Baby Boomers – A Lucrative Market Segment – Behaviourial Statistics
Baby Boomers are a large cohort of the Australian population (27%) who were born after service men and women resumed their place in Australian society after six years at war. Different sources vary, but generally, it is the twenty years immediately after World War II. More than 4 million Australians were born during this time. The Australian Bureau of Statistics defines baby boomers as those born in the years 1946 to 1965 inclusive (ABS, 2011).
The Baby Boomer Consumer Psyche
I am a Baby Boomer with one kid at Uni in Melbourne and one in year 12. Like me, many Baby Boomers are already, or are very soon, going to be empty nesters. And whilst some of us will continue to assist our kids whilst they complete their tertiary education, we can now focus on our fun and happiness. Whilst the rest of the country is buckling down and economising, we are busy planning to enjoy some freed up time and money. We no longer feel obligated to provide an inheritance to our children and are eager to spend while we still have good health.
According to an article in a recent edition of Ad News, we hold 40% of the nation’s wealth with the average household net worth in excess of $1 million. Baby Boomers are open to new technology, trying new brands and experiences of all kinds. “There are now over 4.7 million 50 to 69-year-olds in Australia now enjoying this era of unprecedented financial and personal freedom.”
Some Interesting Statistics from Ad News About Baby Boomers
- We spend 21 hours a week online and view over 3,000 internet pages/month,
- 31% of us have no fixed time that we spend on online, so we can be engaged all throughout the day,
- We are retiring later meaning 42% of us have disposable income to spend now,
- 33% of us are multi-screeners who are online whilst watching TV,
- Technology ownership: 81% desktop computer, 67% laptop, 40% smart phone, 19% tablet,
- 67% think they’re more youthful than their parents were at their age,
- 61% have travelled domestically and 32% internationally in the last 12 months,
- 72% are striving for a healthy lifestyle so they eat and drink responsibly,
- 84% are still working,
- 64% agree their view of the convenience of online shopping will increase with age,
- 56% have purchased travel, 37% books or ebooks and 36% computer hardware or software on line,
- Only 6% like the way advertisers talk to them, but 72% are open to trying new brands.
IS YOUR BUSINESS CAPITALISING ON THIS MARKET OPPORTUNITY?
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