A recent report from Nielson and BoomAgers suggests that in five years, 50% of the U.S. population will be in their 50s and beyond. These individuals were born before 1965 and spend around 50% of all of the Consumer Packaged Goods dollars. Unfortunately, it seems that many marketers offer less than 5% of advertising towards their demographic, which is a large mistake. Although you may not realize it, the aging baby boomer demographic is one of the most important groups that is present within the country. They are high potential and highly lucrative consumers, but they are ignored by marketers because they have left the 18-49 ‘marketable’ demographic according to many online marketers.
However, one of the biggest misconceptions is that seniors and aging baby boomers aren’t active in social media or even in the online marketplace. Many marketers are convinced that these are areas where advertisement should only be offered to the young, although the proof is quite to the contrary. While it is valid that young adults and teens are the most likely to adopt new technology and get involved with some of the newest online platforms, the baby boomer and aging senior generations are not completely locked out of these levels of expertise. It has been said that they actually spend more time on the internet than the average teenager.
It has been said that more than 110 million people combined make up the baby boomer and senior demographic. They are the single largest group of consumers in America and are known to spend over $7 billion dollars online every year. They make up around one third of all social media and online users and there are over 8 million of them spending over 20 hours a week online. The numbers only continue to grow as more baby boomers are experiencing empty nest situations and beginning to regain some of their freedom after their adult offspring have moved out of their house and have ventured on to pursue their own lives.
It’s not a reasonable or productive business model to continue ignoring baby boomer and senior markets. These individuals contribute so much as consumers, especially in comparison to some of their younger competition. Although many businesses will argue that it’s better to aim their marketing strategies towards the young, often times, the younger demographic do not possess the salaries that are solid enough to be able to contribute towards constant investments and brand loyalty.
Internet marketing of any type requires a long term and experienced strategy that’s going to provide proven results. It must be able to branch across social media and various online platforms and target a multitude of demographics, instead of just one specific type. Businesses who want to gain true success must seek to actively engage with the baby boomers and the older demographic because they are ultimately going to be the demographic which continues to be strong and financially equipped within the upcoming decades. Businesses who are not willing to adapt to this concept are going to find that they miss out on a large amount of profit and the opportunity to expand their consumer relations.