Older consumers use technology to improve their shopping experience and habits more than you might think.
Although older consumers are anecdotally associated with being bad at using technology, the reality is that they still show high rates of technology usage. According to GlobalData’s Q3 2016 survey 71% of consumers over the age of 55 say they check prices online before making a purchase. And according to GlobalData’s Q4 2015 survey, 23% and 32% of consumers over the age of 55 say that they occasionally shop online for food/drink and personal care respectively. Last month, 28.76% of the car buyers personalising a finance quote using a Codeweavers plugin calculator were over the age of 55 according to Codeweavers Google Analytic demographic statistics.
With this in mind, brands should incorporate older consumers into their digital strategies. Older consumers are coming to represent an increasingly large proportion of the population - to write them off as technologically inept is to ignore a growing market of increasingly savvy consumers.
Shaun Harris Sales Director, Codeweavers.
“It can be all too easy to make assumptions based upon age when it comes to the use of digital tools. This would be to overlook the reality that many people in the +55 year age bracket are very active online. They have the life experience and often confidence to use digital tools to make objective purchase decisions leveraging the scale and depth of data to make considered decisions.
“This view is backed up by the data we record from our finance calculator applications every month.
“In the month of June this year, 855,482 would-be car buyers created a personalised finance quote using a Codeweavers application. Many of these will not have been the Gen X and Y people that might be expected. In fact, our data reveals that the 18 – 24 year old age group is the least likely to be using our applications, on the other hand, the most popular age group completing searches was the 45 – 54 age range.
“More than just the volume of searches, mature surfers are more disposed to use other support tools such as out online explanatory finance videos to support their search activity.
“It goes without saying that dealers should build the needs of mature users into their online finance strategies. This should include the ability to reserve a car from your website, finance calcs and product videos and arguably protection products, in light of the greater level of risk aversion that can be attributed to the mature audience.”