P.R.’s 50+ community young-at-heart, important consumer market segment
Puerto Rico’s growing 50-and-over population is financially powerful, young at heart, protective of their properties, focused on their well-being, and live for the moment, while remaining fully capable of taking care of themselves in the long-run.
Such were the findings of the first “50≠50” (50 is not 50) marketing study commissioned by ad agency de la Cruz & Associates that recently surveyed 800 adults between the ages of 50 and 64 to determine how to better market products and services to that important part of the island’s population.
“Without a doubt, listening to the consumer is vital to continued brand growth,” said DLC President John Raevis, upon discussing the study unveiled Tuesday. “It’s about exploring the needs and desires of this important segment that makes up the 50 to 64 year-old group.”
According to the 2010 Census, one-third, or about 32.8 percent of Puerto Rico’s population is 50 and older. The growth has been gradual, from the 22 percent it represented in the 1990 Census and 26 percent in the 2000 Census.
“The Census numbers speak for themselves. It is extremely important to know, for example, that 35 percent of all women in Puerto Rico are 50 years or older,” said Maruja Roger, president of 50+ Marketing, which along with The Research Office, conducted the survey with DLC.
“In addition to this figure, if we subtract youth between 0 and 14 years of age, the group of 50+women represents 43 percent of all women in Puerto Rico,” Roger said. “All these changes represent a real business opportunity if we direct our communication to the 50 + segment in a relevant manner.”
The interviews covered all types of socioeconomic levels around the island. The eextensive survey results revealed information about tastes and perceptions, as well as details in the areas of health, financial relationships, property ownership and financial products, labor index, purchases, and average people per household, among others.
“This group has a desire for life and above all a desire to contribute to society and the family and the environment in which they live,” said José Alfonso, president of The Research Office. “The big complaint is that they are so appreciated because the contribution they can make is not fully understood.”
The study’s findings show that this group rejects labels; they want to be like other groups that are not described with derogatory-sounding adjectives. They want to be treated as adults in their mature stage without labels refering to them as being in the “third age” or “senior citizens.”