My recent birthday reminded me of my Baby Boomer status. (No, I won’t reveal where I fall in the age spectrum). We Boomers are a formidable group: large in number with money to spend and long lives ahead. But despite our value, we are being ignored by the marketing industry.
There are a ridiculous number of articles, talk and focus on how to reach and engage Millennials … but what about us Baby Boomers? Marketers need to stop obsessing about the kids and start focusing on the parents and grandparents. Millennials may have surpassed us in sheer numbers, but we Baby Boomers are a force to be reckoned with, and we’ve got the stats (and the money) to prove it.
- There are 74.9 million Baby Boomers in the United States.
- Baby Boomers will inherit $15 trillion in the next 20 years.
- 70% of the disposable income in the U.S. is controlled by us.
- Boomers outspend younger adults 2:1 online and spend more than other generation by an estimated $400 billion per year.
- Adults ages 50 and over are responsible for 80% of all luxury travel spending.
Another important attribute: We’re brand loyal. Don’t take us for granted! We are open-minded and eager to try new things. Heck, most of us own smartphones, text, Skype and do all that other “technical wizardry” that’s seen as solely the domain of Millennials. So, before you put the bulk of your marketing budget to reach Millennials, remember where the bulk of the spending power lies—with people like me.