As 2014 comes to a close, the last of the Baby Boomers will turn 50. As a whole, they represent 25% of the U.S. population and 80% of our senior citizens. There is a lot of attention being paid to Millennials these days, but what if I told you that Nielsen has coined Boomers as “the most valuable generation,” or that the Boomer perception you hold in your head is likely misguided? Would you be intrigued? Let’s dig a little deeper…
Consider these five factors about Baby Boomers:
- They’ve got numbers. 77 million, to be exact. According to the U.S. Census, an American turns 50 every 7 seconds (or 12,500 people/day), making the 50+ cohort the largest share (42%) of the U.S. population for the first time ever. By 2017, they will represent 50% of the population.
- They have a record of influence. Madison Avenue’s fascination with the 18-49 demo came to be because of the Boomers. They are the source of Youth Marketing and the consumer responsible for launching entire categories with their influential spending power.
- They’ve got money. By 2017, Boomers will control 70% of the nation’s disposable income and within 20 years, they stand to inherit $15 trillion. In other good news, they spend what they earn, representing about half of all CPG sales.
- They are marketing-friendly. Boomers came of age as the original consumers of electronic media (aka, the television) and messaging. Even as they’ve aged, they continue to keep their eyes on the screen, averaging 174 hours of TV per month. Moreover, they are more likely than any other generation to have favorable perceptions toward advertising.
- They are under-represented by marketing efforts. Advertising spending directed at Boomers is not proportional to their size or CPG spend. According to Nielsen, ad dollars aimed at the 50+ target is only 10-15% of total spend.
These are just some of the key facts covered in the first of our Generational Series of presentations. In the presentation, we also cover 5 Key Myths about Boomers and 5 Key Steps for Reaching Them.