Women Baby Boomers Have Money to Spend on Everything
Women baby boomers know their own strength – but brands are still having a hard time recognizing it.
Because I’m a baby boomer and specialize in the marketing-to-women space, I’m particularly conscious of how I’m treated by brands. I’m certainly not ready to be stored in the attic, and neither are my friends. Yet, as boomer women we’re continually marginalized by brand managers (primarily male) who don’t think any women of value exist over the age of 39. What they must realize is that those inconsequential 45+ women are the ones that have the most money to spend on everything from vacations, to new homes, and from cars to cosmetics. Some interesting statistics on the purchasing power of Boomer women:
- The net worth of women ages 50 and older is $19 trillion. They own more than 3/4 of the U.S. financial wealth
- Boomer women buy 65 percent of new cars, 91 percent of new homes, and 92 percent of travel
- Boomer women spend more than $55 billion per year on consumer electronics
- Disposable incomes are highest for women aged 45-54
- Boomer women are at the peak of their careers, and statistically are the least impacted by the recession
- 91 percent feel that marketers do not understand them
In addition, this group of women will experience the largest population growth over the next 10 years, and the largest transference of wealth from inheritances left by parents and husbands. Yet rarely if ever does one see a marketer’s target audience that extends beyond the age of 49 unless it’s for the senior market.
Brands Should Learn to Recognize the Badass that Is the Boomer Woman
Marketers and the media need to finally realize that the women most ignored are the ones who can do the most good in this economy. The time for patronizing ads and ignorance is long gone.
So marketers, take it from Katherine Hepburn: boomer women are older, but certainly not old. They’re strong, capable and generally pretty badass!