It’s not an overstatement to say that today’s marketers are almost unanimously focused on Millennials. Sure, Millennials are the largest living generation, but Boomers have greater spending power, controlling nearly 70% of all disposable income and spending $3.2 trillion each year. With that much spending at stake, it makes economic sense to aggressively be marketing to Baby Boomers.
Baby Boomer women
Boomer Women and the U.S. Economy
Boomer women control more than half of the nation’s discretionary income and three-fourths of the country’s financial wealth. The youngest of these super consumers are turning 50 this year, and over the next two decades their ranks will swell with the force of a tsunami. So why do marketers continue to ignore them?
That is the subject of Boomer Women: The Invisible Goldmine released today by Girlpower Marketing.
Download the free white paper here.
Today’s Boomer women are vibrant and young. They are much more media savvy and financially independent than their predecessors. Yet 91 percent of Boomer women surveyed feel that marketers ignore or don’t understand them.The primary problem is that marketers believe these consumers are no longer relevant, and are locked into brands that they fell in love with decades ago. That is simply not true. In fact, research shows that these women are just as likely to switch brands as their children.
In a recent survey of Boomer women conducted by Girlpower Marketing, 64.2 percent admitted to saying goodbye to a product because they felt they were being ignored by the brand. Brands that respondents felt have done a good job speaking to them include Eileen Fisher, Dove, L’Oreal, Cadillac, Olay, Amazon, Target and Avon.
The days of Boomer women being ignored by marketers are numbered. More than any generation before, these women know their own power and won’t be marketed to in a disingenuous way. Trillions of dollars are at stake as marketers begin to discover the unexpected consumer gold mine that these women are.
The Importance of Marketing to PrimeTime Women
We’ve all heard about the seniors, the middle-aged, and the mature market. Cultural convention says youth is fun; maturity is not. But women ages 50-70 are the healthiest, wealthiest generation in history, and over the next two decades they will control the majority of the purchasing power in the United States.
These “PrimeTime Women,” as coined by gender expert Marti Barletta, are not gray, passive women, but energetic, vibrant women who consider themselves to be in the prime of their lives.
According to Barletta, PrimeTime is a life stage, not a generation. Currently it’s the baby boomers that are moving through the PrimeTime window – and as we know, the boomer generation is unlike any other generation to date. Boomer women are the first generation to go to college and into the work force in equal numbers as men. They’re definitely not our grandmother’s generation.
Consider this: Adults ages 50+ control 79 percent of all the financial assets in this country; and women in those households control 85 percent of all household spending. From 2006-2016, 96 percent of the growth of the U.S. adult population will be made up of people over 50. So do the math. Though conventional Madison Avenue wisdom is to target the young 18-34 demographic, these PrimeTime Women simply have more purchasing power.
If marketers don’t make their brand relevant to PrimeTime Women and boost the effectiveness of their marketing communications, they can kiss their bottom line goodbye. And in order to be truly relevant, they need to take the time and effort to understand who this influential target really is.