YEI asked! You told us!
The modern, digital-savvy South African 60-plus consumers
are rebelling against the age-old retirement trend
and are approaching longevity with ambition and purpose
The You’ve Earned It/YEI Guide to the SA 60-plus consumer has been compiled from the YEI Survey Series results. The YEI surveys were run on the YEI platform in 2023. The results of the surveys have given YEI a clearer understanding of their 60-plus audience. The YEI Consumer Guide speaks to the SA 60-plusser’s needs and preferences, and is packed with data and insights emanating from the YEI surveys.
Here are some highlights emanating from the You’ve Earned It/YEI Guide to the South African 60-plus consumer:
- 5.2-million South Africans are aged 60-plus – this number is projected to more than double between now and 2050
- This is the country’s fastest-growing demographic segment
- 55-plussers have an aggregate taxable income of over R600-billion annually (information from the UCT Liberty Institute of Strategic Marketing recent Forerunner report)
- 60-plussers are reshaping consumer behaviour, and redefining expectations of retirement and ageing.
- 60-plussers are staying economically active for longer
“What makes this 60-plus market so important?” asks Marilyn Hallett, Director of You’ve Earned It/YEI, the digital media platform for SA 60-plussers. “Although 60-plussers are well established members of society, they are rebelling against the age-old retirement trend. The thought that they are generally considered to be firmly entrenched consumers of products and services is wrong. This generation is redefining expectations of retirement and ageing, precisely as the Harvard School of Public Health predicted. They are reshaping consumer behaviour, and middle-class South African 60-plussers are staying economically active for longer. Technology and social media especially have helped 60-plussers set new trends for their generation.”
Hallett continues: “YEI’s recent survey series, backed up by recent research done by the UCT Liberty Institute of Strategic Marketing, doesn’t just suggest, but screams out that brands with relevant products, services, and solutions would do extremely well to consider the digital-savvy 60-plusser and their nuanced dynamics. We highly recommend that marketers tailor their strategies accordingly to better serve the distinct needs and preferences of the South African 60-plusser.”
“Research and data demonstrate that the Longevity economy is transforming society. 60-plussers are deemed to be one of the highest contributing sectors to our society. Longer lifespans will revolutionise the way we live, offer incredible new opportunities, and requires change in the way people plan and save. Organisations are urged to expand engagement with this very valuable 60-plus senior audience and tap into the spending power of the growing number of 60-plussers in this country. 60-plussers will support purpose-led advertising that aligns with their values” Hallett adds.
The late Mike Schüssler, South African chief economist, said back in 2019: “Pensioners are becoming increasingly important in the South African economy. Pensioners account for about 10% of SA’s GDP. In total, SA’s pension assets are about the 8th largest in the world. Economists are in agreement that SA retailers should tap into the spending power of the growing number of pensioners by creating special pensioner days or pensioner discounts.”
The release of the YEI Guide to the SA 60-plus consumer comes at a time when the world of the 60-plusser is shifting in many respects. The global trend of “The Great Unretirement” is high on the agenda of many 60-plussers. Most 60-plussers understand the necessity of leading an active and healthy lifestyle, while simultaneusly embracing technology. This is, without doubt, a vibrant market!
Click here to read
The You’ve Earned It/YEI Guide to the South African 60-plus consumer
Article written by:
You’ve Earned It – the digital media platform for South African over-60s
Cell: 076 1946 033
Website address: https://youve-earned-it.co.za/