Written by Jami Oetting | @jamioetting
The marketing industry is obsessed with millennials: what they want, how they think, how they buy, and ultimately, how to "engage" with them.
Yet, while an important and influential consumer demographic, they have no where near the buying power of their seniors: the baby boomers.
In a BloombergBusiness article, Jody Holtzman, head of AARP's Thought Leadership unit was quoted as saying, "You’d have to be an idiot to turn your back on this humongous growth market."
So while millennials might be the focus of the headlines, boomers -- their wants, their needs, and how they buy -- should not be ignored by your clients. After all, the spending power of this group is predicted to be $15 trillion worldwide by the end of 2019. That number alone should make you take notice.
1) There are 74.9 million Boomers -- ages 51 to 69 -- in the U.S. (Source)
2) 50% of the U.S. population will be over the age of 50 by 2017. (Source)
3) Baby boomers spend the most across all product categories but are targeted by just 5-10% of marketing. (Source)
4) Over the next 20 years, spending by people 50+ is expected to increase by 58% to $4.74 trillion, while spending by Americans aged 25- 50 will grow by only 24%. (Source)
5) Baby boomers will inherit $15 trillion in the next 20 years. (Source)
6) 70% of the disposable income in the U.S. is controlled by baby boomers.(Source)
7) The peak age of vehicle buyers shifted upward to 55-to-64 from 35-to-44 in 2011.(Source)
8) 40% of Japan's population will be over 65 by 2060, while in the U.S. this number is predicted to be 22%. (Source)
9) Boomers own 80% of all money in savings and loan associations. (Source)
10) Among adults age 18 and older who don't currently own a business, baby boomers are twice as likely as millennials to plan to start a business in the next year. (Source)
11) 63% of baby boomer households have at least one person working. (Source)
12) 15.5% of baby boomers who have a Facebook account spend 11+ hours per week on the site. (Source)
13) 82% of baby boomers belong to at least once social networking site. (Source)
14) Baby boomers (age 55-64) started 14% of new business in 1996. In 2013, these boomers started 24% of new businesses. (Source)
15) By 2050, there will be 161 million 50+ consumers -- a 63% increase over 2010.(Source)
16) The 50+ population has $2.4 trillion in annual income in the U.S., which makes up 42% of all after-tax income. (Source)
17) Baby boomers spend more time online than millennials: 51% of baby boomers spend 15 hours per week online, while only 41% of millennials spend the same amount of time online. (Source)
18) Boomers outspend younger adults online 2:1 on a per-capita basis, and they spend more than other generations by an estimated $400 billion a year. (Source)
19) 33% of all tablets are owned by people 50+, including 23% of all iPads and 30% of all Kindle Fires. (Source)
20) More than 40% of Apple products are purchased by boomers. (Source)
21) Boomers watch 174 hours of television a month, 63% more than millennials. (Source)
22) Globally, the spending power of consumers age 60 and older will hit $15 trillion by the end of the decade, up from $8 trillion in 2010. (Source)
23) 49% of baby boomer tablet users and 40% of smartphone users made a purchase after conducting searches on their devices. (Source)
24) Adults 50+ are responsible for 80% of all luxury travel spending.(Source)
25) On average, people ages 50+ spend $7 billion per year online. (Source)