FobzyHey, big spenders!
July 21st 2008 00:44
Simpson ...(Professor John Simpson of the UCT Unilever Institute)....said marketers tend to target younger people, but are not talking to people with the most money to spend. This has been recognised internationally , but in SA ....(South Africa).... the economic significance has been overlooked. People over 40 are thought to be “over the hill” and technophobes, but in fact the research showed they use a lot of technology and are interested in travel, food and fashion.
Despite having money to spend, and being willing to pay more for quality products, the over-40s said it was a challenge to find products and services aimed at their age group.
However, some industries, like cosmetics, have targeted this market effectively.
Simpson explained : “This market is seen as wrinkly, old and boring, but in essence it is the opposite — vibrant, but ignored.”
He said companies like Apple and Microsoft have made access to technology much easier, allowing older people to increasingly use it. While 59% said technology is an everyday part of their lives, 44% admitted an inability to operate some gadgets and the need to call on friends or children for help.
Most in the group find shopping for clothes frustrating because there is not enough choice in age-appropriate clothing.
Grant Anderson, general manager of Investment Cars in Bryanston, said the age of the outlet’s buyers ranges from late-20s to 60s. “Exotic cars are generally bought by people who are established in their businesses, and it takes time to do that.There is the occasional buyer in their late-20s or early-30s, but exotic car buyers are generally people between the mid-30s and early-50s,” he said.
These people are generally financially secure, but will probably still finance their cars. If they have a few million rand available, they would rather finance the car and use the money in their business.
David Dunwoodie, manager of Incredible Connection in Woodmead, said buyers at his store are 70% male. “The South African market are techno- fundis. There are 50-year-olds buying Wii Fit, and iPods are bought by all people, even 60- year-olds.”
Older people are buying new PS3s with blue ray and high- definition TVs. “I saw one man buying and said to him ‘Lucky son’. He replied ‘No, lucky me’,” Dunwoodie said.
So move over, the young, with no money and no ambition....I wonder where you'll end up?
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