Guest Article | Sasha Radford - Co-Founder of The Stella Collective
Sasha Roadford, Co-Founder of The Stellar Collective, is a valued partner and firm friend of RX. Her team is the go-to resource for marketing growth, leveraging people and innovation to prepare businesses for the longevity opportunity as we move towards the 100-year life., The Stellar Collective aligns teams to invest in the right opportunities and connects brands with a Platinum Think Tank of brilliant minds aged 45+, co-creating superior brand, service, and customer engagement strategies.
'Sciura' - the self-assured demeanour and poise these women exude, which adds to their overall sense of style, presence and how they carry themselves. This Italian word explains simply the innate style and presence that comes with being over 40, as well as being a beautiful descriptor of one of the most powerful growth markets retailers should be focusing on.
Global projections show women will control $30 trillion in spending power by 2030 (McKinsey), and Forbes has dubbed women over 50's Super Consumers -the opportunity for growth is clear. Yet many businesses continue to overlook or misunderstand this crucial demographic.
Why Women? Why Now?
To give some context on the value of the above figures - women represent a growth market twice as big as China and India combined. Beyond that, at a household level they are responsible for 90% of decision making and control 75% of household discretionary income.
Bringing this closer to home, and putting some meat on these demographic bones, according to the RBA, in Australia, women aged 55-64 consumed more on average ($123,000) than those aged 35-44 ($111,000) in 2017/18, which suggests that targeting older women is where real opportunity lies.
Learning From Success Stories
Modibodi – a great example of brands that have spoken to a cross-section of women by talking to a needs without stigma. They are primarily known for period underwear, but have found significant success with their menopause and incontinence lines targeting women 45+.
Another great, international example is UK retailer John Lewis – who in a world where bricks and mortar are struggling, have experienced quite the coup with a 26% increase in personal stylist appointments – no doubt reflecting in their bottom line as well, primarily driven by their strategic focus on women over 45. Their success stems from two key factors: understanding their primary target needs (women 45+), by hiring powerhouse women of this life stage and celebrating them prominently in their marketing and product design.
Where Do Retailers Need to Focus?
Understand Your Market
The beginning, middle and end of everything. Yet representation of women 45+ - there needs, aspirations, lifestyle and even visually is poor.
There is a dire need to bust preconceived notions that they are: old, set in their ways and not worth investing in. Research conducted in 2023/24 told us a very different story.
They are:
Living more fully and genuinely than ever
Not just open to change but ripe to learn more
Not homogeneous after 45 – instead they are choosing products /experiences to enhance each life stage after 45 - we found four!
Open-minded, constantly learning and synthesising knowledge from our life experience to find new solutions to today's challenges
Loyal to brands that take the time to understand us and meet their needs.
Not looking to be perfect – but take the time and rather enjoy researching the perfect solution.
Willing to spend on what they consider ‘essential’ – Roomba, the robot vacuum being one of them!
"We're both working full time...the kids are doing so much stuff. I'm always nagging Simon to do the chores. He doesn't want to pay for a cleaner so it got to the point where I went and bought myself an automatic vacuum cleaner for Christmas because I hate cleaning." (woman, 48)
Overall, this translates to this cohort aligning themselves to brands that:
Are consistent NOT faddish
Walk the talk, NOT just look the part
Show aspiration as being the best version of me, NOT trying to be someone else
Sell possibility, NOT just dreams
Prioritise self-worth NOT social expectation
What Does this Mean For Retailers?
1. Focus on needs not age
What is driving them? Take the time to explore and understand what women need and the underlying motivation
Move away from age-based stereotypes that assume older women are set in their ways or uninterested in new experiences
The value of variety - showcase a variety of real women who reflect your target audience's experience and aspirations
2. Product Development, Service and Customer Engagement Design
Not all the same - recognise 45-85 is not a homogenous group whose only aspiration is to sail off into the sunset on a cruise
Co-creation is king – include your actual target consumer in brand, service and engagement strategies and tactical execution development
Focus on real-life connection points – this cohort highly values the experience of real-life engagement and personalised services
Create a highly engaging ‘research’ journey – for them this is often more joyful than the destination (ie the purchase)
3. Build Long-term Relationships
Recent Boston Consulting Group data reveals that consumers aged 50+ are 3-4 times more valuable than younger buyers across various sectors, including apparel, health products, and financial services. They also demonstrate stronger brand loyalty when their needs are met effectively.
To capture this loyalty:
Service, service, service! Invest in excellent customer service with staff trained to understand and respect women's needs
Engagement over entertainment - Develop communication strategies that include more editorial, long-copy ads, less Tik Tok!
Recognise their influence - on other women in their family as well as across several generations
4. Store and Digital Experience
Everyone matters - ensure physical spaces acknowledge, greet and recognise customers– no matter what their age
KISS - Design websites and apps with clear navigation and readable fonts
Something for everyone - offer multiple ways to shop and interact with your brand
The Way Forward
Women, particularly those over 45, represent a significant growth opportunity in today's challenging retail environment. Success will be driven not only by delivering quality products, meaningful experiences, and authentic, consistent engagement but also by recognising that they are not just seeking products; they desire brands that understand their journey and are there to support, celebrate, and help them express their fabulous selves.
Sasha Radford is co-founder of The Stella Collective, a growth consultancy focused on bridging the gap between society's seismic demographic shifts and the value this could create for businesses. They draw on three powerful tools to deliver this: people expertise, global innovation success, and their Platinum Think Tank—an exclusive group of creative, brilliant, and engaged people, 45+, ready to co-create superior brand, service, and customer engagement experiences.
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