Latest research: opportunities with the over 50’s market
The legal market is under pressure to find innovative ways of retaining and gaining new clients. Consumer magazines targeted at the over 50’s represent an opportunity for practitioners to engage with a growing market suggests Elizabeth Berry of Title Research.
The population of the UK is ageing. The Office for National Statistics (ONS) reported in June that over the last 25 years, the percentage of population aged 65 and over has increased from 15 per cent in 1984 to 16 per cent in 2009. Whilst an increase of one per cent may not seem a huge amount, the reality is an increase of 1.7million people. This is a trend that is set to continue and the ONS predicts that by 2034, 23 per cent of the population will be aged 65 and over with just 18 per cent of the population aged 16 and under.
We thought we would share with you some of the recent research that we have carried out on ageing population trends and media targeted at the over 50’s market. Why? Because it came as somewhat of a surprise to us to find out about the plethora of magazines, organisations and websites that now solely target the 50 plus consumer, and we thought it might surprise and interest you too.
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With the estate administration market likely to be more competitive than it has ever been due to the introduction of Alternative Business Structures in 2011, and brands such as Quality Solicitors to compete with, the legal profession is under immense pressure to find new ways of gaining and retaining new clients (see our recent e-bulletin article “Probate is a valuable access point to your firm and legal services” )
The extensive variety of publications that specifically focus on the ageing population may provide the more lateral thinking practitioners amongst you with a wealth of practice development ideas from the vast array of information, useful contacts and editorial matters (such as IHT, will making and equity release) that are obviously provided to satisfy a need in the 50+ market.
One magazine, Eulogy, which was launched nationwide in June of this year promotes itself as being the first ever magazine to target those affected by death, grief and bereavement.
Jim Thornton, the creative director at Naked Communications, co-founded the magazine with editor, Alfred Tong. In a recent interview with Brand Republic, he said the sudden loss of both his in-laws in separate car accidents in the space of 14 months had drawn his attention to the subject matter. “My wife and I were left to deal with a lot of stuff with nowhere really to go for information, while in an infinitely complicated emotional state,” he said.
He added: “There’s a huge opportunity for a grief brand. I think the magazine will be a promotional tool for the website where the heart of the brand will lie. This is an opportunity not just in business terms but to provide something of lasting value.”
Magazines aimed at the over 50s: Yours, Mature Times, Eulogy, The Oldie, Reader’s Digest, Retirement Today, Healthy Life, Good Housekeeping, Woman & Home, Saga.
We have found that there are currently 10 mainstream magazines dedicated to the over 50s, with a collective readership of over 5 million.
With 43 per cent of our adult population now over 50 and with a pot of disposable income of over £175billion, it is easy to see why many more companies are now catering solely for the 50 plus consumer market. * Source Yours Magazine
According to statistics published by Saga, 44% of the market is prepared to pay more for products that make life easier. Practitioners may therefore find ways of promoting their range of services that their firm might offer to this demographic catchment. As circumstances change so will requirements for legal advice and clients should be treated for their lifetime value across the firm and not just the value of their single purchase.
A few of our favourite magazines…
Yours is the biggest selling fortnightly magazine for 50 plus women. Available in stores nationwide, Yours reaches an impressive 284,000 readers. In July, Yours launched Yours Retirement Services with the aim of providing specialist expert advice to those who are pre and post retirement.
Saga magazine is the leading journal for the over 50 with a staggering 655,728 currently distributed nationwide and regularly features advisory topics on probate and managing affairs for IHT.
The Mature Times is a free broadsheet aimed at the over 50s. It can be found in public places such as library’s, leisure centres, garden shops and doctors surgeries. The Mature Times attracts an average age reader of 65 and over 200,000 copies are available nationwide. Their website has an extensive section dedicated to Wills & Inheritance tax and is excellent in communicating legal news such as the recent Will Writing regulation debate to consumers.
Whilst mass marketing like this is not always possible or practical for some law firms, especially if focused on the local community, the publications certainly provide vehicles for idea generation.
Facts and figures on the over 50’s market
Here are some of the facts and figures we have sourced through the various media packs from the magazines we have mentioned in this article:
- Over 50’s account for 42% of all adults – that’s 21 million adults
- 14,226 people turn 50 every week
- Over 50’s have a collective pot of £175 billion of disposable income – that’s 30% more than the under 50’s
- Over 50’s account for 30% online spend
- 85% have private pensions and possess 80% of all private wealth
- 70% believe its worth paying extra for good quality
- 44% are prepared to pay more for products that make life easier
- 10% have inherited property
- 70% of retirees would rather spend their cash enjoying their retirement than putting it towards their children’s inheritance
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