Baby Boomers are those born between 1946 and 1964, making them 54 to 72 years old, and the U.S. Census Bureau indicates an estimated 74.1 million of them in the U.S.
The estimated number of Boomer women is 38.44 million. In addition to their existing assets, Baby-Boomers are set to inherit $15 trillion over the next 20 years. Add to this the fact that women drive 70% or more of all consumer purchasing.
Despite these figures, Nielsen estimates that less than 5% of advertising dollars are targeted to adults aged 35 to 64. According to the report, “Typically, once a group of consumers reaches the so-called ‘cut-off’ age of 49, marketers ‘go back to go,’” the report says.
Knowing more about Baby-Boomer women can help you market to them. 7+ facts:
1. Once the college bills are out of the way and children launch their own households, the discretionary spending power of 50-plus women soars. They spend 2.5 times what the average person spends. Women are the primary buyers for computers, cars, banking, financial services and a lot of other big-ticket categories.
– Marti Barletta, Primetime Women
2. Born between 1946 and 1964, Baby-Boomer women represent a portion of the buying public no marketer can afford to ignore. With successful careers, investments made during the “boom” years, and inheritances from parents or husbands, they are more financially empowered than any previous generation of women.
– Mary Brown, Carol Orsborn, Ph.D., Marketing to the Ultimate Power Consumer—The Baby-Boomer Woman
3. Over the next decade, women will control two thirds of consumer wealth in the United States and be the beneficiaries of the largest transference of wealth in our country’s history. Estimates range from $12 to $40 trillion. Many Boomer women will experience a double inheritance windfall, from both parents and husband. The Boomer woman is a consumer that luxury brands want to resonate with.
– Claire Behar, Senior Partner and Director, New Business Development, Fleishman-Hillard New York
4. The number of wealthy women investors in the U.S. is growing at a faster rate than that of men. In a two-year period, the number of wealthy women in the U.S. grew 68%, while the number of men grew only 36%.
– The Spectrem Group
5. Women account for 85% of all consumer purchases including everything from autos to health care:
- 91% of New Homes
- 66% PCs
- 92% Vacations
- 80% Healthcare
- 65% New Cars
- 89% Bank Accounts
- 93% Food
- 93 % OTC Pharmaceuticals
American women spend about $5 trillion annually…over half the U.S. GDP.
6. Women represent much of the online market – Digital Divas by The Numbers
- 22% shop online at least once a day
- 92% pass along information about deals or finds to others
- 171: average number of contacts in their e-mail or mobile lists
- 76% want to be part of a special or select panel
- 58% would toss a TV if they had to get rid of one digital device (only 11% would ditch their laptops)
51% are moms
Source: Mindshare/Ogilvy & Mather
7. Women and sports. Women make up:
- 47.2 % of major league soccer fans
- 46.5% of MLB fans
- 43.2% of NFL fans
- 40.8% of fans at NHL games
- 37% of NBA fans
- Women purchase 46% of official NFL merchandise
- Women spent 80% of all sport apparel dollars and controlled 60% of all money spent on men’s clothing
- Women comprise about one-third (34%) of the adult audience for ESPN sport event programs
Source – www.she-conomy.com
Here’s what research says, as provided by Jan Marino, BoomerCafe.com:
As the unofficial spokesperson I feel compelled to let you know what I’m hearing from 10K of my closest boomer friends. Here’s a list of ten things that we Boomers want and need from service providers:
- Explanations and education about your product or service intelligently delivered informing us why we should invest in your product.
- Options about what the trend of the service/product is … i.e. what’s its “shelf life”
- Engagement with us. We really want to mentor and help others not make the same mistakes we did. We may appear arrogant, but we’re not…we just don’t want to be ignored.
- We want you to know that we control over 70% of the disposal income in this country and we have lots of places to spend that money. We won’t spend it with companies that ignore us or call us aged or aging (even if we are both … you don’t need to remind us).
- Use clever and well thought out campaigns for marketing. Don’t be afraid to go mobile. Offer us deals and great products especially women’s clothing. We have lots of money to spend on clothing, but not many of us can wear a size 0 or show our midriffs.
- We are health conscience and not as worried about our sex lives as ads claim. Help us stay in shape and look good.
- Our pets are part of our family and we think they need stuff, so we’ll splurge on them.
- Our parents are a huge part of our lives and we are taking care of them. Products and services that makes life easier for them and us will sell if treated in an intelligent way…. i.e. NO cold calling…form relationships with families.
- Reinvention and career services that help us stay on top of trends and technology are imperatives. We want to stay well-informed, so we can talk to our children and grandchildren.
- We still care about changing the world and philanthropy. Get large numbers of us interested in worthy causes. We fully understand that the earth’s resources are limited, and alternative methods hold great returns.
NIta Black, CEO/Business Strategist
“We provide business tools to help clients monetize their ideas.”