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| MP93158 |
| MAPS THE GREY MARKET 1998 |
| Overview |
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Rather than just one homogenous market, the grey market is in fact heavily segmented, this report looks at three separate age groups, relating to three different life stages. These are:
Life Stage Age Group Life Stage
‘New greys’ 50-59 Increasingly comprised of the post-war
baby boomer generation
‘Recently retired ‘ 60-74 Often in robust good health, and
frequently
travelling overseas
‘The elderly’ 75 plus Also known as fourth agers, and
living
longer
than ever before
The number of greys is increasing year on year, through the combined influence of greater longevity and the sheer quantity of baby boomers. By the millennium there will be almost 20 million greys, up 10 percent on the early 1990s and estimated to increase to 22.5 million by 2021, representing almost 40 percent of the total UK population.
Life expectancy in the UK continues to increase, by about two years every decade. By 2001, life expectancy for females will be almost 80 (79.9), and 74.5 for males.
Despite being a polarised market in terms of wealth, with 40 percent or seven million greys living on modest state provision, more affluent greys are better off than ever, with no less than 50 percent of greys set to belong to the ABC1 socio-economic grouping by the millennium.
This affluence has been produced through a combination of occupational pensions, house ownership, and, in some instances, inherited wealth.
Despite their relative affluence, anyone interested in marketing their goods and services to greys, will do well to remember that the market is not comprised of 20 million like minded and behaving individuals. There are indeed substantial attitudinal as well as behavioural differences between younger and older greys, with those in their 50s often having more in common with people in their 30s or 40s, than those in their 70s.
Those greys over 70 and with direct or indirect experience of World War Two, are now fewer in number than post war greys. They can find themselves somewhat out of kilter with the rest of the UK population, including younger greys, on a number of issues eg Europe, sovereignty of currency, the monarchy and multiculturalism.
Perhaps it is no surprise that this older grey age group were the only age group to have more Conservative voters than Labour in the 1997 General Election. Younger greys however voted in line with the rest of the population.
Younger greys are also familiar with the nuances of advertising and marketing, and will represent an increasingly sophisticated market to sell to. The more affluent members of this age group often travel abroad extensively, eat and drink out a lot, buy records and tapes, visit the theatre and cinema - indeed are generally quite adventurous and experimental.
Although it is unlikely that advertisers will target ‘new greys’ directly, the sheer size of the market indicates that it will be in their commercial interest, to at least bear them in mind.
A number of products are more the domain of older people than younger people, eg financial products, gardening, reading and leisure related activities, including holidays, and a separate market section on each of these products is featured in this report.
Text © 1998 MAPS
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Last updated by Duncan Nottage 9th February 1999