The consumption and media behavior of the generation over 55 is changing

The standard of living of the generation of Czech citizens aged 55-69 is improving, and those who have already reached retirement age want to spend it more actively than the previous generation of senior citizens. This follows from a new wave of research focused on the so-called silver generation from OMG Research. Research mapping the life values, consumption and media behavior of the 55-69 generation was last carried out in 2016. This year, OMG Research repeated it, and the results can thus be compared over a period of six years.

Since 2016, the number of economically active people over 55 has increased in the Czech Republic. According to research by OMG Research, there are currently 45% of them, which is six percentage points more than in 2016. The average monthly household income also increased to 35,000. CZK net of 23.7 thousand CZK in 2016. At the same time, seniors believe that they will live their old age more actively than their parents. He spends a lot of his free time at home, doing DIY and gardening and taking care of his grandchildren. They most often wish to travel, or go on vacation, furnish your house or apartment better and enjoy culture or visiting restaurants. Compared to 2016, today’s generation aged 55-69 cares more about their health (+16 pp.) and cares more about their appearance (+17 pp.). They also desire financial and physical independence and do not want to be dependent on others.

Covid restrictions have also resulted in an increase in online shopping among the 55-69 generation. Today, 21% shop online at least once a week, which is an increase of seven percentage points compared to 2016. However, people in this age group still prefer brick-and-mortar stores to online shopping. Up to 82% of consumers aged 55-69 are willing to pay extra for quality goods. Compared to the younger generation 15-54, the 55-69 generation is more likely to be guided by the type of product when purchasing and places less emphasis on brands. More than younger generations, the silver generation shops at farmers’ markets and prefers to produce as much food as possible on their own.

The most popular and at the same time the most frequently purchased brand regardless of category is the Samsung brand among the 55-69 year old generation, followed by Adidas and Škoda. For the younger group, the brands Nike, Adidas and Apple are leading. There is no significant dominance of a popular brand at the expense of the purchased one, which indicates a realistic view of the older generation, more rational shopping and a different financial behavior (e.g. a greater rate of savings). Almost half of this generation has their money saved in a savings account (46%). They often make investments towards their children and grandchildren, and when it comes to financial appreciation, they have the highest representation of investments in investment and mutual funds and in real estate (18% each). It is also true for this generation that they take on less debt than the younger generation.

Q: What are your favorite brands? Please specify? / What are your most frequently purchased brands?

The media behavior of people aged 55-69 is still significantly influenced by traditional media. Compared to the 15-54 age group, they watch television, print media, radio and news websites more. But there are noticeable changes compared to six years ago. Even in the 55-69 group, the consumption of printed newspapers and magazines decreased by about a quarter in average weekly frequency, on the contrary, there is a significant increase in the number of visitors to Internet news servers, use of the Internet on a PC, watching videos on the Internet, and visits to social networks. But the biggest increase is in the use of the Internet on a mobile phone – almost threefold in the frequency of use at least once a week. In terms of television viewing, linear television still dominates (watched by two thirds of them). They are mostly satisfied with the basic offer and do not need to purchase additional VOD services.

Research Question: For each of the following activities, indicate whether you did it more, the same, or less five years ago than you do today?

Resources: OMG Research