Consumerscope: Gray Pays
Consumer electronics are not just for young people; they have broad consumer appeal. While many companies involved in the consumer technology industries focus on the coveted 18- to 34-year-old age group, they shouldn't dismiss the overlooked segment of older Americans.
The number of consumers ages 50 and over will increase from 94 million in 2008 to about 119 million in 2020, a 26-percent increase, according to the U.S. Census Bureau. They already represent 31 percent of the U.S. population, and by 2020 will increase to 35 percent. Consumers ages 45 to 64 also have a mean income 26 percent higher than that of the overall population (ages 15 and older).
This older population is sizable both in numbers and income, making them an important market segment for any industry, including consumer technologies. Let's explore how older Americans have embraced technology and how their shopping activity for technology products differs (if at all) from other consumer segments.