Prescription drugs are changing the way America ages.

The mature market consumes a disproportionately large share of both prescription and over-the-counter (OTC) drugs. American seniors age 65 and older constitute only 13 percent of the U.S. population yet account for 30 percent of all prescription drugs and 25% of all OTC drugs purchased.

I have long believed that the mature market is one of our countries most under-utilized resources. Here’s a few statistics that back me up:

Mature Americans age 55 and older contributed between $97.6 billion and $201 billion to society in 2002 through volunteer activities and time spent caring for family members. Our best estimate, based on moderate-cost assumptions, values unpaid activities at $161.7 billion, or $2,698 per person.

Source: Value of Unpaid Activities by Older Americans Tops $160 Billion Per Year, by R W. Johnson & S.G. Schaner, 2005

Boomers volunteer for a variety of reasons, but are less likely than the generation that preceded them into retirement to volunteer out of a sense of duty or obligation. They are more likely to volunteer as a result of social, self-development, self-esteem, or leisure-focused motivations. Appeals for volunteer commitment will need to approach boomers in this context.

Source: Enhancing Volunteerism among Aging Boomers, by Robert Prisuta, 2003

The mature market contributes $162 billion worth of volunteering and unpaid caregiving annually. Caring for family members – spouses, grandchildren and parents - absorbed more than 61 percent (or $99.6 billion) of the total value of unpaid activities, based on moderate cost assumptions, in 2002. Older Americans contributed $44.3 billion through formal volunteering with an organization and $17.8 billion by informally helping others in need.

Source: Urban Institute

Comments about how educated the mature market is in the U.S. are often misleading:

About 30 percent of Americans aged 55 to 59 hold a bachelor’s degree or higher. And this rate drops as the population ages. Among those aged 60 to 69, 25 percent hold at least a bachelor’s degree, compared with only 18 percent of adults aged 70 and older. Similarly, percentages of seniors with associate degrees decline with age—from 9 percent of those aged 55 to 59, to 7 percent for those aged 60 to 69, and 5 percent for those aged 70 and older.

Source: U.S. Census Bureau, 2006a., American Council on Education

Does your company understand the importance of designing for a population of seniors with failing vision?

Today, I’m posting about something near and dear to my heart . . . vision. You see, my Dad has macular degeneration, so I’ve seen the impact it can have on a person’s life. Sadly, this condition has rendered him close to blind.

Understanding loss of vision and its impact is a key to success with the mature market. Vision, or lack of, should be a key consideration for everything from your advertising design to your product design (take a look at this article to see some companies that are getting it right: wall-street-journal-designing-for-the-senior-set) I’ve seen some simple mistakes that major companies are making that are easily knocking down advertising response by over 50%.

Currently, more than 38 million Americans age 40 and older have significant vision impairment and eye disease – 3.3 million of them are blind or experience low vision. About 35 million Americans age 40 and older, have an age-related eye disease such as age-related macular degeneration (AMD), cataract, glaucoma, and diabetic retinopathy. That number is expected to grow to 50 million by 2020.

Vision impairment and eye disease are not only a significant cause of disability and lost independence, but also have a huge economic impact, costing the U.S. $68 billion annually in direct healthcare costs, lost productivity, and diminished quality of life.

Source: Alliance for Aging Research, 2007

Boomers, unwilling to give up their youth, are pouring $30 billion a year into anti-aging products. An AARP survey found that 35% of the mature market have tried anti-aging cosmetics and that 53% of seniors use hair color to hide the gray. It is estimated that in the next three years, anti-aging will be a $50 billion industry.

Source: Evolution of the Link Between Business and Aging, H. Dennis

50+ New England Lunch Event, Wednesday, August 13, 2008

Enjoy the benefits of discovering new resources, discussing best practices for sales and marketing, and of networking with the region’s 50+ housing industry pros.

Join the 50+ Housing Council for our next lunch event, hosted by

Brendon Homes at the award-winning Adams Farm community in Shrewsbury, MA.

Brendon Homes will be hosting. For more than twenty-five years, Brendon Homes has lived up to its reputation as the home builder of choice in Boston’s MetroWest market. Adams Farm is Brendon Homes’ first Active Adult community.

Save the date for the second

50+ New England LUNCH event on August 13!

For more details, contact “mailto:info@50plusne.com”“

Date: Wednesday, August 13, 2008

Time: Registration networking, lunch 11:00am – 11:45am
Presentation, Q&A 11:45am – 12:45pm
Tour (optional) 1:00pm – 2:00pm

Where: The Morgan Club at Adams Farm, 17 Independence Lane, Shrewsbury, MA. For directions, please email: “mailto:info@50plusne.com”

Fellow Mature Market Experts blogger Dan Rexford wrote about Lou Carbone’s book, Clued In, several weeks ago . . . well, here’s another recent article about Mr. Carbone that you might find interesting. The article raises some great points about an unhealthy fixation on efficiency — at the cost of the customer’s brand experience.

Most of what Lou talks about, we practice at TR Mann Consulting with our clients. I should also mention that our friend and fellow mature market blogger, David Wolfe, discusses many of the same issues in his excellent book Firms of Endearment.

The executive summary is simple, remember, you’re trying to build a strong relationship built on mutual trust (and dare I say, love). Sounds easy . . . but just watch how many companies screw this basic principal up during trying times.