The Baby Boomer consumer generation is unlike any other generation of consumers that came before it. This is especially true when it comes to their purchasing habits. With the knowledge that consumers ages 65+ will continue to have the most spending power of any other generation in the US for the foreseeable, many retail brands are adjusting their strategies for marketing to Baby Boomers. In this month’s roundup, we look at the ways retail brands are adapting to Baby Boomers and how marketers in the senior living industry can do the same.
1. Marketing to Baby Boomers Offers Retailers a Unique Challenge
Current trends suggest that at least 10,000 Baby Boomers in the US are expected to turn 65 every day through 2029. This demographic’s lifestyle and spending habits differ greatly from previous generations, and retailers are being forced to adapt to meet their needs or get left behind.
From updating product mixes to offering increased accessibility, Forbes shares three insights for retail brands that professionals in the senior living industry can also use to adapt their marketing to the evolving needs of Baby Boomer consumers.
2. Baby Boomers Are Still a Powerful Economic Force
Despite having trillions of dollars in spending power, Baby Boomers are often overlooked when it comes to advertising. Many retailers have shifted their sights to targeting Millennials, but should they really be focusing on how to adapt to the desires of Baby Boomers — such as fulfilling experiences and simplicity — for another decade?
Find out more about the desires of the Baby Boomer consumer in this Reality Biz News article.
3. It’s Time to Ditch Age-Obsessed Marketing
Generational marketing suggests that Millennials are tech savvy while Baby Boomers are laggards when it comes to the latest technology. Current trends dictate that this isn’t always the case and that businesses that aren’t marketing to Baby Boomers online are leaving money on the table.
Learn more about how you can digitally market to and reward your Baby Boomer prospects in this Footwear News article.
4. Mobile App Usage Offers Insights for Marketing to Boomers Online
Retail mobile apps are becoming more popular with Baby Boomers. Their preferred in-app features, such as product pricing and availability, offer key insights for marketers in the senior living industry looking to optimize their digital marketing channels and increase their leads.
Chain Store Age offers the top three features Baby Boomers look for when shopping digitally.
5. Traditional Advertising Still Resonates with Baby Boomers
While Baby Boomers are seemingly all caught up with new age-marketing, a traditional ad featuring a product is enough to get 53% of Boomers in the door.
Find out more about how various marketing practices resonate with the different generations in this A List Daily article.