections of the growth of this market have been present in the past but marketers have failed to recognise the potential. Langmeyer (1993) continues that in the 80’s the prediction for the percentage of the population that was over 55 for the year 2000 was 20%.

According to studies in the US, 77% of the over 55’s control all of the financial assets and 50% possible disposable income (Mosca, Paul & Handlin, 2003) This higher wealth gives the older consumer larger spending power, a highly attractive element for marketers to consider.

They point out that products that older consumers are purchasing are changing and that the variety of goods they are buying is expanding. The older marketing is now purchasing goods that were once seen to be only for the young.

contributing factors such as lifespan and healthy lifestyle living have led the increase in older consumers buying items like exercise clothing and equipment. Not only are older people living longer and healthier than previous generations but the age of retirement is also seen to be increasing. (Mosca, Paul & Handlin, 2003) Langmeyer (1993) concurs on one of these factors in the appeal of the mature market to advertisers may be the expanding market of the older consumers.Possible

Whereas Moschis and Mathur (2006) offer new insight into why older consumers may be a highly attractive market. They discuss the desire of some older consumers to maintain an image of their younger selves. This desire may consequently lead to the same spending habits of similar products and brand of their younger counterparts in order to project and maintain their younger self-image.

Another way that the older age group may appeal to marketers is that this age group tend to be more brand loyal than any other age group (Moschis and Mathur, 2006) This high degree of brand loyalty may mean that they are generally thought to be more easily sated as a result.

Peterson and Ross (1997) observe that another marketplace for the young that older consumers are heavily contributing to is the toy industry. In their journal they state that according to Schlosberg in 1990, one-fourth of all toy purchases are made by grandparents. This finding gives older consumers high desirability to companies.

Peterson and Ross (1997) state that upon knowledge of this research it could be wise for companies to target this market by placing mature models in their advertisements. Another reason why this approach may be wise is that they observe that it is understood that older people watch television more regularly than any other age group.

When considering the many appealing factors of the older consumer to marketers one must look for reasons why this market may not be as alluring and why it has been neglected in some cases.

Stephens and Warrens (1984) state that the mature market may be seen as an unappealing target market when considering the effects of repetition and how they differ depending on age. They present that older consumers with weaker recall and memory yield may be more exposure than that of their younger counterparts to yield similar brand awareness. The possibly requirement for higher repetition may require a bigger spend in the products advertisement to give satisfactory exposure to older ages.

Stephens and Warrens (1984) tested this general opinion that age is an influencing factor on determining recall ability. In the study 172 subjects of two age groups were paid 10 dollars to participate in the recall of commercials of unknown brands in several G rated movies for a during of 2 hours. The commercials were that appealed to each age group and were shown at random. The results yielded that the recall was widely unfamiliar. The difference in learning ability of two age groups was also not significantly as different as previously thought.

Mosca and Mathur (2006) discuss one cause of marketers apprehension to target the older audience could be due to the average ages of employees in advertising agencies being young. This may be easier to aim campaigns that an age group that is closer to their own. Mosca, Paul and Handlin (2003) delve further into disconnect between the old and young by illustrating that in Thomas and Wolfes (1999) research the average age of employees in advertising is 28.

Mosca, Paul and Handlin (2003) go on to observe how the generation of the post WW1 have been under represented despite the several appealing aspects of this growing market segment. They state that the mature market is often misrepresented and neglected in advertisement and markets are still turning their attention to the allure of the younger audiences despite its shrinking profit growth potential.

Further notes by Mosca and Mathur (2006) discuss that Long (1998) gives an example of how some advertisers in the UK state that they were uninterested in understanding seniors and some have even turned down opportunities to work with companies targeting seniors. This example causes us to not solely blame the role of advertisers for negative and/or neglectful portrayals of older models with advertising.

Peterson and Ross (1997) argue that the responsibility lies with the advertising agencies and not with the sponsors to correctly represent the elderly. They then comment that it is ultimately the sponsors who have final say on the overall finished campaign.

