As populations around the world continue to live healthier, longer and more productive lives and the global workforce continues to contract, we are heading towards a sea change where hiring and retaining older workers will become a commercial imperative.

The International Longevity Centre (ILC) has reported a need to delay the pension age to 71 by 2050, to meet the required number of workers per retiree. (1) But when it comes to older workers, it’s not just about getting bums on seats. In the UK, it’s estimated that by 2040, 63p in every pound spent by consumers in the UK will be from someone aged 50 or over: in fact, it’s forecast that total spending by this group will be worth £550 billion.(2) This isn’t just a UK phenomenon: in America, the 50-plus cohort contributes over $8.3 trillion to the U.S. economy each year; over 40% of the U.S. GDP, and over $2.1 trillion in tax revenue. That figure will increase fourfold by 2050.(3)

Yet typically, advertising, marketing, customer support and other sales functions cater to a younger demographic. The over-50s are often invisible and ignored―if not denigrated. In a stark warning to retailers, the International Longevity Centre stated that “UK high street businesses and online retailers risk missing out on a longevity dividend that could be worth over half a trillion pounds by 2040. Neither online nor offline retailers are doing enough to make shopping attractive and accessible to us at every stage of our lives.”(4)

It's not just the high street where changes need to be made. Ensuring that your business not only caters to older customers, but that your teams reflect a diverse age demographic can help build customer loyalty, grow your brand with new markets and increase customer satisfaction.

55/Redefined has a range of products and services to help your business to get ahead of the age game―speak to our Age-Inclusive experts to unlock your age advantage.

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Here Are Four Examples of Where Mirroring Your Customers Can Be Truly Advantageous:

1. Retail

As retail businesses recover from the ravages of lockdown and battle the decline of the high street, mirroring the age demographics of your customer base can be a cornerstone for success.

The over-50s hold the majority of disposable income and to spend that, they seek a retail experience that resonates with their values and preferences. Aligning retail teams with individuals at a similar life stage can help reflect the needs of this demographic, enhancing customer engagement and building a sense of trust and authenticity.

Having seasoned staff members provides an invaluable advantage – insights into product choices, personalised service, and an empathetic understanding of the evolving expectations of older consumers. Last year, for example, Booths Supermarket removed the majority of their self-checkouts, and put attendants back on the tills, in response to their older customers, who missed the human interaction element of their shopping experience.(5)

Mirroring your customer base becomes pivotal in crafting an inclusive retail environment that not only meets but anticipates the diverse needs of your valued older clientele.

2. Advertising

In the realm of advertising, tailoring your team to mirror the age profile of your customer base is a tactic that more brands are starting to embrace, as they come to appreciate the financial rewards of marketing to previously overlooked customers, with disposable income to spend.

While there is a gradual shift towards seeing over-50s featuring in advertising campaigns, it’s not just outlier brands who are starting to recognise the over-50s wield more influence than ever in shaping market trends and a wealth of lived experience that informs their purchasing decisions.

Building multigenerational advertising teams that reflect the diversity of a brands’ target audience helps deliver authentic and resonant campaigns that mirror values and aspirations. This can help build brand loyalty, attract new customers to a brand and open up previously untapped revenue streams.

Harnessing the wisdom of an age-inclusive team that mirrors your client base is the key to creating compelling, age-inclusive campaigns that forge lasting connections and drive meaningful engagement.

Nicole Basra, Diversity, Equity & Inclusion Lead, UK at dentsu said: “Our partnership with Work/Redefined has been instrumental in advancing our age inclusion agenda, especially internally. Their expertise and support has helped us to drive positive change within our organisation, enabling us to prioritise and address age-related diversity challenges effectively. Through our collaboration, we have developed targeted initiatives, such as an over-50s learner programme for career changers, challenge stereotypes, and move closer to creating an inclusive environment that values individuals of all ages.”