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If you're looking for the holy grail of target audiences this summer, look no further — you've found it! Boomers are now the driving force of the economy, and media planners everywhere are embracing them. More than ever, marketers are seeing results by targeting the 50+ market.
Surprised? Stereotypes about Boomers may have lead you to believe otherwise. Though, the facts are indisputable. Here is what you need to know about the 50+ marketing opportunity:
Boomers Spend Optimistically: Entertainment, Lifestyle, Travel
Though, the fact that Boomers have money to spend is not the only reason this demographic is so attractive. What's truly noteworthy is how Boomers spend.
Today's 50+ adults live incredibly active, passionate lives. In fact, many Boomers see this time of their lives as an opportunity to pursue new adventures and to strive for fulfilling connections. How this demographic spends reflects the lives that they lead:
- Boomers account for 51% of entertainment spending and 57% of big ticket purchases including new cars
- The percentage of gym members age 50+ has more than doubled from 15% to 31%
- 50% of all people in restaurants or traveling nationally are 50+, making up 44% of all domestic trips, 32% of which are multi-generational
Marketers looking to target Boomers for summer travel would be wise to act fast!
Many Decades of Spending Ahead
There's good reason that Boomers see age 50 as their life midpoint. Increased life expectancy means that middle age has been extended, expanding the number of years during which adults are productive, creative, contributing to the world and enjoying life. Of course, this also means that marketers' longevity of influencer over the 50+ market has increased as well. Boomers are working longer and spending longer, too.
Yet, here's the kicker: only 10% of marketing dollars are targeted towards the 50+ audience, leaving a gap of forty percentage points to match consumer spending. How's that for a summer marketing boost? Learn more about why AARP members value our media properties and this inspiring demographic.