Are you unsure if spending your limited marketing dollars targeting baby boomers on social media is a smart choice? Baby boomers are a huge target that marketers are constantly trying to reach. With conflicting information about how widely and often they use social media platforms, it can be difficult to decide whether you should waste your resources on such a group. We say not only SHOULD you target baby boomers on social media, you NEED to. Here are our four main reasons why marketing to people aged 50-65 on social media is a worthy investment.
1. Baby Boomers Have The Money
Teens and young adults are still planning for their futures while baby boomers are already wealthy. According to Nielsen, by 2020, close to 50% of the U.S. adult population will be 50 and older and they will control 70% of the country’s disposable income. According to the Economic Policy Institute, Boomers and seniors have a net worth 3x greater than that of younger generations, as Boomers’ median household income is 61% greater than pre-Boomers.
Not only do boomers have the money, they spend it. They account for nearly 50% of all retail sales and outspend other generations by an estimated $400 billion each year on consumer goods and services, according to a U.S. Government Consumer Expenditure Survey. As a business owner, you want to go where the money is now, and it’s with the baby boomers.
2. Baby Boomers Aren’t THAT Old!
You need to remember that baby boomers were the first to experience the beginnings of the internet. They did not use stone tablets, in fact, they’re using smart tablets to shop! From a study by eMarketer, 49% of Boomer tablet users and 40% of smartphone users made at least one purchase within the last year after gathering information on their mobile device. Baby boomers are fully utilizing social platforms and mobile technology.
3. Baby Boomers are Active & Available on Social Media
Boomers on social media are growing faster than young Americans. By 2050, it is estimated that the Baby Boomers population will more than double to 161 million people (Nielsen). This makes them prime targets for concentrated marketing. Right now, baby boomers can be mostly found on Facebook, Pinterest, and Twitter, according to a study by DMN3. According to Pew Research, the average user on Facebook, Pinterest, and Twitter is middle aged.
Ever wonder how different generations consume content? We explain here!
4. Baby Boomers Love to Shop Online
Boomers are prolific online shoppers. According to Nielsen, a third of them shop online and the 50+ segment spends almost $7 billion in ecommerce. It’s not surprising that Forrester Research found that 72% of adults aged 55-to-63 shop online, and Boomers outspend younger adults online 2:1 each year.
Baby boomers are a prime market to target on social media. They are active on social media, have the most disposable income, and love to shop online. If boomers on social media are not already a part of your marketing plan, you need to pencil them in.
Unsure where to start when marketing to baby boomers? This blog can help.