KNOW YOUR AUDIENCE
Editor’s Note: This is the first in a six-part blog series, covering key items marketers need to know when targeting Baby Boomers (individuals 50 years and older).
Who are they?
Baby Boomers are Americans born between 1946 and 1964 who helped fuel one of the strongest periods of economic growth in our country’s history. As Americans live longer, the number of citizens over 65 is projected to balloon from 40 million in 2010 to 72 million in 2030.
Doing things their own way
The Boomer generation has insisted on doing things their own way from the start, and they are doing the same with aging. They believe they will be active, involved and vital throughout the last third of their lives, and they will buy products and services that help them keep that idea alive.
Ignoring the 50+ demographic could cost you dearly. To ignore this demographic in favor of a more traditional, younger audience is to ignore your largest possible customer base. 50+ consumers control the majority of wealth in the United States today:
- 78 million Americans who were 50 or older as of 2001 controlled 67 percent of the country’s wealth, or $28 trillion, according to the U.S. Census.
- Boomers and seniors have seen a decrease in their median family net worth since 2008; but they still have a net worth three times that of younger generations.
- 50+ median household incomes are 55 percent greater than post-Boomers and 61% more than pre-Boomers. They have an average annual disposable income of $24,000.
- 50+ have $2.4 trillion in annual income, which accounts for 42 percent of all after-tax income.
Think like a Vimarcian
The facts above are nice to know. Actually, they’re pretty vital. When creating marketing pieces directed at the 50+ demographic, however, don’t just look at the stats. It’s important to consider how others (children, grandchildren, companies, doctors, etc.) view this generation, and most importantly, how Boomers view themselves.
Are your products depicting Baby Boomers as ...
On Deck — Ears: Properly Speak to Boomers