Move Over, Millennials: Baby Boomers are the Most Powerful Consumers
We’re hearing a lot about “Baby Boomers” lately – the generation of people born between the early 1940s through the early 1960s. And the attention they’re getting is well deserved, especially this month (August), which has been declared “Boomers Making a Difference” month. A recent report published by USA Today says, “Baby Boomers and their elders are making up an outsize share of consumer spending,” a trend significantly impacting the U.S. economy.
The numbers can’t be ignored: “The 50-plus and 60-plus population is clearly playing a large role in consumer spending and older consumers are going to become more significant as these trends intensify,” the report continues. The USA Today report also cites data from Visa and Moody’s Analytics, most notably the fact that “Americans 55 and older accounted for 41.6% of consumer spending, up from 41.2% late last year and 33.5% in early 2007.”
That’s something to think about when you’re strategizing advertising and marketing tactics and creating your business plans… Many businesses focus on reaching younger audiences, maybe to maintain a sense of youthfulness and as an attempt to “stay relevant” and “keep current.” But if you’re only targeting “Millennials” (consumers generally born between 1982 and 2004), you may be missing out. An advertising industry analyst says, “The fastest-growing segment is the Boomer consumer. And they have a higher level of discretionary spending power.” He advises, “Companies should tailor separate campaigns to different age groups.”
Need ideas for reaching Baby Boomers? Work with us at IOP Communications and we can brainstorm together to develop marketing campaigns and strategies to reach all types of consumers, including the Baby Boomers! Learn more by reaching out to us at any time at email@example.com or by calling 732-758-6280.