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Friday, July 30, 2010
Don't Overlook the Booming Boomers
According to a recent report from NielsenWire, media companies focus on reaching consumers age 18-34 or 18-49, who spend (or have a key role in spending) billions of dollars every year. If solely focusing on these groups, advertisers and consumer goods manufacturers are overlooking a group that has tremendous buying power of the 78 million Baby Boomers in the U.S. today, says the report
Born between the years 1946-1964, the oldest of the Boomers are beginning to retire. But today's middle aged and older consumers are different than their predecessors, says the report. The conventional wisdom that they spend little, resist technology and are slow to adopt new products should be re-assessed. Boomers are an affluent group who adopt technology with enthusiasm (consider the number of parents or grandparents who regularly send e-mails or upload photos to Facebook and other sites). They have also shown a willingness to try new brands and products.
Boomers spend 38.5% of CPG dollars. Yet it's estimated that less than 5% of advertising dollars are currently targeted towards adults 35-64 years old (which includes the latter half of Generation X in addition to Boomers). With most marketers generally targeting 18-49 year olds, more than half of the affluent Boomer demographic is ignored entirely.
Pat McDonough, Senior Vice President, Insights, Analysis and Policy at the Nielsen Company, says "... boomers should be as desirable for marketers as Millennials and Gen-Xers... they are the largest single group of consumers... a valuable target audience... "
Consider these Nielsen facts about Boomers:
For additional information from Nielsen, please visit here.