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When It Comes to Marketing, Baby Boomers Still Matter

November 24th, 2010 :: Rieva_L

By Rieva Lesonsky

When you think of baby boomers, do you think of gray-haired fuddy-duddies who probably don’t know how to turn on an iPod? The oldest boomers are over 60, and suddenly, in the eyes of many marketers, this once-golden group has been dropped like a hot potato. But if you think of baby boomers as irrelevant when it comes to consumer spending, think again.

There are still 78 million boomers in the U.S., and their purchasing power has not dwindled. In fact, boomers account for 38.5 percent of spending on consumer packaged goods spending, and dominate 1,023 out of 1,083 consumer packaged goods categories, according to Nielsen data reported in Marketing Daily. What’s more, they often purchase products for their children—“double-dipping,” as Nielsen SVP/research and development Doug Anderson calls it.

According to Nielsen’s research, boomers are far more “wired” than they’re given credit for. They are significant purchasers of all types of technology, including computers and cell phones. They account for one-third of all TV viewers, online users, social media users and Twitter users. They watch more video than any other age group (9.34 hours daily on average). They’re also far more likely to have broadband Internet access than are other age groups.

Surprised? You’re not the only one—apparently, many marketers don’t find this market worth their time. According to Nielsen, a mere 5 percent of advertising dollars target adults aged 35-64 years old. This means marketers aren’t just missing out on boomers, but on the older part of Gen X.

Yes, boomers’ purchasing power may have been hurt somewhat by the recession—but so has most other people’s. And as a result of the recession boomers will be working longer—meaning they’ll need technology tools and services to keep current in the workplace. For those boomers who aren’t working, they’re spending money on travel, downsizing and redecorating their new homes, or on their children and grandchildren. That’s lots of money being spent, and if you’re smart, your business will grab a piece of it.

I’m a boomer myself, and one thing I can vouch for: We boomers have never responded well to being ignored. If you ignore us in your marketing, do so at your own risk—because you’ve got lots to lose. Your business success depends on it.

Image by Flickr user Jeremy Carbaugh (Creative Commons)

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