There is no shortage of statistics when it comes to Baby Boomers. What you do with them, however, is the important thing.
If you’re marketing to Boomers, it’s important to know as many current statistics as possible so that you can have a better grasp and understanding of your audience. If you’re treating the market the same way you were five years ago, you’re making a big mistake. And, sadly, many companies are.
The unfortunate reality is that most companies are still marketing to older adults as if it’s 2007. It’s time to take another look. With that in mind, here are 24 Baby Boomer marketing stats to know in 2017.
1) There are 74.9 million Boomers – ages 51 to 69 – in the U.S. Baby Boomers have always had an outsized presence compared with other generations, and that’s translated into their purchasing power.
2) 50 percent of the U.S. population will be over the age of 50 this year. These consumers spend close to 50 percent of all dollars yet less than 5 percent of advertising is geared towards them. If you’re looking to target Boomers, this is where you have to start.
3) Baby Boomers spend the most across all product categories but are targeted by just 5-10 percent of marketing. There’s simply a lack of marketing, and that sometimes results in low awareness of cutting-edge solutions by many 50+ consumers.
4) Over the next 20 years, spending by people 50+ is expected to increase by 58 percent to $4.74 trillion, while spending by Americans aged 25-50 will grow by only 24 percent. The key takeaway for investors and entrepreneurs is this – this market is too big to ignore.
5) Baby Boomers will inherit $15 trillion in the next 20 years. With that kind of financial might, analysts expect Baby Boomers will continue to ignite a consumer spending boom over the next several years.
6) 70 percent of the disposable income in the U.S. is controlled by Baby Boomers. As Boomers become increasingly social media-savvy, they’ll be able to put their money towards whatever’s trending. As a result, they may become the key to the success for many brands.
7) The peak age of vehicle buyers shifted upward to 55-to-64 from 35-to-44 in 2011. Boomers are focused not only on nicer things, they’re also looking for good quality. Specific brands that have a history of excellence – Cadillac, for example – rate well with Boomers.
8) Boomers own 80 percent of all money in savings and loan associations. This should come as no surprise considering the amount of disposable income most Boomers have to use.
9) Among adults age 18 and older that don’t currently own a business, Baby Boomers are twice as likely as millennials to plan to start a business in the next year. These Boomer entrepreneurs are primarily choosing to start businesses because it allows them to be independent, pursue their interests and passions, or increase their income, rather than committing to the grueling task of starting and managing a high-intensity, high-growth venture.
10) 63 percent of Baby Boomer households have at least one person working. This is a key point to remember when planning your marketing approach.
11) 15.5 percent of Baby Boomers who have a Facebook account spend 11+ hours per week on the site. More than half of Boomers who use social networking sites visit a company website or continue their research on a search engine as a result of seeing something on social media
12) 82 percent of Baby Boomers belong to at least once social networking site. However, unless it’s Facebook, most Boomers only spend one to two hours per week for sites such as Twitter and Instagram.
13) Baby Boomers (age 55-64) started 14 percent of new business in 1996. In 2013, these Boomers started 24 percent of new businesses. The average and median age of male business founders in a research group was 40, and a significant proportion were older than 50.
14) By 2050, there will be 161 million 50+ consumers – a 63 percent increase over 2010. These numbers will increase over time, so this is another important thing to remember when planning your marketing strategy.
15) The 50+ population has $2.4 trillion in annual income in the U.S., which makes up 42 percent of all after-tax income. Again, this is the same group that barely anyone has targeted. In terms of marketing, a focus on Baby Boomers is like swimming in a stocked pond.
16) Baby Boomers spend more time online than millennials: 51 percent of Baby Boomers spend 15 hours per week online, while only 41 percent of millennials spend the same amount of time online.
17) 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.
18) 33 percent of all tablets are owned by people 50+, including 23 percent of all iPads and 30 percent of all Kindle Fires.
19) More than 40 percent of Apple products are purchased by Boomers. With the rollout of new iOS features and the new Apple HomePod, now is the time to really think about how you can get on the Apple train.
20) Boomers watch 174 hours of television a month, 63 percent more than millennials. How can you use this information? Commercials come to mind, as well as any number of other media outlets.
21) 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.
22) 49 percent of Baby Boomer tablet users and 40 percent of smartphone users made a purchase after conducting searches on their devices. Making sure websites are mobile-friendly is so important in today’s world. If Boomers – or anyone for that matter – can’t read the site easily from the phone or tablet, they will move on to another site. It’s that simple.
23) Adults 50+ are responsible for 80 percent of all luxury travel spending. Boomers are looking to explore the world, and you have an opportunity to help them. Keep this information in mind if you’re marketing travel plans to Boomers.
24) On average, people ages 50+ spend $7 billion per year online. It’s relatively simple – Boomers spend more time online, more time on Facebook, and have enough money they can buy what they’d like. These are all vital statistics for your marketing use.
While it’s good to know the stats around Boomers in 2017, it’s even more important to know how to use them. That’s where Immersion Active comes in.
At Immersion Active, we have a deep expertise in the Boomer marketing space. Are you ready to engage more effectively with an older audience? We’re here to help guide you into the perfect marketing plan. To learn more, or if you have any questions, please contact us today.