It seems that lately, all we hear about are Millennials … who are they, how do you speak to them, where are they spending their time. It’s certainly not a consumer segment we should ignore. Millennials are the largest generation in the U.S. making up 28.7% of the population (baby boomers are second at 23.7%). However, what many advertisers are failing to realize is that baby boomers will continue to be the most powerful consumers in the marketplace this according to David Weigelt of Immersion Active. Here is some revealing reported by Weigelt data regarding adults 50+, baby boomers, and seniors that demands marketers’ attention:
- Boomers and seniors have a net worth 3x that of younger generations (Economic Policy Institute).
- Every year, the U.S. Consumer Expenditure Survey shows adults 55—64 outspend the average consumer in nearly every category, from food, household furnishing, entertainment, personal care, gifts, and more
- Baby boomers account for nearly $230 billion, or 55% of consumer packaged good sales (Nielsen).
- Boomers spend $157 billion on trips every year (NextAvenue).
- The Internet is the most important source of information for Boomers when they make major purchasing decisions (Zoomerang), outspending younger adults online 2:1 on a per-capita basis (Forrester Research).
The 50+ demographic accounts for half of all consumer expenditures—yet a shockingly small 10 percent of marketing dollars are targeted toward 50+. Clearly, the numbers don’t add up, illustrating that overlooking the 50+ demographic is a major marketing misstep. By shifting their attention to this audience, consumer marketers may see serious payoff when it comes to benefitting their bottom line. (AARP).