Australian businesses are missing out on billions of dollars by not adjusting their business models to take account of older consumers with disposable income, according to the Australian Human Rights Commission.
In a speech to be delivered in Melbourne to the CPA Masters Series today, Age Discrimination Commissioner, Susan Ryan, will report that the over 50’s have about $218 million in discretionary spending power.
“A staggering 40 per cent of Australia’s net wealth is held by mature Australians but all too often marketers, advertisers and businesses direct their attention only to the younger market. Not only do older consumers miss out on the services and products they are interested in, but businesses lose potential markets ,” said Commissioner Ryan.
“Australians are living longer and are healthy for many more years than previous generations. Retirement is longer and far more diverse than the out-dated stereotypes depict.
Many retirees are living active, healthy lives and they want to take part in our economy in all sorts of ways.
They are keen travellers. They look for slimmed down , accessible housing that suits their needs as they age. They want products and services that meet their requirements and interests, but too often can’t find them. This is a failure of business strategy.
Deloitte Access Economics predicts that by 2030, more than 5 million Australians will be aged 55-70 and as we know, many are living well beyond that.
” I’d like to challenge Australian businesses to work on strategies that deliver to both the bottom line and to older customers. If you look at the facts of demographic change, you will see including the mature dollar in your planning makes business sense,” said Ms Ryan.
To read Commissioner Ryan’s speech go to: