Over the past few years, you've likely been inundated with the hype that's been associated with marketing to Millennials and Gen-Xers. It seems that's all anybody's talking about. But, let's not forget the importance of marketing to Baby Boomers. After all, this demographic is the wealthiest, has the most disposable income, and tends to enjoy the greatest amount of free time when compared to other generations.
In fact, according to U.S. News and World Report, consumers who are in their golden years control an astounding 70% of all disposable income in the United States, and HuffPost News reports people in the 50+ market spend $3.2 trillion annually. As a marketer, that should really make you turn your head and reconsider your business strategy if you're leaving Boomers out of your campaigns.
Below you'll find the top five reasons that your business should be marketing to Baby Boomers.
1. Baby Boomers Spend More Money Than Other Generations
The above statement alone should be enough to pique your interest. Recent findings by Nielsen indicate Boomers spend almost $230 billion each year for consumer-packaged goods (CPG) alone, almost $7 billion of which is spent online. Boomers also spend almost $90 billion annually on their vehicles, which is almost 30% more than their younger counterparts.
According to AARP, "Despite Boomer market dominance across all of the various CPG categories, just 5-10% of total advertising dollars are spent on these consumers." While many businesses are spending their marketing efforts targeting Millennials, they're missing out on a huge opportunity to assimilate with a target market that's got money to spend (and is ready and willing to spend it!)
2. Baby Boomers Have the Most Disposable Income
Not only do Boomers have the most money, but they also have the most disposable income to spend. Many are already retired and ready to spend their hard-earned retirement funds doing what they love and enjoy.
The average Boomer household has an annual income of nearly $68,000, according to AARP. Bear in mind, many people in this demographic have paid off their houses and have fewer expenses than people in younger demographics. This means they're not strapped for cash; rather, they've paid their dues and are ready to spend their money on the things that they enjoy most.
3. Baby Boomers Have the Most Free Time
Because retirement is here or on the horizon for this generation, Boomers can now choose to spend their time and finances on the things they actually enjoy. Sure, they might choose to keep the grandkids for a weekend, but they're not straddled with work, children, and the stresses of life that keep younger demographics from spending time on the things they love to do. Boomers are an extremely active segment of the population; they're busy finding things that make them happy, spending time with friends, getting fit, and learning new skills. They're not just going to the doctor all day or watching re-runs of Wheel of Fortune; they're doing, seeing, and living.
And don't forget—they not only have time to spend, but they have the money to spend as well!
4. Baby Boomers Can Be Targeted Across a Variety of Advertising Mediums
Boomers aren't out of touch with the rest of society and can be targeted across a variety of advertising mediums, including social media. Actually, nearly 70% are on YouTube and Facebook, with the other popular social media platforms capturing about a quarter of Boomers' attention. The Baby Boomer generation also love print, which is why Boom! magazine, a publication that's dedicated to this powerful demographic, is the perfect place to bolster your brand before this age group.
5. Baby Boomers are Tech-Savvy and Aren't Afraid to Shop Online
Millennials may be sharing stuff (see Uber), but Boomers are actually buying. According to a summary of studies presented by SmartInsights.com, Boomers spend an average of 27 hours a week online, and 92% of the people in this demographic shop for products and services online. This generation has adapted to ever-changing technology and embraced the changes with open arms. This is good news for today's digitally minded businesses that hope for technologically competent customers.
Now that you know your business can't afford to ignore the Baby Boomer demographic, it's time to start marketing to this opportune generation! With 75 million Boomers actively looking for ways to spend their money on the things they enjoy, it doesn't make sense to ignore this target market any longer!
So, the question becomes: Where should businesses market to Baby Boomers? As we briefly mentioned above, Boom! magazine is Mid-Missouri's newest and fastest-growing publication. This magazine is dedicated to serving readers in the Baby Boomer demographic (and the businesses that wish to advertise to them). With 10,000 Americans turning 65 every day, can you afford to miss out on your chance to advertise real estate, vacation properties, tax services, pet care, and so much more? We think not! Let us help you make a boom with Baby Boomers today!