A hidden treasure may be lurking among females in the older age brackets, as statistics reveal that these women are big spenders, but are often overlooked by marketers and advertisers, according to a recent report.
Baby boomers refer to individuals born between the years 1946 and 1964, which means their ages range from 52 to 70 years old. The US Census Bureau estimates this segment of the population to be 74 million in number, with female baby boomers accounting for more than half.
And this segment of the population packs a punch in terms of purchasing power. A 2012 Nielsen study says baby boomers will control 70% of the country’s disposable income by 2017. Further figures affirm this assertion.
They accounted for $230 billion in sales or 49% of the total of consumer packaged goods in 2012. They stand to inherit $15 trillion in funds over the next 20 years. Women make up a significant fraction of this market segment, driving 70% to 80% of all consumer purchasing.
Boomer women are also known to be technology savvy, so it would be easy to reach out to them online. The Nielsen report indicates that younger boomers could be using the internet.
According to Nielsen, the 50-plus segment drops $7 billion online and uses technology as a primary source of information when comparison shopping for major purchases. The internet is also boomers’ primary source of intelligence when comparison shopping for major purchases.
“We consider them to be at the forefront of using technology for both information-gathering and shopping. There’s this (misconception) that boomers are not technology- or digital-savvy, which is just not true. They’re one of the first generations to use technology in every portion of their life, whether that (is) looking for their retirement plan, helping a child find something for school or helping their parents manage through retirement and older age” said Dave Austin, managing director of marketing agency Influent50, a division of AARP Services.
