Understanding the Older Adult Market
By Cody Sipe
| Is your club’s approach to older adults too broad? |  |
| The older adult market is burgeoning thanks to the huge numbers of baby boomers who began turning 55 in 2002. But does the current youth-focused, body-conscious club that is so prevalent today have what it takes to reach these millions of potential members? Will what worked 10 years ago or 20 years ago work now or years from now? |
To develop facilities, programs and products for 50+ adults, clubs must understand how older adults differ from their younger counterparts, and even from one another.
Diversity the Rule Not the Exception
The industry has little experience working with older adults and this significant demographic shift represents an unprecedented time in history. Never before have there ever been so many people living such long lives. This is really a new experience for industries of all kinds.
Many industries fail to appreciate the immense diversity that exists within the older adult market. The misconception that as individuals they are all the same is likely a result of years spent serving younger and rather homogeneous members.
The 50+ market is a remarkably diverse group; its members vary tremendously in physical abilities, life experiences, interests, socioeconomic status and health. They are, without a doubt, the most heterogeneous population we can identify. Beware, however, that stereotyping these individuals based on age can repel them faster than you can imagine.
Gaining an adequate understanding of these differences is an important key to developing effective strategies to attract and retain them.
Chronological Age Isn’t What It’s Cracked Up To Be
Some of the most recognizable changes with aging are physical. Wrinkles, graying hair and age spots are rather innocuous but highly visible. More serious changes are those that affect health and physical functioning: cardiovascular disease, diabetes, obesity, arthritis, osteoporosis, dementia, Parkinson’s disease and sensory impairments. Functional impairments include difficulty climbing stairs, shopping, driving, performing yard work, cleaning their homes, enjoying recreational activities, working, bathing, dressing and feeding.
Although there is a prevalence of each of these conditions, they affect individuals at different ages, to differing degrees of severity, progress at differing rates, are treated different ways and may not affect some people at all.
Chronological age really becomes a second-rate method of predicting physical abilities. We can neither assume that an 80-year-old suffers from arthritis nor that a 55-year-old does not – although the chance of an 80-year-old having arthritis is greater.
Gender Still Matters
There are a significantly greater proportion of older women than older men due to their additional longevity. The gender disparity increases after the age of 50, and by 85 there are approximately twice as many women than men. Older women differ from their male counterparts in many respects: they are much more likely to be single due to divorce or the death of a spouse, to live alone, to be sedentary and to have a lower net worth. On the flip side, women are the primary decision makers for 80% to 85% of all buying decisions, they feel better about themselves in midlife and beyond and look for companionship when starting an exercise program.
The Curves phenomenon has proven that the market of middle-aged and older women is substantial and worth pursuing. It has also taught us that this group has different needs and interests than men and, if approached accordingly, will respond favourably.
Cohort Differences Provide Valuable Insight
A cohort is a group of people who are born in the same time period and share many of the same societal experiences. These groups tend to carry with them similar values, perspectives and concerns. Images, messages and products may connect well with one cohort, but not with another. The current 50+ market consists of multiple cohorts. This condensed list, (from the Canadian Fitness and Lifestyle Research Institute, shows how cohort identification can affect involvement in fitness programs.
• Seniors: Born 1929 or prior; currently 77 years or older. Experiences span two world wars, the roaring twenties and the Great Depression. Report highest levels of satisfaction with family life, social life, leisure activities and physical activities. Also the least active cohort.
• Young-Olds: Born 1930-1946; currently 60-76 years old. Experiences include the Great Depression and World War II. Huge discretionary spending power and financial assets.
• Baby Boomers: Born 1947-1966; currently 40-59 years old. The largest and most affluent cohort representing 1/3 of the Canadian population; likely to change the way many social issues such as work, retirement and healthcare are viewed. Their impact on society as a whole and on the fitness industry is expected to be significant.
• Baby Busters: Born 1967-1979; currently 27-39 years old. Not surprisingly they have the highest levels of physical activity and lowest prevalence of overweight. However, they also report lower levels of satisfaction with work and family life and the highest levels of stress and loneliness. They represent the largest percentage of the workforce in the fitness industry.
Recognizing the similarities and differences between baby boomer individuals and groups is the first step in creating dynamic programs and products that connect with this important segment of consumers.
Cody Sipe, 2005 IDEA Program Director of the Year, is the owner of Miracles Fitness in West Lafayette, Indiana, a facility whose primary target market is 50+ adults. His numerous leadership roles include the ACSM Strategic Health Initiative on Aging and the Contributing Editors’ Board for IDEA. Cody is a certified exercise specialist and registered clinical exercise physiologist through ACSM and has over 13 years of experience in the industry.
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