By Mark Seavy

With brands sharply focused on Gen Z and Millennial consumers, they risk ignoring a demographic with serious spending power.

“Mature” consumers (aged 60 and older) are forecast to increase their spending to $43 trillion by 2040 as they outnumber children in key regions, according to a recent report from Euromonitor International. That marks a significant increase compared to $18.3 trillion reported in 2024.

This finding runs counter to the stereotype of a generation typically embodied by thrift, limited consumption, and a lack of technical savvy.

Yet mature consumers made up about 15% of the global population in 2024 (1.2 billion people), according to Euromonitor. And, by 2040, 19% of the global population will be 65 years and older. The highest concentration of this demographic will be found in Western Europe (32%), Eastern Europe (30%), North America (27%), and Australia/Asia (27%).

And with Nielsen reporting that Baby Boomers control around 70% of disposable in the U.S., brands could be ignoring the demographic at their peril, an industry executive said.

About 10% of brands’ marketing budgets target Baby Boomers compared to around 50% for Millennials. Older consumers’ values and buying decisions are shaped by empowerment, indulgence, and inclusion—qualities that make them candidates for influencer-driven campaigns and making marketing strategies that highlight maturity essential.

“It is important to realize that younger consumers are more driven by trends and less apt to remain loyal to a brand,” an apparel licensing executive said. “And, bottom line, at least for now, is that the older generations control more of the disposable income, meaning it is critical for brands to reach them.”

Yet despite the changing buying trends among mature consumers, many brands remain slow to act and are constrained by outdated perceptions of the age group, Euromonitor reported.

These older consumers are no longer driven by frugality, due in part to cost-of-living increases and spending growth between 2022 and 2024, according to Euromonitor. And 35% of consumers 60 years and older surveyed by Euromonitor felt financially secure, the highest rate of any age group. Their spending budgets are forecast to double by 2040, with 77% of older consumers listing experiences as a priority.

Additionally, food and non-alcoholic beverages with a focus on nutrition account for 26% of mature consumers’ recent budgets and this category is expected to see significant growth through to 2040. In particular, demand for nutrition products supporting needs around gut health, cognitive function, and bone density are expected to see an increase in demand during that period.

“Mature consumers are reshaping their value-driven purchasing,” Euromonitor reported. “While price sensitivity remains, they are willing to pay more for products that offer comfort, convenience, and functional design.”

Another perception of mature consumers that is being debunked is their aversion to technology. Mature consumers are “highly engaged” online, with 91% of them sharing reviews and social media posts. For example, more than 50% of consumers 65 years and older use social media (up from 21% in 2014), according to a Washington Post survey. And about 30% of consumers between 50 and 64 years old are using TikTok, with 13% of those 65 and older using the platform.

That growing social media use is underscored by the emergence of “grandfluencers,” older influencers who have found a home across social media platforms like TikTok and Instagram.

“It’s amazing how the social media marketing landscape has expanded over the past few years to those aged 60 plus,” Open Influence Account Manager Caroline Clausen said in a blog post. “It just goes to show how the impact of our efforts has outgrown the stereotypical ‘influencer.’ Creators come in all shapes and size, and brands are learning to capitalize on every type of influencer to reach wider audiences.”