Many Brands are Missing a Huge Opportunity
As marketers chase after making connections with the Millennial audience, many have neglected one of the most important consumer groups in the country – Boomers.
We’ve all heard about how Millennials are growing up slower than previous generations, but there hasn’t been much press on how older generations aren’t “acting their age” either…until recently.
As evidenced by the magazine Zoomer (Boomers with Zip) – a publication targeting active Boomers – in the article The Age of Not Acting Your Age, Boomers acting younger than their age has some huge implications for marketers.
“The older generations are not only acting "younger" but are experiencing several different age-related life stages at the same time. Can you be "old" and "young" at the same time? It's never happened to such an extent: someone in their 60s or even 70s is simultaneously a worker, a parent with child-support responsibilities, a grandparent and a caregiver for their own parent.
They're active spenders on entertainment and travel (beginning to accumulate that bucket list), they may be dating again, they're worried about their adult kids who still haven't become fully independent, they're starting to pay attention to the health-related issues of aging, they're starting to worry about making their money last until 100 (because it's quite possible they could hit that age) and their own parents are still alive and need care.”
If you needed more evidence of why the Boomer market matters, consider:
Boomers hold over 70% of the US disposable income and they dominate purchases in 119 out of 123 CPG categories.
The Boomer generation represents more than 80 million US consumers and the 50+ segment consists of close to 100 million consumers.
Between now and 2030, the 18-49 segment is expected to grow by 12%, while the 50+ segment will expand by 34%.
Brand loyalty is the same as other demographics. Boomer loyalty to your brand is not a given. Conversely, converting a boomer to your brand could be worth the effort.
It’s an exciting time in most Boomer’s lives. Marketers, who embrace this cohort and create authentic connections, can realize huge gains for their brands.