Commentary

Not Dead Yet: Boomers Still Wield Significant Buying Power

• by Maria Topken , October 1, 2019

I was recently in a media presentation where they showed an image of “baby boomers” as two older, very gray adults.

The only positive point of the image was that the boomers were smiling.

I immediately thought, this is the problem: Media companies and some brands are portraying this very lucrative group as old and behind the times. Couldn’t be further from the truth.
Or, brands choose to focus on youth because they believe that will be a more positive image than showing those who are “over the hill.”

I believe this thinking is flawed. The process
 must start with understanding the consumer insights so you can create the right message, and then determine the right place and time to reach them.

The 50+ group represents a third of the U.S. population, and accounts for $3.2 trillion of U.S. consumer expenditures.
According to a recent report from the Video Advertising Bureau, 77% of older adults feel their age group is being ignored by advertisers. Certainly a missed opportunity for brands.

The majority of boomers are still working, with 55% of them in the professional, management, and sales industries. They enjoy their work and it keeps them active.

Boomers spend the majority of their money on housing, healthcare, food -- in and out of the home, and vehicles, according to the Video Advertising Bureau. Brands in these categories can grow even bigger if they simply make sure their messaging resonates with those 50+.
This group is only going to get larger, so what should companies do to become the 50+ target brand of choice?

Brands

• Invest in research to determine how, where, why, and when customers use your client's product or service, especially those who are 50+. Within the 50+ group, take into consideration that there are three sub-segments: pre-retirees (age 50-62), active retirees (63-74) and seniors (75+).
• Dig into your customer purchase data to glean insights. It’s possible that the various segments may use the product differently.
• To encourage diverse thinking, ensure your marketing department is a cross-team of Gen Z, millennials, Gen X and boomers.

Agencies

• Analyze the research to understand if there’s the opportunity to segment messaging to represent all users of the brand’s product.
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• Demonstrate to the brand that one size does not necessarily fit all. Bring the story to life, and  focus on attitudes.  
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• Engage with positive, real-life experiences. Boomers seek opportunities for personal growth and discovery, and ways to take control of and enrich their lives. 
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• Do your homework so ads appear in the right place at the right time. Don’t forget that boomers are big users of video, crossing multiple screens and platforms.

Brands that are taking boomers seriously include:

•  L’Oreal, with Helen Mirren hitting age head-on.   
•  AARP, with an ad that suggests “the rules of aging are changing.” 

Hey, if Jon Bon Jovi and the Boss are still rocking it, so are their audiences. As 76-year-old Mick Jagger sings: “Start me up!” Living isn’t just for the young.