More 50+ Insights
After years of courting Millennials as the holy grail of consumer markets, the tables are suddenly flipped — Baby Boomers are on trend! In 2015, even while Millennials grew to be the largest adult demographic, Boomers took control of all consumer spending at 51%. It's no wonder then that marketers are pursuing Boomers with the same fury once reserved for their kids this holiday season.
For Boomers, the new attention from marketers feels like it's right about time. Boomers now command over 70% of the nation's wealth. And, while it may be easy to assume that the majority of Boomer spending is dedicated towards health care and insurance, Boomers account for 51% of entertainment spending and and 57% of big ticket purchases including new cars. To top it off, Boomers are significantly investing their budgets in real estate and travel. With this in mind, Boomers are more attractive to marketers than ever.
So, what does this mean for Boomers? Marketers are finally advertising to Boomers in the way that they want.
Today, Boomers can be reached just about anywhere, including the traditional TV and print, and now mobile, too. Smartphone ownership among Boomers increased 53% over the past 2 years to 41 million, and that number is expected to grow even further. Making Boomers even more accessible on mobile, 70% of Boomers have a Facebook account, and they spent 11 hours or more on the platform each week. For all of marketers' hoping to reach newly doting grandparents this holiday, Facebook is the perfect place to find them.
Leading with values and authenticity.
Just like their deeply optimistic children, Boomers are aligned with Millennials in that they want to buy from brands with which they self-identify. This means that Boomers care about the values behind the products they buy, and they want to see people just like them in advertising — adults over 50 with adventurous, active lifestyles, encore careers, and stylish habits. And, Boomers are the new trendsetters; gone are the days when being "old" was uncool. As such, marketers targeting Boomers are embracing later adulthood as an exciting time of life and speaking to Boomers in a voice of empowerment.
Balancing online with brick-and-mortar.
While Boomers shop online more than ever, they still make up the majority of foot traffic in retail stores. And, with brick-and-mortar stores accounting for 90% of US commerce, that makes Boomers a powerful demographic. In fact, brick-and-mortar retailers report that Boomers have been a growing demographic for the past three years. With offline retail back in style, who better to target for holiday shopping than Boomers?
For Boomers, the increasing focus from marketers is a win - more relevant and relatable advertising, and better deals, too! For modern marketers, Boomers are a welcome shift towards a lucrative sales market. With so much potential for ROI and a relatively new-found accessibility in the digital age, Boomers are more attractive and reachable than ever. Both Boomers and marketers alike will have something to celebrate come year end.