Marketing to boomers
Just how affluent? According to the U.S. Bureau of Labor Statistics, boomers and older Americans contribute $2.6 trillion to the U.S. economy each year.
Yet as they reach their retirement years — the oldest boomers turned 65 last year — many businesses seem to be overlooking the huge business opportunity this generation presents.
“This is the wealthiest bunch of old people we’ve ever had in the country and they will spend money differently than the young,” said Bill Dunkelberg, chief economist for the National Federation of Independent Businesses.
In a recent report produced with marketing firm BoomAgers, Nielsen found that while boomers control most of the money, “less than 5 percent of advertising is geared towards them.”
Most of mainstream advertising is aimed at younger demographics, which is a mistake, according to Nielsen.
Maturing boomers obviously spend more on health care, but they also spend more on travel and myriad other services.
Predictably, they love spending huge amounts of money on family