Baby Boomers Control 70% Of The U.S. Disposable Income
Brad Pitt is a Baby Boomer. George Clooney is a Baby Boomer. Madonna and Bruce Springsteen are Baby Boomers. Not exactly in a wheelchair or using a walker. Do I have your attention? If you are under 30 and reading this, it’s your parents, ages 47 – 66. Change your thinking and understand Baby Boomers are vibrant, healthy and a very lucrative audience. The brands and agency executives that understand this will increase their bottom line.
Baby Boomers represent close to 80 million U.S. consumers and hold 70% of the U.S. disposable income. If you are a marketer or media planner looking at 4Q, be sure to target the Baby Boomers online. You will be a visionary and hero to your firm or client. Step out of the old way of thinking and lead your brand to new and additional revenue.
Baby Boomers are spending the most time and money online each month, more than Gen X and Gen Y. Here are some more facts to solidify your decision:
Consumers ages 47 – 66 (Baby Boomers) Facts:
- Dominate 119 out of 123 CPG categories
- 40% of customers paying for wireless service
- 41% own Apple computers
- 53% are on Facebook
- 40% most likely to use an iPhone
- Over age 50 spend $7 billion online annually
- Purchase 62.5% of new cars
- Purchase 80% of luxury travel
- 70% show up to vote in elections
- Boomers spend more money each month on technology than Gen X or Gen Y – an average of $650 per month
- Spend most on health care
- Spend most on pharmaceuticals
- One in 7 boomers care for a parent or family member
- 71% of Boomers go online every day
- 66% of Boomers send text messages
Your marketing campaign creative should engage the Baby Boomer. Solve a problem, make them feel good and they will be loyal to your brand. Women ages 45+ should receive special attention as they make or influence 80% of the household decisions.
I travel to Detroit, Minneapolis, New York, San Francisco and meet with media planners, buyers and brands. Here is a question I received in the spring while in Detroit from a young media planner in charge of millions for an automotive account, “I know I should know this, but tell me again what is a Baby Boomer?” It was not Audi, Subaru or Toyota because they are targeting Baby Boomers and increasing their market share by doing so. Who is leading your brand?
Sources: Pew Internet, Deloitte, Forrester Research, GfK, MRI, Nielsen and BoomerAgers August 2012 Report