Although Millennials may have surpassed Baby Boomers in population, they still don’t have the spending power that Baby Boomers possess. Baby Boomers, who are between the ages of 57 and 75 years old, make up 71.6 million people in the U.S., while Millennials consist of people ages 25 to 40 and make up 72.1 million of the U.S. population. Despite this difference in population, Baby Boomers currently hold around $2.6 trillion in buying power.
Advertisers shouldn’t overlook Baby Boomers during their marketing efforts. They’re a substantial demographic who spend more freely than younger generations. This generation supports a wide range of industries that can benefit from consistently tailoring to their needs and marketing to them.
Marketing to Baby Boomers
Baby Boomers are active spenders, and it’s entirely possible to reach them online alongside traditional channels like TV and radio. Baby Boomers frequently shop online or use the internet for researching and making purchasing decisions. Their unique characteristics benefit from using generation-specific marketing campaigns. While it’s possible to tailor your general marketing efforts to this generation, either online or offline, the following are the industries that benefit the most from marketing to Baby Boomers.
Baby Boomers spend more time and money on entertainment venues than similar age groups did amongst previous generations. These venues include live concerts, along with restaurants and museums. With their ample free time, since many Baby Boomers are retired with adult children, they’re engaging in more experience-based entertainment they didn’t have time for previously. If your company is in the entertainment industry, you’ll do well to target Baby Boomers. They are more likely to attend your venues if you host events with music groups, shows, or comedians they knew when they were younger. You can tap into their nostalgia and help them connect with their younger years and others in their generation.
Another industry that’s highly appealing to Baby Boomers is the travel industry. This generation is one of the most well-traveled groups. As the effects of the pandemic subside and restrictions are lifted both domestically and internationally, they’re likely to travel even more. Travel among Baby Boomers ranges from taking trips abroad that they’ve planned to spontaneously vacationing at beaches and resorts. Additionally, many people in this generation travel to visit their children or grandchildren.
One Baby Boomer travel trend worth noting is that they can afford higher rates on travel because of their financial status. With the ability to freely spend, they’re eager to pay for more luxurious experiences and comfort than younger generations. So, if companies are selling premium vacation packages and other high-level services, this generation is ideal for targeting.
Baby Boomers are concluding their careers and entering retirement more frequently. Many are using their increased free time to learn new topics and develop new interests. A growing number of them are even going back to school, as they currently account for around five to six percent of the country’s community college student population.
When it comes to education, this includes in-person learning through universities, online learning programs, or podcasts. Many are also engaged in one-off courses such as cooking or dance classes. There are plenty of opportunities to encourage Baby Boomers to enroll in various programs, not just Millennials and Zoomers.
Baby Boomers spend a lot on pet care, largely because pets often act as surrogates for their children, who are mostly grown up and living on their own. Baby Boomers are also among the first generation to have indoor pets, and they’re continuing this tradition in full force.
Because of their love for their furry companions, Baby Boomers are still the biggest spenders in pet care. Today, they contribute to 37.7% of the market share. While they are gradually losing ground to Millennials, they are still spending an extraordinary amount on their pets. That includes spending on pet food, health care products, veterinary services, and other costs associated with pet care.
Ultimately, pet stores and veterinary offices will likely find a lucrative audience with Baby Boomers.
Work With A Media Partner To Effectively Market To Baby Boomers
The Baby Boomer generation spends a lot of time online, and they’re highly active in many industries. Their eagerness to spend, combined with their yearning for adventure, makes them the ideal audience for many businesses. If you’re not marketing to this generation, you’re missing out on an invaluable opportunity to connect with loyal customers and grow your business. Through a multichannel marketing strategy that consists of online and offline marketing, you can establish a strong relationship with Baby Boomers. In turn, you’ll see increased profitability and the chance to appeal to millions of consumers.
While you may want to begin marketing to Baby Boomers on your own, it may be best to work with a media partner to get started. An experienced media partner can help you develop a winning strategy based on Baby Boomer consumer trends.