For marketers, gray should be golden: By 2050, one in four people in North America and Europe will be 65-plus, and in the United States, this group is set to outnumber those under 18 within the next decade.
Yet companies largely continue to market products and services to youth and young adults while often ignoring the power of mature consumers, says Harvard Business School Professor Elie Ofek.
That should change, he says. After all, people are living longer—with average life expectancy increasing from 65 in 1995 to 73 in 2024—and older adults control a disproportionate share of wealth and spending. In 2005, seniors accounted for the lowest share of consumer spending at 14%, but by 2022, they were the largest share at 22%.
A 2023 Boston Consulting Group study across 12 international markets estimates that 870 million people between 50 and 70 spend about $7 trillion annually, Ofek and Reichman University Professor Barak Libai write in the background note “A Booming Opportunity: The Untapped Potential of Older Customers,” updated in January.
Many marketers likely shy away from this demographic because they’re resisting confronting their own aging and mortality, says Ofek, the Malcolm P. McNair Professor of Marketing. “A lot of these professionals are in their 30s and 40s, and they see the world through the life stage they’re in. They have a hard time relating,” he notes.
Others rely on outdated stereotypes—that older consumers are less tech-savvy, more frugal, and offer limited customer lifetime value. But while their time horizon may be shorter, seniors tend to spend more in concentrated periods—and they’re willing to pay more for quality.
Ofek provides the following advice for tapping into this market, saying marketers may need to rethink outdated assumptions and better align with how older consumers actually live and spend.
Don’t treat seniors as one-size-fits-all
Most older adults feel younger than their chronological age, by about 15% to 20%, Ofek says. Savvy marketers appeal to their psychological age, steering messaging toward how many of them feel about themselves: healthy, active, positive.
“Frame advertisements the way this group perceives themselves,” he says.
Ofek cites research that categorizes older consumers into four groups:
Healthy indulgers: active and adventurous
Ailing outgoers: active, but with health issues
Frail recluses: less healthy and less active
Healthy hermits: in good health but less active and more reclusive
This nuance matters because three of the segments—healthy indulgers, ailing outgoers, and healthy hermits—command substantial buying power yet differ in their needs and spending habits. Ofek further urges marketers to think in terms of “health span”—how consumers want to enjoy their remaining years while relatively healthy and independent—rather than focusing on biological age.
For ailing outgoers, for example, “health issues have set in, but they still want to be active. Companies should show them that they can still do it, even though they might need to be in a wheelchair, or could benefit from products and services that are geared specifically toward them. It's still about enjoyment and having fulfilling experiences,” he says.
Emphasize the meaning behind products
As people age, many experience a heightened desire to live in the moment: to enjoy and indulge. “Studies show that people see themselves not in terms of age but in terms of how much time they have left. And they want those years to count,” Ofek says.
As a result, seniors often seek products that add meaning to their lives. “Emotional resonance matters more than novelty,” he says.
For example, one study showed older adults preferred a camera ad that invited them to “capture those special moments” over one that urged people to “capture the unexplored world.”
Don’t talk down to them
Making technology and other products user-friendly is one thing, but be careful not to send the message that seniors are easily confused or inept.
“While they might appreciate things being a little simpler, they also don't want to think you've dumbed down a product because you think they can’t handle any tech sophistication. That turns them off,” he says.
In addition, focus on how products can help people live life to the fullest.
“It should be about enabling them to make the most of this stage, more aspirational,” Ofek says.
Consider a medication that reduces cardiovascular events. Rather than emphasizing vulnerability—telling older adults they’re at risk and need the drug—marketers should frame the product as a way to support a healthier, more active lifestyle.
Focus on happy seniors in ads
Empirical research has revealed that older people are seven times more likely than younger people to be portrayed negatively in ads, Ofek says. At times, they’re depicted as if they’re in need of rescuing, with products that will guard against catastrophe.
“Smiling faces work better versus the typical ageist stereotype, which is that older people are typically grumpy and sad. You need to show that element of positivity, that element of happiness—and don't be afraid to show older people in ads. Young people are not deterred by it,” Ofek says.
He points to a successful ad campaign by Uber One, showing 79-year-old actor Brian Cox cheekily posing as a college student to get a discount, and Michelob’s Super Bowl ad featuring Boomer-era pickleball players crushing their much younger competition.
He also praises Nike’s boundary-pushing Unlimited Youth campaign, which featured 86-year-old Madonna Buder (the “Iron Nun”), highlighting that nothing stops older adults from being Iron Man athletes.
“That’s what you want to portray: success. They’re not deterred by their age, but rather, they leverage it,” Ofek says.
Keep in mind that seniors influence others
Ofek points to the rise of “granfluencers,” noting that younger consumers are often guided by their parents’ and other elders’ opinions. The 2023 Boston Consulting Group study found that across industries, including automotive, health supplements, travel, skincare, and apparel, older consumers exert more influence on younger ones than the reverse because the former are seen as trustworthy and savvy.
“The fact is, younger people are taking note of what older adults are recommending to them,” he says. “These kids are grownups, but they're seeking advice from their parents and even grandparents. Organizations should acknowledge their social influence.”
Recognize that seniors are loyal customers
Younger consumers might experiment with products to save money or experience variety, yet brands tend to retain mature customers more often. In fact, Ofek’s background note cites research from 2020 that finds retention rates vary widely depending on age:
Consumers between the ages of 18 and 39 have a 40% brand repurchase rate.
People 60 to 74 repurchase items at a rate of 65%.
And people over 75 are even more loyal, with a 70% repurchase rate.
“Older people tend to be more loyal than younger people, who are more fickle,” Ofek says.
At the same time, seniors can be harder to convert, which makes relationship-building essential. “In order to establish trust with older adults, you need to work harder,” Ofek says.
Free trials and targeted messaging delivered through brand ambassadors whom seniors consider credible can be effective. Putting in extra effort to capture the attention of this segment is worth it, Ofek says: “Go for the gold.”
Image created with assets from Adobe Stock.
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A Booming Opportunity: The Untapped Commercial Potential of Older Consumers
Ofek, Elie, and Barak Libai. "A Booming Opportunity: The Untapped Commercial Potential of Older Consumers." Harvard Business School Background Note 526-027, October 2025. (Revised January 2026.)
