The wealth of Millennials, the cohort of those ages 26 to 41, has doubled in the last few years to nearly $10 trillion. That’s trillion, with a “T.” No wonder conversations in marketing departments often seem to be dominated by that particular demographic. Generation Z is right there with them, in terms of attention paid. The advertising and marketing industry are and always have been fixated on youth. That’s partly due to the somewhat misguided notion that brand preference is established early. In any event, while Millennials have big bucks they are dwarfed by those 58 to 76. Baby Boomers are worth, collectively, about 8 times what Millennials are. That’s about $80 trillion. That’s a demographic still worth targeting.
Baby Boomers Spend
Baby Boomers aren’t afraid to spend. Many are retired, many have paid off homes, and have fewer expenses. They can enjoy the extra cash they have. According to Nielsen, Boomers spend $230 billion each year for consumer packaged goods, and $7 billion of that is spent online. Boomers also spend 30% more on their vehicles than younger demos.
“Get off my lawn!”
Contrary to popular opinion, Baby Boomers aren’t couch-potatoes watching Pat and Vanna. They aren’t yelling at teenagers, “Get off my lawn.” Most are active, do their best to stay fit, enjoy traveling and spending time with friends and family.
10% of Advertising Dollars
AARP tells us that despite the market strength of Baby Boomers, only 5 to 10% of ad dollars are spent to target them. Boomers are actually easier to reach — they can be targeted in more ways than most other demos. Boomers still watch television, listen to radio, still read papers and magazines. They are responsive to direct mail. They aren’t Luddites either. Boomers spend nearly 30 hours a week online, and more than 90% of them are shopping online. Nearly 70% are on YouTube and Facebook.
Targeting the Boomer
Here are some tips for targeting Boomers.
- Don’t use slang, don’t abbreviate. Boomers are not as out-of-touch as some think, but these days, slang expressions have a shelf life of about five minutes. When boomers text grandchildren, they usually spell things out. So should you.
- Boomers are mobile. It might surprise you to learn that about 75% of Boomers own a smartphone. In fact, 40% of the Silent Generation (76-to-94) own one. It’s just one more reason your website must be mobile friendly. Hashtags are a flip of a coin. About half of Baby Boomers say they’ve never used a hashtag, which means about half, have.
- Old is a four-letter word. Avoid the word when targeting Boomers. They don’t consider themselves “old,” and are living considerably longer than previous generations. Be wary of copy that is, in any way, condescending about age.
To target a specific demographic, it’s good to have a general understanding of the time frame in which that generation grew up. Keep in mind that you can often engage one demo in order to target another. We often aim at parents when the target is a child, tween, or teen. You might be able to target Baby Boomers by targeting their children.
It’s important to target Millennials and Z’s. Marketers need to capture their share of every subsequent generation. Businesses need to expand and replenish their customer base. That said, also targeting a group with $80 trillion in wealth might be the very definition of a no-brainer.