August 30, 2010

Talkin’ ’bout my generation


Marketing to the Baby Boomers

According to a recent report from NielsenWire, advertisers focus on reaching consumers 18–34 or 18–49. While these consumers spend billions of dollars every year, the report states that advertisers and consumer goods manufacturers are overlooking a group that has tremendous buying power — the 78 million Baby Boomers.

Born between the years 1946 and 1964, the Boomers are seeing the oldest of their generation beginning to retire. But today’s middle-aged and older consumers are different from their predecessors, the report says. The conventional wisdom that they spend little, resist technology and are slow to adopt new products should be reassessed. Boomers are an affluent group who adopt technology with enthusiasm and have shown a willingness to try new brands and products.

Boomers spend 38.5% of consumer packaged goods (CPG) dollars, yet it’s estimated that less than 5% of advertising dollars are currently targeted towards adults 35–64.

Pat McDonough, Senior Vice President at the Nielsen Company, says Boomers should be as desirable for marketers as Millennials and Gen-Xers — they are the largest single group of consumers and a valuable target audience.

And that’s the truth!