Remember Baby Boomers? The behemoth cohort, and their spending power, is being ignored while marketers obsess over Millennials. With a median household income of $40,581, Millennials earn 20 percent less than their Boomer parents did at the same age. Here are five eye-opening stats worth knowing about marketing to Baby Boomers:
- Baby Boomers spend more time online than Millennials. Believe it or not, 51 percent of Baby Boomers spend 15 hours per week online, while only 41 percent of Millennials spend the same amount of time online. (The State of the User Experience)
- Baby Boomers outspend younger adults online 2:1 on a per-capita basis. They also spend more than other generations by an estimated $400 billion a year. (Forrester)
- According to Nielsen research, Baby Boomers watch 174 hours of TV a month, 63 percent more than Millennials. This probably comes as a result of Millennials spending more time scrolling through social media than watching television, but 82 percent of Baby Boomers also belong to at least one social networking site.
- 49 percent of Baby Boomer tablet users and 40 percent of smartphone users made a purchase after conducting searches on their devices. (eMarketer)
- Baby Boomers spend the most across all product categories, but are targeted by just 5-10 percent of marketing. Baby Boomers also control 70 percent of disposable income in the U.S. (Venture Capital Review)
For more on marketing to Boomers, check out this blog.