From The Boomer Blog at www.theboomerblog.com
Boomer’s At A Glance
Twelve Important Facts About Boomers For Marketers
- Baby boomers make up, at approximately 78 million, the largest generational demographic in history.
- They are a diverse group, spanning 18 years (1946-1964), representing a broad spectrum of cultural, economic, psychosocial and global influences.
- Outnumbering the 50 million Gen Xers, over the next three years, the population of 45-64-year olds will have grown 30 percent, compared to the stagnant growth of 25- to 44-year olds.
- Even beyond the sheer size of the demographic, boomer households spend an additional $10,000 more every year on consumer goods and services than their younger cohorts.
- Boomers spend over $2.1 trillion/year of this unprecedented wealth on consumer goods and services including $79 billion on home improvements last year alone. They have $28 trillion in assets and control 67% of the nation’s wealth.
- 80% of boomers use computers, one third of them going on-line every day. Direct catalog marketers estimate that 70% of on-line purchases are made by women, the majority in the boomer demographic.
- They also represent 50% of car purchases and 74% of all prescription drug purchases.
- With more established careers than younger generations, many boomers are at the peak of their earning potential. What’s more, eight out of ten boomers say they don’t plan to retire.
- As a result, over the next seven years, there will be 80% growth of 60-69 year-olds, the leading edge of the boomer demographic, working full or part-time creating even more assets and wealth.
- Not only will they continue to earn income, but within the next decade, many boomers will be managing inheritance windfalls.
- 55% of boomers agree that they have no particular brand loyalties, with 68 percent of women over 35 saying that “the older they get, the more they enjoy trying new things.”
- As they age, boomers will be vocal about their needs and are on the verge of flexing their combined social, economic, and political muscle. They are a force with which non-profits, institutions, the government, politicians and society as a whole will both want to and have to reckon.
- In other words, baby boomers are not only the greatest market opportunity today, but a powerful force shaping the future of our society.
