UK: Ignore the WOOFs (Well-Off Older Folks) at your peril, says Datamonitor
Marketers need to reassess their strategies to account for the growth in the number of over 50 year olds, according to a new "Senior Consumers" report by market analyst Datamonitor. Whilst the vogue for youth marketing has got everyone targeting young adults, teens, "tweens" and children, untapped potential remains amongst mature consumers, especially Well-Off Older Folks (WOOFs) who should be the main target for those looking at senior consumers. As the blinkers are taken off an industry that to date could arguably be called "obsessed with youth", many of the commonly held beliefs about marketing to seniors will be challenged. The need to acquire new marketing skills is urgent - there will be an additional 7.7 million consumers over the age of 50 in Europe by 2005 compared to 2000.
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