The Baby Boomers —those born between 1946 and 1964— number seventy-six million and account for over 28 percent of the population. As they retire, their sheer numbers and wealth will have an enormous impact on the world’s rich countries.
A look at the American advertising landscape shows that Boomers are virtually ignored. A review of numerous commercials finds that, excluding financial firms and pharmaceuticals/OTC products, most companies are doing little in the way of courting Boomers. Older faces are virtually non-existent in commercials and on websites for products and services used by Boomers, including campaigns for leading restaurants, travel companies, home improvement, and clothing.
A few statistics, though, show that Boomers are a tremendously important and lucrative demographic. Some 79 million Americans are Baby Boomers, according to the U.S. Census Bureau. Additionally, Mintel’s proprietary research shows Baby Boomers have higher average household incomes ($76.5K) than all adults. Younger Boomers are driving that with an even higher average annual household income of $80.4K. They also are more likely to have children in the house, more automobiles, and more wage earners than any other demographic, showing their purchasing power.
Most of the Baby Boom’s 76 million members are in their peak earning years, and they still spend more than any other generation on most products and services. At the same time, the economic downturn has driven home the fact that Boomers may have to endure an old age with inadequate health care and meager incomes.
This generation continues to redefine how aging consumers live, shop and use products. As the eldest Baby Boomer turned 60 in 2006, health concerns brought on by their aging bear new economic and cultural resonance that cannot be ignored by tomorrow's competitive food and beverage manufacturers, marketers and retailers.
Given that boomers' changing relationship with food and beverages, and health and wellness are occurring in an ever-complicating labyrinth of dining, product and retail options, now may be the best time to sell your product or service to this demographic.
Thursday, May 20, 2010
Baby Boomers: Defining Their Own Status Quo
The Baby Boomers —those born between 1946 and 1964— number seventy-six million and account for over 28 percent of the population. As they retire, their sheer numbers and wealth will have an enormous impact on the world’s rich countries.
A look at the American advertising landscape shows that Boomers are virtually ignored. A review of numerous commercials finds that, excluding financial firms and pharmaceuticals/OTC products, most companies are doing little in the way of courting Boomers. Older faces are virtually non-existent in commercials and on websites for products and services used by Boomers, including campaigns for leading restaurants, travel companies, home improvement, and clothing.
A few statistics, though, show that Boomers are a tremendously important and lucrative demographic. Some 79 million Americans are Baby Boomers, according to the U.S. Census Bureau. Additionally, Mintel’s proprietary research shows Baby Boomers have higher average household incomes ($76.5K) than all adults. Younger Boomers are driving that with an even higher average annual household income of $80.4K. They also are more likely to have children in the house, more automobiles, and more wage earners than any other demographic, showing their purchasing power.
Most of the Baby Boom’s 76 million members are in their peak earning years, and they still spend more than any other generation on most products and services. At the same time, the economic downturn has driven home the fact that Boomers may have to endure an old age with inadequate health care and meager incomes.
This generation continues to redefine how aging consumers live, shop and use products. As the eldest Baby Boomer turned 60 in 2006, health concerns brought on by their aging bear new economic and cultural resonance that cannot be ignored by tomorrow's competitive food and beverage manufacturers, marketers and retailers.
Given that boomers' changing relationship with food and beverages, and health and wellness are occurring in an ever-complicating labyrinth of dining, product and retail options, now may be the best time to sell your product or service to this demographic.
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