Boomers Will Wield Economic Power

The Most Valuable Generation

Finally, Baby Boomers come into economic power. The Greatest Generation is passing on, as is the way of life they lived. No longer will a young person graduate from college (or not) and accept a position with a company for life. The GG worked and retired from one company.  They were The Greatest Generation! They lived through the Depression, a World War and went on to build one of the greatest military-industrial complexes the world has yet to witness.

Baby Boomer Generation

Many Boomers were shipped to a war about which no one ever talks. The lived through atomic testing, DDT spraying, live vaccines, integration, bottle feeding, jam packed classrooms, atom bomb drills, the Cuban Crisis and the Cold War. Some of the greatest and inspiring leaders of the century journeyed for a short time during the boomers' formative years: John F. Kennedy, Bobby Kennedy, Martin Luther King, Jr., Mother Teresa and Rosa Parks. Boomers faced race riots, free love, psychedelic drugs and art, and music. The world exploded with boomers and then, the candle burned down and boomers went to work. Boomers have worked, paid taxes, raised children, purchased homes and held onto middle class by their finger nails.

Now, there will be a resurgence of boomers. Download the entire Nielsen report, “Most Valuable Generation," here:  http://www.nielsen.com/us/en/insights/reports-downloads/2012/introducing-boomers--marketing-s-most-valuable-generation.html. This a huge report and many will find all the information helpful.

Factoids

• Boomers, born between 1946 and 1964, are set to control 70 percent of the disposable income in the US in the next five years.
• In five years, 50 percent of the U.S. population will be over 50. 
• These consumers spend close to 50 percent of all consumer packaged goods (CPG) dollars.
• They also will inherit $15 trillion over the next 20 years.
• 67 percent of Boomers plan to spend more time on their hobbies and interest when retired.

-->> Yet less than 5 percent of advertising is geared towards them. If you are targeting 18-49 year old consumers, you may loose a sizable share of  the market.

Boomers comprise

• 33% of all online users
• 33%  of  social media and Twitter users
• 33%  of heavy Internet users

Marketing to youth is traditional marketing wisdom because of the enormous results that the 18-49 demographic has delivered in the past, a time when it was comprised of an unprecedented 80 million, marketing friendly Boomers. 

Market Changes

• The over 50 segment consists of close to 100 million consumers.
• By 2030, the 18-49 segment is expected to grow by 12 percent, while the over 50 segment will expand by 34 percent.
• 60 percent of Boomers still have at least one person in the household working full time. 
• Boomers make the most money and spend what they make.

My Two Cents

Oh, Boomers are not all impotent, incontinent or depressed. We do not worry about our intestinal flora any more than someone younger. We have aches and pains consummate with living over 50 years, 30 of them surrounded by nothing but metal.  Hair loss is natural and does not cause everyone to go for implants.  Now, the teeth are another story. There is money to be made with Boomers' teeth, especially pain-free, peaceful dental work. Insurance, cancer surgery, joint replacement and heart attacks worry Boomers. Take the worry from the lives of Boomers. Travel can be a real problem for many--find the answer. Find a doctor that takes a certain insurance for your clients. Most of all, RESPECT the boomers. If for nothing else but the music!!