As The Wealthiest Generation In History, Boomers Are In The Best Position To Boost Your Brand
August 30, 2017
Fueled by Boomer spending, 50+ accounts for $3.2 trillion, or 50%, of our nation’s annual consumer expenditures.
While Millennials (born 1977-1994) have size, Gen Xers (born 1965- 1976) have high household income, and Matures (born before 1946) have high accumulated wealth, only Boomers have all three.
Boomers have money in the bank, and given that people are working longer (expected retirement age among Boomers rose from 64 in 1998 to 68 years in 2011), many working Boomers are at the peak of their earning. Conversely, Millennials have been hampered by lingering college debt and the inability to gain a financial foothold; they represent 40% of all unemployed workers.
Post-recession, Boomers and older consumers continue to drive our economy more than younger generations. In the past two years, their consumer expenditures have risen by $289 billion. During the same period, spending among 18-49 year-olds has risen by one-fifth that amount, or just $53 billion.
The discrepancy in financial power is starkly represented by a difference of over $100,000 in median household net worth, with people 50+ at $293,000 and people 18-49 at $175,000. Finally, 50+ households own 61% of all investments and are 41% more likely to own investments than 18-49 year-olds.
Given Boomer and older consumers’ size, as well as their earned and accumulated wealth, adding 50+ to your product and marketing strategy will ensure your brand a share of voice with the consumer group that can most profoundly impact your bottom line.
Source: US Consumer Expenditures Survey, Labor Department Jobs Report March 2013, Zillow, MRU Fall 2014
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