Why market research needs to catch up with an aging population

An aging population: A shift businesses cannot ignore

The global population is aging at an unprecedented rate. According to the United Nations Department of Economic and Social Affairs (UN DESA, 2019), by 2050, the number of people aged 65 and older will more than double compared to children under five. Furthermore, the 65+ age group will outnumber adolescents and young adults aged 15 to 24. In Europe alone, 35% of the population will be 65 or older, with one in four people in Europe and North America falling into this age group. 

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This shift is not just a demographic trend—it has significant economic and societal implications. Older consumers are living longer, staying active longer, and embracing new technologies at increasing rates. They hold substantial purchasing power, influence major industries, and continue to drive economic activity through entrepreneurship and investments. However, despite their growing importance, they remain underrepresented in market research and brand strategies, reinforcing outdated perceptions of aging.

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The Economic Power of Older Generations

Older generations are far from passive consumers. Many continue working, starting businesses, and adopting digital tools at growing rates. The outdated assumption that they are resistant to technology is increasingly debunked. In fact:

• 60% of seniors aged 75–89 use the internet regularly, with 46% using online banking and 34% making video calls【The Brussels Times】.
• In Belgium, 66% of the population shops online, with 39% of individuals aged 65–74 and 56% of those aged 55–64 making online purchases【The Brussels Times】.

Moreover, Baby Boomers, in particular, command significant spending power. In the United States, they control an estimated 70% of disposable income【AARP】, spending more than younger generations on categories such as:

1. Health & Wellness –fitness, dietary supplements, and medical technology.
2. Travel & Leisure – luxury vacations, cultural experiences, and hobbies.
3. Premium & High-Quality Goods – home upgrades, automotive purchases, and sustainable products.

Despite their engagement, many older consumers feel overlooked. Studies show that many no longer feel connected to brands they have supported for decades. This highlights a critical gap—market research that fails to actively include their preferences and needs risks alienating one of the most loyal customer bases.

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Bridging the gap: Rethinking market research and brand strategy

To truly capture the full spectrum of consumers, businesses need to broaden their market research scope. Older consumers have distinct values and expectations, particularly around reliability, customer service, and product durability. Yet, their purchasing behaviors are often misinterpreted or overlooked.

1. Rethinking innovation: Designing for everyone‍
   • Age-inclusive design should focus on universal benefits, rather than solely catering to “senior-friendly” needs.
   • Anticipating future needs of today’s younger consumers ensures long-term brand relevance.‍
2. Branding & Advertising: Evolving with consumers
   • Brands must adapt across life stages, understanding how different generations engage with them over time.
   • Avoid outdated stereotypes—positioning aging as aspirational and empowering rather than restrictive.‍
3. Customer Experience: Maintaining loyalty
   1. Older consumers value personalized service and quality interactions. Businesses should adjust customer journey mapping to accommodate different generational needs.
   2. Loyalty is not permanent—brands must actively engage and retain older customers rather than assume they will stay.

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Industry-wide implications: A market ready for change

The impact of an aging population extends across multiple sectors, forcing businesses and policymakers to rethink traditional models:

FMCG – How should product options, portion sizes, and packaging evolve for smaller households with older consumers?

Healthcare – How can businesses leverage technology and telemedicine to address the needs of aging patients?

Financial Services – How should banks and insurers adapt savings and investment strategies to match shifting financial patterns? How should they talk to senior audience in a time of crypto, AI and machine learning?

Public Sector – How can governments redesign eldercare services and promote intergenerational engagement?

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Conclusion: A call for more inclusive market research

The world is aging, and consumer trends are evolving with it. Businesses that continue to prioritize only younger demographics will fall behind. The future of market research lies in inclusivity—understanding the full spectrum of consumers rather than focusing on select generations.

Brands that embrace the longevity economy will not only stay relevant but unlock new growth opportunities in an increasingly aging world. The question is no longer whether older generations should be included in market research, but how soon companies will adapt to meet their needs.

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Written by: Sarah Devos

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Sources

• AARP. (2019,February 26). Boomers and spending power survey. AARP. Retrieved from https://www.aarp.org/money/personal-finance/boomers-spending-survey-2019/
• AARP. (2019,December). Longevity Economy Outlook. AARP. Retrieved from https://www.aarp.org/politics-society/advocacy/info-2019/jenkins-economic-impact.html
• The Brussels Times. (2024, November 29). Internet use among seniors in Belgium. The Brussels Times. Retrieved from https://www.brusselstimes.com/belgium/1332646/one-third-of-over-74s-have-never-been-online
• United Nations Department of Economic and Social Affairs (UN DESA). (2019). World Population Prospects 2019. United Nations. Retrieved from https://population.un.org/wpp/