Baby Boomers have accumulated more wealth and have more spending power than any other cohort in history (and we know that women make up the majority of that spending!). At almost one-quarter of the US population, the 50+ crowd accounts for more than 40% of spending each year, and they control 50% of discretionary spending.
Let’s add that up for the full impact. 50+ Boomers are buying $2 trillion worth of goods and services each year.
So how does that break out across spending categories? Compared to consumers 25-35, Boomers aged 55-64 are spending:
- 20% more on new cars and trucks
- 29% more on meals eaten at full-service restaurants
- 38% more on airfare
- 58% more on sports equipment
- 100% more on coffee
- 113% more on wine consumed at home
- 127% more on maintenance, repairs and home insurance
- 258% more on owned vacation homes
Do you see your company’s niche somewhere on that list? What’s your approach to marketing to Boomers? Companies would do well to develop marketing plans and strategies for Boomers, specifically Boomer women.