Today’s over whelming marketing focus is on Millennials as the largest living generation. But should you be discounting the Baby Boomer as a viable consumer? After all, they still hold today’s spending power.
This 50+ group may not seem sexy to some marketers but Baby Boomers account for half of all consumer purchases. I’m sure you’ve heard it before, but it may be a major marketing mistake to disregard a group of consumers who know how to buy and have the resources.
Boomers have always spent freely.
Baby Boomers like brands. They helped create a lot of them through their generational demand for change and rejection of authority. This 50+ group was born into a time of affluence and optimism. And guess what, they’re also much less adverse to call to action messaging then the Millennial set. They want marketers to talk specifically to them, about the benefits a brand can provide.
Yes the Boomers are a large consumer group who are spending, while they buy for their families, their parents and themselves. They currently make the most money and are used to spending what they make.
Is this a huge mistake? It depends. To be successful in this arena, we marketers still need to have a brand offering that resonates with this 50+ group. Plus we need to be willing to change the thinking within our own industry.
Retail marketers need to be open to examining every viable consumer group.
Marketers have predominantly focused on consumers who will grow with us as our brands grow. We have promoted the idea that appealing to those 35 and under will gain loyal, decades long consumers. We are not used to the idea that we might want to focus on a consumer for a shorter-term period. But in today’s fast paced, quick-change world a focus on Baby Boomers with a relevant brand, may be an advantageous and profitable decision.
Baby Boomers have been dubbed the self-absorbed Me Generation. So do know that if you want them to continue to spend money with you as a retailer, you better count them – in. Don’t expect them to continue to purchase and partake in your retail experience without your regard for their spending or their loyalty.
Jan Ball – Principal, Brands & Strategy.
Always encouraging our clients to focus on relevant, authentic and consistent attributes which move their brands forward.