I understand marketers’ obsession targeting youthful consumers between the ages of 18 and 49. Rationale: This group has not yet committed to their favorite consumer goods while older folks have. Marketers, time to shift your focus to Baby Boomers, soon to become Senior Boomers in the next decade.
Baby Boomers according to the US Census Bureau is someone born during the Post-World War II baby boom between 1946 and 1964; an estimated seventy-six million Americans who now range in age from 46 to 64. Some facts marketers need to take into account as Baby Boomers mature in the next decade:
· Market researchers forecast that the younger generation known as Millennials or Gen Y will have fewer children, leading to smaller households, thus fewer consumers to lure over the next decade. On the other hand, the over-fifty crowd will grow 21% in numbers.
· Baby Boomers have an estimated annual spending power of $1 trillion. More specifically, the over-50 crowd outspends the under-50 crowd by $400 billion. As a frame of reference, Walmart net sales in 2009 were $401.2 billion.
· Myth: Boomers are too old to embrace technology. Wrong! A recent Forrester study indicated that 60% of Baby Boomers are avid social media users. Their usage is up 40% throughout the various social media platforms versus a year ago. They also account for 40% of customers paying for wireless (don’t forget most are still paying for their children’s mobile phones) and 41% of the customers buying Apple computers.
· An estimated 40% of all Baby Boomers are grandparents; over 55% of all grandparents alive today are Boomers. On the flipside, due to divorce, some grandchildren have more than one set of grandparents. Bodes well for the amount of disposable income spent on grandchildren over the next decade. Advertisers need to evoke the emotional chord of Boomer grandparents.
Sounds like advertisers need to now recognize the shift in demographics/market dynamics and focus their marketing dollars. Senior Boomers are going to be where the buying action is over the next decade. Senior Boomers are going to be the young “old”.