Unlocking the Boomer Potential: Unveiling the Economic Power of an Overlooked Generation

The Baby Boomer generation, aged between 60 and 78, constitutes 20% of the US population but holds sway over $76 trillion, which is a staggering 52% of the nation’s net wealth, according to the Federal Reserve data cited by The Economist.

While marketers are often preoccupied with Gen Z, it’s worth noting that boomers not only possess significant purchasing power but also exhibit unique consumer behaviors.

Here are some crucial statistics to guide your marketing strategy targeting the Baby Boomer generation:

Google is the most-used app Boomers use

Google reigns supreme as the most frequently used app for over 75% of Baby Boomers. It's way ahead of other social media platforms like Facebook and YouTube, according to a survey by Forbes Advisor and Talker Research (formerly OnePoll U.S.) .

Paid search within Google's umbrella continues to hold sway, particularly among Baby Boomers. More than 90% of them utilize search engines to look up brand names, a stark contrast to the 64% of Gen Z who do the same.

Capturing them on Search is extremely crucial for an business alongside keeping a note of Age targeting!

Third-party shopping

Majority of the Baby Boomers prefer shopping on third-party retail websites, while less than a quarter choose to shop directly from a brand's own website, as per Adobe and PYMNTS

ESTIMATE: Over 4.1 million Baby Boomers will reach the age of 65 each year from now until 2027.        

As Baby Boomers transition into retirement, they become more budget-conscious and prioritize cost-saving. Therefore, marketers can effectively target this demographic by emphasizing cost savings and promotional offers, similar to the price comparisons and deals typically available on multi-brand retail websites.

Less frequent grocery store visit than young consumers

As per a survey conducted by 84.51? , Boomers make less frequent grocery store trips as compared to younger individuals.

Reason: Baby Boomers, who are frequently empty nesters with smaller households, don’t require as many grocery shopping trips as Millennials and Gen Z, who often have young families to provide for.

For grocery marketers, it’s important to highlight the convenience and simplicity of ecommerce delivery services.

Total value of online grocery delivery orders expected to surpass $200 billion by 2028!        

according to an EMARKETER prediction, concentrating on ecommerce fulfillment can grab the attention of Baby Boomers and boost engagement.

Boomers appreciate human interaction in-store, Not Always!

More than 60% of Baby Boomers utilize self-checkout for their grocery shopping.

Fun Fact: In-store spending in the US is projected to hit $6.234 trillion this year        

Retailers need to strike a balance between automated checkouts and human interaction. While environments without cashiers offer convenience, marketing strategies that highlight a balance between technology and human interaction can appeal to Baby Boomers. This approach ensures that their preferences for both efficiency and personal interaction are catered to.

Boomers do not prefer mobile wallets

Baby Boomers are the demographic least likely to utilize proximity mobile payments, with projections indicating that only 9.5 million will use digital wallets this year. Nevertheless, a Razorfish survey found that 73% of Baby Boomers deem technology as crucial for managing their finances.

The willingness of Baby Boomers to embrace financial technology opens up substantial opportunities. Fintech firms can cater to this demographic by offering customized products and implementing educational programs to encourage adoption. By highlighting the advantages and practical applications of fintech, adoption rates among Baby Boomers can be increased.

Hence, Marketing effectively to Baby Boomers is beneficial as they control a significant portion of the nation’s wealth and have substantial purchasing power. Their openness to technology and distinct consumer behaviors present untapped opportunities for revenue growth.