There was a recent article in Investors.com that pointed out that generally it’s the 18-35’s that are marketed to, yet in the US half of consumer spending is by over 50 baby boomers. Add to this the fact that the over 50 market in the USA is estimated to grow by over 34% in the next 20 years, with the 18-49’s growing by only 12% and you wonder why advertisers and manufacturers are so blinded.
The article describes the 50 year+ woman as the most “influential woman on the planet” because we decide what families buy and we also influence what friends buy too. Boucher calls this iconic woman the ” chief of procurement” and actually I think that is a very accurate description of we ladies.
This supports my own findings through a survey I commissioned earlier this year and which became the lead editorial in Marketing Week. amongst my research findings was the fact that “With well-paid jobs, shrinking mortgage debts and their children no longer living at home, about a million people in their 50s and early 60s now consider about 10% of their income as disposable, according to research seen by Marketing Week.
Coupled with a ‘live for today’ attitude, the purchasing power of consumers who have seen their children fly the nest is second to none in an economy that is increasingly epitomised by the ‘squeezed middle’.
There are currently 3.7 million empty nesters with a total disposable income of £288m, which is more than double that of families with children still living at home (£102m), according to the study by ICM, which was commissioned by Emptynesting.co.uk.”
So, you guys out there ignore us at your peril – boomer buying power is here to stay. To read more of Marketing Week’s article click here.