Moschis and Mathur (2006) further discuss marketer’s difficulty to appeal to the older consumer and posit that this may be due to two aspects, the lack of information on the mature market and the conflicting information available.

For advertising to create equal appeal among every age group it is important to investigate the way in which consumers retain brand loyalty and awareness. Stephens and Warrens (1984) investigate the importance of frequency of advertisement exposure in order to sustain consumer’s relationship with brands. The study explores the importance of repetition and the way in which it is linked to how consumers learn.

Stephens and Warrens (1984) noted that selective attention is paid when watching television depending on personal interests and products that relate directly to the viewer. They state that previous experience that a person has had with a brand is another aspect that contribute to the amount of attention paid to a brand.

However Stephens and Warrens (1984) claim that when repetition has educated the consumer all it can the commercial may start to lose its recall impact on its audience. This shows that learning and concentration are directly connected.

They further maintain that over exposure to an advertisement can negatively impact the consumer when maximum learning has been reached. It starts to become over familiar to its audience. The over repetition of a brand is wasted on fully informed consumers and negative attitudes towards the brand may consequently occur.

According to Warrens and Stephens (1984), speed and pacing are other contributing factors to how quickly and easily older audiences absorb information. When considering advertisements effectiveness on the older audience it is important to note the fast pace of information in television commercials.

The lack of older models in advertisements might be seen as marketers neglecting a desirable market. In the defence of the marketers and their lacking in showing older models in advertisements, older consumers relationships with their subject age can be discussed.

In relation to subjective age, Moschis and Mathurs (2006) find that the result of using older models in campaigns had a mixed reaction with the older audience. Their gerontological theories research provided answers as to why the media’s depiction of older models provided mixed reactions among the older audience.

As Moschis and Mathurs (2006) consider how old consumers perceive themselves in relation to their younger selves. It was found that some older people might try to maintain a self-image of their younger selves.

Considering this Peterson and Ross (1997) discuss what may happen if younger models continue to be primarily used. They state how in doing so, may alienate the older consumer. They may find it harder to identify with the younger person. Their findings concluded that marketing communications were neglecting the full potential of the mature market. By under representing the older market in television commercials and magazines advertisements markets may be failing to reach the full potential of the purchasing power of this older demographic.

Peterson and Ross examine the social responsibility of markets and state that by negatively and/or under representing the older consumers, it not only has a negative impact on the older markets call to purchase, it also contributes to negative attitudes towards the elderly and their own self image.

They discuss how older viewers with limited sociability often turn to media to help shape their behavioural norms and through. This gives the media a powerful role in shaping and re enforcing societies attitudes towards older people. On realization of this, marketers have a social responsibility to not re-enforce stereotypes.

The social power that marketing communications has on the general public should be used to help shape the older market as valuable individuals with communities. (Peterson and Ross, 1997)

Advertisers can often stereotype. (Moschis and Mathur, 2006) As a result older consumers are turned off the product that mis-represented them. (Moschis, 1994)

The research by Langmeyer (1993) indicated that for the needs and demands of the mature market to be met advertisers need to address the issues of stereotyping the old to ‘old’ roles. The mature must be treated as individual consumers with unique personalities and desires in order to sate them as consumers.

Conclusion

In summation of the points and aspects covered in the journal articles is it clear that the media’s portrayal of the mature market has a powerful effect on, not only how older consumers view themselves but how society views them.

The general thought across all the literature was that advertisements neglect the older market either through negative portrayal of older models or a failure to satisfy as consumers. However, it is recognised that there may be literature available to support the contrary. Mosca, Paul and Handlin (2003) recognise that between 1950 and 1980 in a research carried out by Ursic (1986) the portrayal of older consumers in magazine advertisements could be identified as esteemed and reputable. They do state however that in the 1980s that close to half of advertisers felt that portrayal of older consumers in advertising were negative.

Negative depictions of the older markets may cause the connection between the younger and older generation to grow further apart. This is ultimately negative for advertisers and the older market.

The failure of marketers to adequately target older consumers was discussed across the majority on the literature. However several ways in which the media could appeal to the mature market was also broadly discussed.