Senior fashion: Over 60s will soon be a key consumer group

Fashion brands are increasingly directing their focus toward the 60+ age demographic, recognizing it as a substantial and economically influential market segment. The primary allure lies in the considerable disposable income and spending power of this group, making them an appealing target for brands aiming for growth.

Traditionally overlooked by fashion brands, which tend to market their collections to Millennials and Gen Z, the most obvious gap exists in the average age of haute couture models (16-20) we see on the catwalk, compared to the age of couture's actual customers (50 plus).

The fashion industry is gradually acknowledging that diversity and inclusivity should extend beyond ageism, prompting companies to cater to the style preferences and needs of older consumers. This shift aligns with evolving societal attitudes, emphasising that fashion should not be confined to youth-centric ideals.

Moreover, as individuals lead healthier and more active lives in their later years, there is a growing demand for fashion that reflects their lifestyle and addresses specific considerations related to comfort, functionality, but also style. Brands that comprehend and respond to these needs can position themselves as pioneers in the market.

The 60+ demographic can no longer be an afterthought

The 60+ age group is characterised by loyalty and brand affinity. Therefore, when companies build relationships with older consumers, they stand to benefit from long-term customer loyalty, positive word-of-mouth marketing, and the potential for repeat business.

According to a recent article in the Harvard Business Review (HBR), historical focus from policymakers, employers, and marketers has been on individuals between 20 and 40, considering them the primary demographic for market influence and consumption trends. However, the landscape is evolving, and older Americans in the U.S. are gaining prominence in consumer markets.

In 2021, the number of Americans aged 60 and above surpassed those between 20 and 34, challenging the traditional emphasis on younger demographics, HBR writes. Projections indicate that within the next five to six years, Americans over 60 will surpass the 20-to-34 age group in terms of income, establishing themselves as a more significant consumer segment.

HBR suggests that this demographic shift necessitates a paradigm change for companies and brands. To maintain competitiveness, it is crucial for brands to stop regarding older consumers as an afterthought and recognise their growing influence and purchasing power.