Marketing missing key consumer pool.

A desire to connect with millennials has left many marketing firms underestimating the buying power of the consumers 55 and older, according to a new study released in Orlando Thursday.

Those who underestimate the older populations may be missing out on trillions of dollars in revenue opportunities, the study said.

“Most marketers fail to target these vibrant consumers and there has been little change made in their efforts to do so over the past 15 years,” said Colin Milner, CEO of the International Council on Active Aging. He said the new research is a “call to action for marketing and business to embrace a more inclusive innovation and communications model.”

The ICAA is meeting in Orlando for its annual conference. The group saw the new data as presented by a new brand consultancy called Age of Majority. The study reportedly looked at assumptions and practices of 202 marketing professionals, compared with behavior of more than 1,200 American adults.

According to ICAA, the results show how marketers’ societal biases and age-related stereotypes are contributing to “a significant overestimating of millennial spending power and an underestimating of the value of consumers 55 and older.”

The study says there’s a disproportionately small marketing spend being directed against the 55-plus demographic vs. their actual spending power.

Among Age of Majority’s findings, taken from its white paper and news release, include:

■ Nearly nine in 10 marketers OVER-estimate how much consumers under the age of 35 spend and nearly three quarters underestimate how much consumers 55 and older spend.

■ Marketers are interested in pursuing the 55-plus consumer demographic, yet they continue to operate under false assumptions, including the idea that older consumers spend less, are unwilling to consider new brands, or are disengaged from technology, which the research contradicts.

■ Marketers have a strong fixation on millennials and youth. Younger marketing professionals, especially, bring bias and stereotypes to work.

■ The bias against mature markets shows up early in planning a new campaign. One in five marketers don’t even include consumers 55-plus in their marketing research or creative briefs.

“Given the potential size of the prize for brands that better understand and serve the mature consumer, it is an investment with a huge upside,” said Jeff Weiss, CEO of Age of Majority.

The ICAA is based in Vancouver and says it has a network spanning 10,000 organizations in 37 countries that cater to the health and well-being of older adults. Its conference is being held at the Gaylord Palms Resort south of Orlando.