At least from a marketing perspective. Often we see the profile target market of a broad based consumer product of Adults 25 – 54. So, what exactly happens when you turn 55? All of a sudden you are no longer a receptive consumer? You become immune to advertising messages?
Next year, every single “Baby Boomer” will be over the age of 55!
Boomer Myth: Boomers are set in their ways and unlikely to switch brands
Boomer Truth: Boomers make the most money and spend the most money
Boomers are just as likely to experiment with new products*
When you think about it, by the time 55 rolls along you should have most of your house paid, your children may have finished school and moved out. 58% of Boomers still have a full time job and 12% still work part time and with incomes +67% greater than Millennials, that translates to an enormous amount of discretionary spending power. In fact, Boomers spend significantly more than Millennials in a number of key categories including; groceries, vehicles, home improvements and travel.
From a media standpoint Boomers watch a lot of TV, over 30 hours per week which is +54% more than time spent online.
Smart Marketers would not let this lucrative cohort slip off into the sunset.
Source* Nielsen report “Marketing’s Most Valuable Generation”