PURCHASING POWER NOT TO BE IGNORED!

My last post introduced the subject of common misconceptions about the boomer market.  This post is intended to bring to the attention of boomers and to businesses and marketers desiring to do business with the boomer generation some facts and tendencies of this demographic.  The boomer generation is make up of individuals born between 1946 and 1964.  It constitutes the largest age demographic in the United States and constitutes the most affluent purchasing block.  This post is intended to educate boomers as to the power they wield as a collective and to inform marketers of some of the economic facts about this demographic.

Below is a list of some facts that both boomers and marketers should keep in mind when considering the boomer generation:

1. Hold 70% of disposable income in the United States.

2. Purchase 65.2% of new cars.

3. Purchase 80% of luxury travel.

4. Represent 40% of all customers who pay for wireless service.

5, Are the leading consumers in 119 of 123 Consumer Packaged Goods categories.

6. Have $2.4 trillion in annual income.

7. Outspend other generations by an estimated $400 billion each year on consumer products and services.

8. Will inherit an estimated $14 to $20 during the next twenty years.

9. Spend $7 billion online annually.

10. Close to 100% own computers.

What does all this mean to the boomer and to the marketer?  Well, for the boomer it means that you have no need to feel ignored as a consumer due to your age and your perceived spending habits.  You don't need to feel as though your needs and wants as consumers are ignored by businesses and their marketing branches.  For businesses seeking to tap into the "senior" market, you might just evaluate your product lines and marketing schemes with an eye on how you might appeal to this powerful segment of the buying public.

My next post will address some common misconceptions made when approaching the "senior" market.  It will also contain some suggestions that will assist you in tailoring your products and marketing plans that will show respect for the members of this economic powerhouse of a demographic marketpl

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