A&E is dropping the show "Longmire," even though it’s the second-most popular show on a cable network. This begs the question: why? It’s too old. Or more specifically, the median age of the show's viewers is 60, and advertisers aren’t interested in them.
It’s an age-old notion in advertising, that youth consumers are more valuable than older ones. There’s lots of reasons why advertisers think that, but one of them is, well, they’re young and they like to try — and buy — new things. Unlike old people, right?
Erin Read of the marketing firm Creating Results says that’s not true.
"There are a few myths when we talk about older people," Read says. "Older adults are stuck in their ways. They’re not going to try new brands. So why should I even bother advertising to them, right? Well, my grandmother would say, ‘Pshaw!'"
Reed says those stereotypes might have been true 50 years ago, but boomers are breaking them and shaking up their lives in ways that previous generations didn't.
“They’re moving houses, their kids are leaving home, divorce,” she says. And all those changes are opportunities to try new brands and experiences.
People are also living longer, and they're more active. Cassie Mogilner, a marketing professor at Wharton, says that's affecting their consumer behavior.
“Among older people who feel like they have a lot of time left, they’re actually behaving very much young people,” Mogilner says. “They’re looking for excitement as opposed to calming things.”
And like young people they’re willing to buy new products and experiences that bring that excitement. There is one big difference between young and old, says marketing consultant Kurt Medina.
“50-plus-ers account for something like 75 percent of all disposable income in the United States,” he says.
By side-stepping TV shows like "Longmire," Medina says, advertisers are missing the money pot.
How advertisers target younger versus older audiences
Chevrolet has taken on older target audiences in its ads, which feature a somewhat different tone than their commercials aimed at young consumers: