Show Me The Money

By on June 28, 2014

What group controls 70% of the total net worth of American households – $7 Trillion of Wealth?

Baby Boomers!

Here are a few more Boomer Stats according to BabyBoomer-Magazine.com.

Baby Boomers:
• Have more discretionary income (wealth) than any other age group
• Control 70% of the total net worth of American households – $7 trillion of wealth
• Own 80% of all money in savings and loan associations
• Spend more money disproportionately to their numbers
• Are not fanatically loyal to brands
• Account for a dramatic 40% of total consumer demand

(Read entire article here)

According to marketing guru, Dan Kennedy, boomers are spenders. As he notes in his book, No B.S. Guide to Marketing to Leading Edge Boomers & Seniors, boomers account for huge percentages of total dollars spent across these categories:

  • Home Furnishings 55%
  • Luxury Real Estate 70%
  • Supporting the Arts 60%
  • Mail Order Catalogs 75%
  • Luxury Travel 80%
  • Charity 65%
  • Women’s Apparel 50%

Dan’s book is available from Amazon.com, and is must reading for any business selling into the Baby Boomer market.

What’s the best way to reach this lucrative age 50-68 boomer market?

Again, according to BabyBoomer-Magazine.com, boomers are:

Internet-savvy, use technology, and like the convenience of shopping online as well as booking travel online, communicating online and reading online.

And let’s not forget, as I wrote in my last blog post— according to Pew Research Center, 65% of boomers participate in social networking sites like Facebook and Twitter.

As marketers and business owners, we need to connect the dots!

  • Folks born between 1946 and 1964 control 70% of the net worth in America.
  • They account for 50-80% of the spending across all major discretionary spending categories.
  • They are online.
  • They use Social Media Networking sites.

If you are selling into this massive, lucrative marketplace, you must use online and social media marketing as a major part of your marketing game plan.

To think otherwise may well spell economic disaster for your business.

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