by G.B. Oliver
There are currently 80 million baby boomers in the U.S. This is the population aged generally in their 50s and 60s who, according to MediaPost, hold 70% of the US disposable income (i.e. they’ve got money to spend on stuff!).
Is Your Business Targeting Them?
The economy is not great right now, and yet Baby Boomers still have money to spend. The majority are still working, kids’ college is paid for, houses are paid for; if anything they are downsizing, which is putting more money back in their pockets. So if they are the people spending right now, why aren’t you targeting them?
Other Interesting Facts
- 71% of baby boomers go online everyday
- 53% are on Facebook
- People over age 50 spend $7 billion online annually
For example, if you sell baby and kids products, do you just target moms and dads, who are busier, have less money to spend, are probably too tired to think? Why not target grandparents, who do have the money to spend and love buying gifts for the grandkids. Plus, grandparents are not up on what kids want the way parents are, so you have an opportunity to convince them that kids really want your products!
What if you are selling jewelry or fashion. Baby boomers don’t necessarily feel comfortable wearing the latest youth-oriented trends. So why miss out on this market even if it is not your style. Create a more traditional line of products, or a more mature line, that you could section off in your shop just for this market, the same way you see a regular store and a plus size version of that store.
What about home products? Baby boomers love nostalgia, so research style trends from the 1950s, 60s and 70s and seen how you can incorporate it into a “Baby Boomer Line”. Find cool products from this era that you could revamp for today’s market, making them both modern and vintage at the same time.
Baby boomers don’t just buy for themselves and their grandchildren, they also buy for their grown children who have less disposable income (due to being still relatively early in their careers and/or having mortgages and child expenses). So if you have items strictly aimed at the 20 to 30 year old market, those non-necessity but nice to have items, convince mom and dad to buy it for them! Would make a great gift guide, “What to buy for your grown children besides gift cards”. In fact, encourage customers to make a wish list just for them to give to Mom and Dad.
Need More Marketing Advice?
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© 2013 G.B. Oliver. All rights reserved.