The Baby Boomer audience still represents the largest revenue-acquisition opportunity for brands and the highest proportion of retail spending of all age groups.
The Baby Boomer Spender
The Baby Boomer generational wields impressive spending power, with 2.6 Trillion spent in 2018. The Baby Boomer generation represents nearly 50% of all consumer spending .
There were 71.6 million Baby Boomers (born 1946-1964) living in the US as of Jul 2019. They are currently the 2nd largest generational cohort in the United States. How do you harness an existing demographic that is changing consumption habits as digital innovation transforms traditional marketing tactics and buying habits?
It's important to maintain a relationship with this group, as innovation (and convenience) disrupt existing brand loyalty.
Pivot to Digital
Digital adoption has been accelerated by the COVID crisis in the US, particularly among this age group. The digital laggards have made forced behavior changes as stay-at-home orders have encouraged the integration of digital into everyday lives and behavior. 62% of all Baby Boomers were classified as digital buyers as of May 2020.
According to Statista, as of March 2020, 5% of surveyed U.S. consumers above the age of 64 made an online purchase for the first time as a result of quarantine and social distancing. A third of consumers in this demographic said they planned to buy more from online marketplaces.
Focus on the Upsell
Baby Boomers are likely to be more interested than other cohorts in adding on additional items during their purchase, clocking in as the cohort that spends the highest amount per average purchase.
These individuals generally have more spending power and value convenience, over securing a good deal. The idea of direct selling, or directly marketing companion products is a receptive concept to this group.
While Baby Boomers are increasingly adopting digital and making ecommerce purchasers, the are behind in mobile purchasing. Boomers are much more likely to purchase online via desktop than navigate mobile purchases.
SEO and local-based marketing tactics for mobile may be more effective as Baby Boomers use mobile for seeking information, driving the consumers to local establishments or solutions to their queries. This enables a brand to provide exposure without pushing the entire path-to-purpose on the phone.