Although it’s not known when, it seems like the most sought after demographic throughout America eventually became a cliché and overlooked by a vast majority of the marketers throughout the country. Once baby boomers, the now aged 40 to 60 crowd has not been attracting much commercial attention at all except from some of the typical targets, such as life insurance providers. This is incredibly inconsistent and a large business blunder because it ultimately alienates one of the most productive groups of consumers that exists within the country today. It is becoming more important than ever for non-profit organizations and companies to develop marketing and ad programs which reach out to the baby boomer generation in order to peak their interest again.
Those who are over 50 are particularly influential within our country. They have $2.3 trillion in annual spending power and control around 70% of discretionary income. That funding is all monetary value that could be contributed as profits towards brands and companies if businesses were willing to create marketing programs which targeted these demographics in order to create a stronger sense of brand loyalty. In 2010 alone, more than30 percent of Americans were over the age of 50.
Some of the most powerful consumers within this generation are the leading baby boomers who were the founders of the modern youth culture as we know it today. They were never hesitant to show their brand loyalty when companies and products were able to meet their expectations, which enabled many companies back then to become successful. While that aspect of the consumer relationship never changed, unfortunately the marketing and advertising of many companies began to turn their backs on this demographic as they began aging, seeking to replace previous profits with those that could be gained from younger consumers. Having overlooked the baby boomer group for quite some time, now many businesses are beginning to realize that this demographic is becoming the most important direct marketing, branding, and advertising opportunity that has been available within the past decade or so.
Just as the baby boomers were an influential group when they first made their breakthrough in our society and culture, they are still influential in terms of consumerism. They are the individuals that consumerism within the past few decades was eventually developed upon; as a result, it’s incredibly unfair and blind for marketers to overlook their presence in the marketplace in order to market towards a younger crowd. While the younger crowd struggles with debts from student loans and other responsibilities, many of those who are in the aging baby boomer crowd are just beginning a new chapter of their lives which would permit them to spend more money. Some are newly divorced and looking to move into new homes or apartments, downsize from their traditional living arrangements – this provides them with extra money to spend.. Other baby boomers are spending time with new grandchildren who they would like to take on vacation or spoil with gifts and presents, making it clear that this is a demographic that is full of opportunities in terms of consumerism.