Marketers cannot ignore Boomers anymore: Largest generational group, they buy and spend more than any others.
They are the largest generational groups: Baby boomers. They are also the most influential, fastest growing and longest lasting. 42% of the adult population is composed of boomers; they are growing fast, and estimated to grow 7 times faster than their successors aged 18-49. It is essential that businesses tap on this demographic, understand their needs and develop a strategic communication plan to reach them today.
- Indeed, Boomers are in the market, and will not leave it for a while
- According to 2010 US census figures, they will dominate the market for the next 40 years.
- No wonder the demo is the battle cry of many retailers such as CVS or Wal-Mart.
Here are Five Boomer Facts that demonstrate the attractiveness:
• Biggest demographic - 42% of adult population
• Boomer Group - 84% of Boomers are already 50+
• Buy more - 45% of all consumer goods
• Most assets - 75% of discretionary wealth
• Most influential - 68% give money to their adult kids
Sources: AARP, US Census; GfK MRI