Baby Boomers (typically defined as those folks born between 1946 and 1964) are the largest buying group in America. We represent the generation with the greatest buying power in the history of our country and account for a dramatic 40% of total consumer demand - even in a recession.
To attract our huge Baby Boomer Market, a company needs to deliver their product or service to us at a good price, deliver it when we need it and supported it with great service. Don't ever call us Seniors and find a way to appeal to us through our desire to stay young, act young, think young and feel young! Do that, and the company will have a customer for life!
• Have more discretionary income (wealth) than any other age group
• Control 70% of the total net worth of American households - $7 trillion of wealth
• Own 80% of all money in savings and loan associations
• Spend more money disproportionately to their numbers
• Are not fanatically loyal to brands
• Watch television more than any other age group
• Read newspapers more than any other age group
• Account for a dramatic 40% of total consumer demand
Keep in mind that many Baby Boomers are empty-nesters, and some of us are even grandparents. It is anticipated that we will spend nearly $40 million in the next year on goods and services for the children in our lives. With our children out of the home, we empty-nesters have more discretionary money to spend on ourselves - from the more upscale discount houses to the designer boutiques.
Baby Boomers are Internet-savvy. We use technology in our work, and we have learned how to use it for pleasure as well. We really like the convenience of shopping online as well as booking our travel online, communicate online and read online. We own large screen televisions and high tech cell phones.
And at the same time Baby Boomers are leaping into the future, many of us are longing for the past. We like nostalgic music, you know they kind we listened to growing up. According to most consumer profiles, Baby Boomers make up nearly one-third of the total music buying market, but we're not downloading it yet. We'll still go to our store to buy it and listen to it in our homes and cars.
As a Baby Boomer myself, I'm empowered by the fact that we have become the single largest economic group in the United States today. We are well educated and increasingly well preserved. Our social, cultural and economic impact on our country has been unprecedented in its history. We can afford spending money on life's little luxuries. Don’t be surprised to see Baby Boomers hop on our motorcycles to take a road trip or find us spending an evening in front of our 50 inch TV home theater system or booking a trip to the Bahamas.
There is no doubt that Baby Boomers are at the early stages of what promises to be a long-term and lucrative love affair with life. We aren’t simply writing a new chapter of our lives, we’re writing a brand new book.
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Contact: Daryl Burns at: 800-761-3996
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