Editor's note: Dr. Leslie M. Harris is a principal of Mature Marketing and Research, Boston. Terrence J. Pranses is president of Pranses Research Services, Hoboken, N.J.

Long ignored by many mainstream marketers, consumers over 50 years of age are moving into the economic spotlight. In part that's driven by the baby boomers - their oldest members have just hit the "big five-o." But it also reflects the increasingly active lifestyles of those over 60.

To find out more about the attitudes and priorities of these consumers, we conducted a study, "Tracking the 50+ Market: An Omnibus Study." Respondents were questioned about: computer use, financial planning, leisure time interests, retirement living, telecommunications and travel.

The respondents were broken into two cells - those aged 50-59 and those aged 60+. Some participants were interviewed in depth in a 20-minute session. Others participated in a 10-minute survey that included frequency of use and measurements of brand preference.

Key findings


Computer use
Here's an area where acceptance of technology shows big inroads. Many of our quantitative respondents use computers at home -- and that includes a majority of the males in their 50s. The biggest applications are working from home and budgeting. Some of the computer users are very enthusiastic:

"They're nice - I can send E-mail to Malta!"

"(Computers) are very important. The best thing is that they help things move around the world faster."

Others indicate an interest, but feel that the expense means they must wait:

"I'd love to have one. As soon as I'm financially able, I'll have one."

Still, the opportunities to sell computers seem limited among consumers in their 60s. Only a small number of our respondents in that age group use computers at home. Here some of the reactions indicate an unwillingness to try:

"If I were younger - but, at this stage you keep doing what you're doing."

"(Computers) intimidate me . . . like most mechanical things."

And among some non-users there's a deep hostility:

"They're terrible . . . they took a lot of jobs away."

Telecommunications
In this arena the level of utilization is even greater - perhaps due to the lower out-of-pocket costs, but it also seems that these innovations have been easier to use. Although there are still misgivings about the breakup of AT&T, telephone service today is seen as faster, offering "many, many services," and "cheaper, but confusing."

The top phone related technologies used by our sample: answering machine or answering service; call waiting; automatic redial; Caller ID. Most of these capabilities are more heavily used by those in their 50s.
Answering machines and call waiting have been embraced by many as ways to catch important calls. And many see call return or *69 as the best way to catch a call "when you walk in (for) that last ring."

One area of sharp contrast between our segments is with regards to calling cards. While a good majority of those in their 50s carry such cards, only a minority of those 60+ do so. A significant number of our respondents in their 50s use calling cards three or more times weekly. And while all respondents in their 50s are familiar with the pre-paid phone cards, only a small number have actually used them.

Financial planning
Here we find a chasm between those with limited assets and those who have extensive savings and investments beyond pension and Social Security income. Those with more diverse portfolios seem more confident in their investment strategy and more comfortable. And a majority of those in their 50s is taking some risk - they own stocks, bonds and mutual funds.

As one respondent said, when it comes time to pick a mutual fund:

"I like to see their portfolio and (get) trend information . . . plus what industries they're in."

Or they look for multi-faceted cash management-style accounts that combine stocks, money market and checking:

"It gives free checking, interest better than the bank and a wonderful statement each month."

Although some have a variety of stocks, many follow a more conservative approach, with utilities as a way to hedge their bets. And the most conservative are likely to keep most of their assets in savings accounts:

"When you're my age you're a little afraid to undertake a new investment."

"The bank is easy to use . . . a two-minute walk from home."

Retirement living
Regardless of financial situation, about one-half of our sample plans to stay put, rather than moving to a planned community. The reasons to stay where they are include a real satisfaction with their homes, their communities and nearby friends and family.

For the remainder, the benefits of planned communities include ease of living and access to their favorite activities:

"I like the setting - the planned look, the golf course, the clubhouse, and also (their) maintenance."

While Florida had some mentions, most of those considering planned communities are looking to sites close to home.

Travel
The lure of travel is strong among nearly all of the 50+ consumers we interviewed. A sizable majority forecast a trip in the continental U.S. within the next year. Of those, Florida is the most-mentioned destination, with the weather and beaches seen as the major attractions. Some in their 50s go regularly to the Caribbean.

Yet most think further afield when defining the ideal vacation. Among the places mentioned as ideal are Alaska, Australia, China, Hawaii and Scandinavia. Some focus on their roots in Europe.

Many have very vivid mental pictures of these places they want to see:

Scandinavia: "More scenic [than most of Europe]."

Alaska: "It's the wildlife . . . I've read about it."

Australia: "Kangaroos in the wild."

Hawaii: "Kind of a playground." "Island paradise."

Other activities
The top leisure-time activities cited by our 50+ consumers include: fitness/exercising, gourmet cooking, gardening, and health foods. Plus others cite pet care ("I walk my dog four or five times a day.") and a passion for shopping ("I go all over . . . all the malls.").

But even in avocations, we see some big differences. Golf and photography are exciting to many in their 50s, while gardening is more popular among those 60+.

Distinct markets

The 50+ consumer is not one market but several distinct markets. Our study reveals significant segment breaks based on financial status and age.

Those in their 50s often enjoy full incomes and excellent health. They're adventurous in vacation planning, often willing to take financial risks, and include many technology-friendly folks who've adopted computers, both at work and at home.

Those above 60 appear to be less willing to learn computer technologies or take risks with their savings. Those in this group who take a more aggressive approach to financial planning seem to have more resources now, but they're not readily adopting new investments. Within the 60+ group many are selectively adventurous - planning vacations to faraway locations or utilizing new, user-friendly telecommunications services and features.

With their increasing leisure time, these consumers have a wide range of interests and expenditures. Rather than consumers to ignore, the 50+ marketplace offers increasing opportunities for a wide variety of products and services.