So here’s a statistic that won’t surprise you. According to an AARP study, baby boomers account for half of all consumer spending. Right. We’re buying cars, boats, houses, everything that isn’t nailed down. Now put that together with the other half of the picture…only 10% of total marketing dollars are directed at us.
What? Huh? How’s that? If you’re saying to yourself that doesn’t make any sense, join the club. Researchers, pollsters and consultants have pointed out the obvious imbalance, but advertisers have not seen the light. Boomers are the biggest consumers but advertisers virtually ignore us in order to capture younger consumers because they still believe some old BS theory that if you get them when they’re young, you will have them as customers for life. We’re talking about millennials who switch social media platforms faster than a speeding bullet and advertisers think they can hold on to this demo? That’s totally cray (or cray-cray if you really want to sound current).
We control about 70% of the nation’s disposable income, but like Rodney Dangerfield, we can’t get any respect. The only ads directed at us are for reverse mortgages (talk about cray!), denture cleaners, and incontinence products. Did I forget hearing aids? Is loss of memory one of the side effects? Many (notice I didn’t imply all) boomers have ample savings, homes with a ton of equity and are not living from paycheck to paycheck, so we have some amazing discretionary spending power.
You would think that advertisers would see this equation for what it is and come at us with all they’ve got. But no, they still chase the elusive butterflies (i.e. millennials). What’s a boomer to do? Keep spending my friend. Want to finally buy that luxury car? Do it. Want to take that long awaited trip to New Zealand? Book it. Worried that you don’t have enough savings for retirement? Spend it. Want to try that fancy new restaurant? Eat it. Want to tell those advertisers who ignore us what they can do? Suck it.
Jay Harrison is a graphic designer and writer whose work can be seen at DesignConcept and at BoomSpeak. He's written a mystery novel, which therefore makes him a pre-published author.
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