78% of UK people 50+ control the purchase decisions in their households. The over 50s in general account for half of consumer spending in the UK. The skew is similar in Australia. In 2015, there were over 7.8 million over 50s in Australia (33% of the population). By 2033, there will be 11.3 million, an increase of 46%. 54% (or $3.4 trillion) of the household wealth in Australia is held by people aged 55+ and the wealth of older Australians is also growing faster than that of other age groups.

That’s a lot of potential for brands to miss. And they are. 72% of UK women aged 53 and 72 “don’t pay attention to advertising”. 81% don’t recognise themselves in advertising targeted to people over 50.

J.Walter Thompson London Innovation Group has just completed a study of the group it calls, Elastic women. The study, Elastic Generation: Female Edit, also points out that 91% wish advertisers would treat them like people and not stereotypes and 90% of Elastic women say, “I’m not going to start dressing in beige just because I’m over 50 now.”

Below are its key findings (including additional findings from the Female Tribes Women’s Index study):

The New Power Consumer

• 69% of Elastic women say they are very cautious and watch every penny
• 94% of Elastic women like online shopping because it gives them the ability to quickly compare prices
• 67% of Elastic women think advertisers are only interested in young people
• Data from JWT’s Women’s Index study 2016 also suggests that women over 50 control most of the purchase decisions in their households (78%) and in more than half of cases (55%), they are the main breadwinner too. (JWT Women’s Index 2016)
• The days of SKI-ing (spending the kids’ inheritance) are gone, with only 6% saying they do
• 1/3^rd of women worry about how they’ll cope in the next ten years
• Over 50s are savvy spenders who love a deal

Single Ladies

• 10% of Elastic women regularly travel alone
• JWT’s Women’s Index also finds more women over 50 believe that “love isn’t the be all end all” than any other age group. (59% 50+ vs. 46% Gen X vs. 52% Millennials) (JWT Women’s Index 2016)

New Style Leaders – Nayna for this section

• 69% of Elastic women think the fashion industry ignores people their age.
• 82% of Elastic women think that the clothes that are aimed at them are way too old-fashioned.
• 86% of Elastic women believe that style should not be defined by age.
• 90% of Elastic women say “I’m not going to start dressing in beige just because I’m over 50 now”

Anti Anti-Ageing

• 52% of Elastic Women say they wear partake in a beauty regime because they want to look the best at their age
• 52% of Elastic women believe it is important to look after yourself
• 39% of Elastic women find skincare products which are marketed by the intended age of a user to be irrelevant, skin condition is very personal

Ageless Retail

• 53% say they enjoy splashing out on things for themselves nowadays
• 54% say their favourite shop is good because it welcomes people of all ages and sizes

Tackling Wellness Taboos

• 83% of Elastic Women say family becomes more important to me the older I get
• 33% of Elastic women and only (24% of Elastic Men) say their ambitions for their next stage of life include Looking after children/grandchildren
• 31% say they feel more lonely and isolated now that they are older
• 42% feel that having a positive outlook is one of the most important things for achieving good health and wellbeing
• 83% of women over 50 believe that sexual fulfilment is not just for the young (JWT Women’s Index 2016)
• 54% say they always expect to be sexually active (JWT Women’s Index 2016)

These Women Can

• 54% say becoming healthy and physically active is an ambition for the next phase of life
• 48% see regular exercise as one of the most important things for good health and wellbeing
• JWT Women’s Index data reveals that women 50+ rank “being healthy and fit” as the ultimate marker of success from a list of more than thirty options.

Wild at Heart

• 71% of Elastic Women say I’m really a kid at heart
• 57% of Elastic women are making more effort to do the things they always dreamed of doing
• 61% of Elastic Women enjoy life more now that they are older
• 68% tend to be more outspoken now compared to 20 years ago

Returners & Encorepreneurs

• 45% of British women over 50 believe that having a job or a career is important to them (JWT Women’s Index 2016)
• 59% of British women over 50 believe their work is linked to their sense of who they are (JWT Women’s Index 2016)

The New Urbanites

• 57% of Elastic women say they are spending their time now doing the things they always dreamed of

Technology

• 73% of Elastic women hate the way their generation is patronised when it comes to technology
• 55% believe their generation’s needs are not considered when technology is designed
• 78% have no desire to buy technology that is especially designed for older people

Doing it on Purpose

• 30% of retired Elastic women miss having a purpose now that they are retired
• 30% of retired Elastic women miss feeling useful now that they are retired
• 33% of retired Elastic women miss their friends at work now that they are retired
• 29% of elastic women are interested in starting/pursuing a hobby or interest in their next stage of life

Inclusive Branding

• 78% agree whenever you see an older person in an advert they are a stereotype
• 91% of Elastic women say they wish advertisers would treat their generation like people, rather than a stereotype.
• 81% of Elastic women don’t recognise themselves in advertising targeted to people over 50
• 33% of elastic women want advertising to be honest – don’t try to pull the wool over their eyes
• 63% of elastic women say “I hate being reminded about ageing by brands and advertising”
• 82% of elastic women think that advertisers assume everyone over 50 is the same
• 72% of elastic women say “I don’t pay attention to advertising because it doesn’t feel relevant to me”

So if you’ve been using age as a useful indicator of how older women are living, don’t. And ditch the outdated stereotypes or your ads will continue to fall on deaf ears.

The report proves that the 50s feel that life isn’t over, it has just begun – that includes work life, fashion and having a sex life.