WEB EXCLUSIVES

StatWatch: 117 Million Boomers/Seniors Spend More than $2 Trillion Per Year*

After the kids are out of the house and they've acheived carer success, boomers and seniors wield enormous spending power in almost every category. Marketers need to be aware of this category when developing products and campaigns.

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StatWatch:  117 Million Boomers/Seniors Spend More than $2 Trillion Per Year*

While so many advertisers aim their commercials and budgets at the 18–34 set, the real money in the U.S. is in the hands of boomers and seniors. After their kids are out of the house and they’ve achieved success in their careers, their spending power is enormous. While only making up 25 percent of the population, they spend a disproportionate share of the dollars spent in almost every category. A few examples:

 

  • Home Furnishings:      55 percent
  • Luxury Real Estate:    70 percent
  • Mail Order Buyers:     75 percent
  • Women’s Apparel:      50 percent

 

Other fascinating stats?

  • 40 percent of affluent households are boomers and seniors ($140,000 median household income)
  • Over 50 percent of the nation’s wealth is in the hands of boomers and seniors; the same goes for discretionary spending money
  • 46 percent of seniors and boomers have net worths exceeding $2 million

 

Armed with this knowledge, DRTV marketers should be thinking about several issues in their future campaigns, such as choosing products aimed at boomers/seniors, casting boomers/seniors in commercials, and producing websites that are boomer/senior-friendly (i.e. large size type, plain language). The next time you sit down for a planning session, consider how important boomers and seniors can be.

*Entrepreneur, November 2012

 

Irv Brechner is EVP and creator of Acquirgy’s Customer Acquisition IntelCenter and can be reached at (732) 321-1924 or [email protected] Look for an extended version of StatWatch in the ERA Knowledge Center.