BOOMERS: AN INCREASINGLY EMPLOYED, ACTIVE GROUP WITH DISPOSABLE INCOME THAT ADVERTISERS CAN’T AFFORD TO IGNORE AND AM/FM RADIO DELIVERS BY THE MASSES

While many advertisers insist on focusing their energies on younger Millennials, the Boomer audience dominates spending potential.

In their book How Not To Plan: 66 Ways to Screw It Up, Les Binet and Sarah Carter, marketing effectiveness and strategy gurus, outline a smarter path for advertisers:

Don’t obsess over Millennials. There’s little empirical evidence they hold different attitudes. And at less than 10% of Western populations, and with a lower proportion of disposable income, you’d be right to question the extent of their presence on briefs. Don’t underestimate the potential of the ‘Grey Market’. Older people outnumber Millennials, have more cash, and more time to spend it. The bigger the price tag, the more important they are.”

Advertisers, especially those in fields like health, devices, travel, financials – take note.

Boomers represent a huge audience: According to the U.S. Census Bureau population estimates, by 2020, persons 50+ will account for 36% of the total U.S. population. From 2020 to 2030, the persons 50+ population is forecast to increase +11%.

Boomers are desirable consumers:

    • Employed: With Americans living longer, they work for extended periods of time. A Video Advertising Bureau Analysis of U.S. Bureau of Labor Statistics finds 46% of persons 50+ were employed in 2018, up +21% from 2008. 4 in 10 Americans expect to work until they are 70 years or older, according to Northwestern Mutual’s Planning & Progress 2018 study.
    • Massive disposable income: Forbes reports the Oxford Economics finding showing, “Americans over 50 already account for $7.6 trillion in direct spending … and control more than 80% of household wealth.” Acxiom data reveals Boomers 50+ represent 54% of all disposable income.
    • Active and big shoppers: Persons 55+ have a more active lifestyle than Millennials. They spend 56% more time doing leisure activities and sports and 22% more time shopping than Millennials 25-34, according to the Video Advertising Bureau.

See the entire article by Lauren Vitrano HERE!

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