The Epilogue Economy: Tapping into the Wealth and Wisdom of the Aging Consumer
As someone who has been observing consumer trends for years, I can't help but think about one of the most influential and often overlooked demographics in today's market - the aging consumer. I have started paying attention to the immense power and potential of this group, because I am one of them.
We, and I mean those over 50ish, are living longer, working longer, and seeking out second or third journeys and alternative types of careers later in life. We have the means and the motivation to invest in products and services that align with our values and enhance our quality of life. And let's not forget our growing concern for the environment and the legacy that we will eventually leave behind.
I started RockPaperScissors as a way to future proof my career. Well, that was one of the many motivations, but it definitely was a significant influence in hanging a shingle and opening the doors at an age where many are thinking of closing the book. It also gives me a way to work more selectively in areas that I find to be vital - areas like sustainability and impact, the aging but highly capable workforce and consumer, and the impact of AI on both. And my journey continues to evolve at a rapid pace.
I recently had a discussion with a potential client about the intersection of the aging consumer and sustainability. We were discussing ways that we could empower those with deep cross sector knowledge, a sense of social responsibility, and let’s face it, some impressive accumulated wealth, into channeling their experience toward impact and sustainability. This lead into unpacking the idea of human capital, and how we could not only benefit from the years of earned experience, but also help those wanting write their next chapters in life, in career, and across passions or interests.
The Epilogue
I started thinking about the construct of the Epilogue. One formal definition of epilogue is:"a concluding section that rounds out the design of a literary work”. But an epilogue also serves other purposes:
It offers a reflection on the themes, characters, or events of the story.
It can provide a glimpse into the future, showing how the characters' lives have changed since the main story ended.
In some cases, it may even set the stage for a sequel or continuation of the story.
It was idea #3 that really caught my attention. And this is not a new thing mind you.
In literature, the epilogue to "Harry Potter and the Deathly Hallows" by J.K. Rowling - takes place 19 years after the main story, showing the characters' future lives and hinting at potential future adventures. "Dune" by Frank Herbert - has an epilogue that leads into the future of the characters and the political landscape, setting up the next book in the series.
If film, “Iron Man” and now pretty much all of the Marvel series, use the post-credit roll to introduce the “What’s Next” for the MCU. Even Doc Brown in “Back to the Future” returned in his DeLorean to announce that “where we are going, we don’t need roads”, setting us up for more adventures yet to be written.
“My father would sometimes say that he wanted his pilots to have some grey around the edges, that outward sign of earned experience via age.”
The aging consumer is a force to be reckoned with, as they write their own epilogues, and then begin their next adventure. By tailoring products, services, and marketing strategies to this demographic, companies can tap into a well of potential that has been largely ignored. It's not about age; it's about understanding the unique needs, desires, and aspirations of this influential group. But there is also so much potential in bringing that experience to bear on the operational, or maybe strategic side of business as well. Another meeting I recently had questioned the lack of “adults in the room” at agencies as a decision maker in the award of new business.
But that is a whole different conversation to be had.