“Ok, Boomer” has been a dismissive phrase used by Millennials and Gen Z, often regarding their use and understanding of technology. But perhaps the stereotype and joke are a bit misplaced. This generation could be a wealth (literally) of targeting and ad distribution, and it could be a costly marketing mistake to brush them aside.
Baby Boomer Generation (1946 – 19654) are the wealthiest generation – over 50% as of the end of 2021, according to the Federal Reserve. GenX is at 30% and Millennials represent just 6% of wealth. That alone would suggest most marketers should go where the money is in their targeting strategies.
Harvard Business Review further amplifies this dichotomy. Those over 50 in age create more than half the consumer spending, yet only 5 – 10% of marketing budgets are allocated to this target. Is this a function of misplaced perception about use of social and digital platforms? Or media buyers targeting who and what they know?
We know that any kind of marketing can be nuanced and complicated, especially when it’s only one of the many things you do for your business. Have questions about how to best market to this key target audience? GRM can help – Contact us today for more information!