Don’t Forget to Include Boomers in Your Marketing Plan
You can barely get through any significant marketing article today without at least one mention of the term “Millennials.” And it makes sense; there are over 70 million Millennials in America alone, placing them on par with Baby Boomers. But that’s just it; being on par with Baby Boomers in terms of numbers doesn’t mean Millennials should be given more attention. Boomers still command huge purchasing power and other attractive attributes, which makes them more than viable consumers.
Boomers Still Have the Money
One thing all marketers need to keep in mind when developing their strategies is that 70% of disposable income still belongs to Baby Boomers. That’s a figure that can’t be ignored. It basically reveals that Baby Boomers have the upper hand when it comes to spending decisions.
The oldest Millennials are in their mid-30s, typically the age when earning power increases, and they can begin to make significant purchases. However, most Millennials are still embracing their youth—not to mention the sporadic behavior that goes along with it. Permanence is generally not as much a part of their makeup as living a lifestyle of their choosing in the “here and now.”
Where Boomers Are Spending Their Income
If you want to market to a Boomer, you need to think like a Boomer. Baby Boomers fall into the 50 to 68 age category, and their priorities and spending habits reflect where they are in their lives and careers (which are senior, in both instances).
When analyzing specific markets, certain figures stand out:
- Baby Boomers purchase 55% of packaged goods
- 70% of Boomers are planning to take an overnight vacation within 12 months
- Close to 50% of Boomers plan to spend $1,000 – $5,000 for leisure vacations
- Boomers will live longer than any previous generation and pay special attention to their health
More on the last point: the youngest group of Baby Boomers still has potentially 20 years of active spending! This demographic should not be ignored or put aside for younger generations, who have not yet reached their full earning potential.
Certain Baby Boomer characteristics should be observed when considering any marketing strategy:
- A sense of community is important to Boomers
- The Boomer’s quest for youthfulness and the products that can achieve it
- Although they may not be as technologically inclined, Boomers still expect the technology they use to be responsive
It’s important to keep all of this information in mind when planning your marketing campaign. Macromark has been leading direct marketing campaigns for over two decades and has had much success targeting specific demographics. Visit the Macromark web site to learn how we can help launch your next campaign.
Thomas, M., “Marketing to Millennials and Baby Boomers,” Michigan State University web site, March 5, 2015; http://msue.anr.msu.edu/news/marketing_to_millennials_and_baby_boomers.
“Don’t Discount Baby Boomers,” NACS web site, March 24, 2015; http://www.nacsonline.com/News/Daily/Pages/ND0324154.aspx#.VRrW9_nF-Ck.