Baby Boomers Don’t Think They Are Old – Don’t Talk to Them Like They Are
Not only are Baby Boomers (born between 1946 and 1964) being neglected, when they are targeted by marketers, they are spoken to as if they were their parents and not the active, successful and happy to spend group of potentially profitable consumers. Is your business missing out on this lucrative target market?
According to a recent article by Amanda Taylor in the Marketing Magazine, there is a mismatch between the reality of the Baby Boomer audience and the perceptions held by the younger generations. “They think anyone over 50’s are set in their ways, not interested in new products and not spending time on social media – none of which is true.”
Some interesting facts from the article speaks volumes about this Baby Boomer target market. They are:
- a quarter of the populations but own 53% of the nation’s wealth.
- aged 55 to 64 and have a net wealth almost five time that of Generation Y, with a net worth exceeding $1 million.
- getting richer. While Generation Y has seen household income increases of 5% since 2013, Boomer achieved income increases of 14% as a result of increasing investment income.
- feel more youthful (2/3rd of them) than their parents were at their age and 70% want to get out and be active with 74% trying to live a healthy lifestyle and eat and drink responsibility.
- are a high spending group: 41% express a desire to spend their childrens’ inheritances, while 61% have travelled domestically and 32% internationally in the last 12 months.
- bigger internet consumers than any other generations, spending an average of 21 hours per week online. 43% are active on social media and 25% prefer to shop online.
- 75% do not see themselves as ‘old’.
Who is serving this market well? There are some product/service categories who are talking to the Baby Boomer market in the correct voice and reaping the rewards. Fashion, Travel, Beauty and Health Insurance are examples of these.
Does your product or service offering appeal to Baby Boomers? Have you set up both digital and electronic media strategies to reach this market, and in a relevant and respectful way?
If you need help in developing a marketing activation campaign for the Baby Boomer or any other B2B or B2C markets, contact Hall of Fame Marketing Bendigo and Geelong.Back to Blog and tagged Baby Boomer Marketing Bendigo, Digital Marketing, Online Marketing Bendigo, Target Marketing