Normally, I preach about the benefits of marketing to the newest generations of buyers, Gen Z and millennials, and for good reason—these two generations represent $165 billion in spending, and earning their loyalty now could mean decades of repeat purchases in the future. But that’s not to say that the young bucks are the only generations you should be marketing to. Today, we take a couple steps back to look at the importance of marketing to baby boomers.
Who are the Baby Boomers?
First, some background. Baby boomers are those born between 1946 and 1964. For many years, they made up the largest generation, totaling up to more than 76 million in the U.S. Though they have since been outnumbered by millennials, baby boomers represent a large portion of buyers and continue to have significant spending power and economic influence. Ready for a head-spinning fact? The U.S. Census has found that birth rates are simply not high enough to maintain the population, meaning it’s estimated that by 2034, older adults will outnumber those under 18 for the first time in U.S. history. In addition, life expectancy has increased by several years, meaning baby boomers will be here for longer than you might think.
Alive Ventures’ Growing Older, Better report states that 46 percent of U.S. adults are over the age of 50, yet only 15 percent of ads include them. Even worse, the media portrayal of those 50+ is less than flattering, with ads being perceived as negative 28% of the time. More often than not, this age group is shown as recipients of care or in isolation rather than independent and active. Just because boomers are older doesn’t mean they’re old. Many are using their retirement to travel, connect with family and friends, and cross items off their bucket lists. These are important factors that should impact your direct marketing strategies and how you market to baby boomers.
Baby Boomers are Active Consumers
Even though this generation is reaching retirement age, it doesn’t mean their spending days are behind them. Baby boomers are estimated to have $70 trillion in household wealth, according to Advertising Week. While some may be more selective in their purchases with a fixed income, they are willing to pay for quality products and services to suit their growing and evolving needs. This transition into the “third act” of their lives provides plenty of new needs to fulfill. Here are just a few opportunities for marketing to baby boomers:
- Financial: retirement planning, estate planning, wealth transfers
- Property and real estate: downsizing, investing in property in warmer climates, moving toward family
- Healthcare: switching providers, moving to Medicare, fitness programs
- Home services: food/meal delivery, medication delivery, cleaning services, home improvement projects
Instead of writing baby boomers off as a hard sell, marketers need to re-evaluate their marketing methods and approach this generation in a more sophisticated manner. If you need help marketing to boomers, contact our experts today.
