Born between 1946 and 1964, the Baby Boomers are 80 million strong.
Yet despite their significant size and spending power, these high potential consumers have been largely unaddressed by marketers and advertisers since they started to age out of the popular 18-49 cohort.
Boomers are still the largest and the wealthiest demographic in the history of marketing. In less than 5 years, 50% of the US population will be 50 and over and they will control 70% of the Country’s disposable income. Consumers age 50+ spent $2.9 trillion in 2010, an amount that has risen +45% in the last decade. They also stand to inherit between $14-20 trillion in the next twenty years.
This is not just a US phenomenon –the world is aging. There will be 1 billion consumers age 55+ by the year 2015, and people 65 and older will soon outnumber children under 5 for the first time in world history.
Aging is a powerful, inevitable and irreversible force. Now and in the future, no other dynamic will have a greater effect on marketing and economic welfare.
Boomers’ sheer size can transform brands and businesses overnight. Throughout their lives, Boomers have collectively embraced new products and created new categories to meet their evolving needs.
Boomers are marketing-friendly. They have lots of money, they consume lots of media and they are eternally optimistic. These are the same consumers who comprised the fashionable and lucrative 18-54 demographic for decades. They still embrace brands and they still view them through a uniquely Boomer lens.
That lens has a new tint, colored by their desire for wellness, enhanced lifestyles and social connectivity as they age.
They remain the most valuable generation, but their outlook is changing. Smart marketers will acquire the new perspective that they need to succeed.
This Nielsen Report, in collaboration with BoomAgers, examines this opportunity and guides the way forward with actionable insights.
See on blog.nielsen.com