Baby boomers are not afraid to open their wallets.
According to The Economist, households led by this generation — born between 1946 and 1964 (aged 57-75) — spend $64k a year.
This figure is nearly 2x the spend by those born after 1997.
The pandemic ushered many online
In 2020, one American boomer segment — those over-65s — upped their online shopping by 53% YoY.
Here’s what they dropped money on:
- Adult diapers and meal replacements were up 50%+
- Alcohol spend was up 4x
SilverSingles — a seniors dating site — notes healthy growth, while consumer goods giants like Nestle and Danone rolled out drinks to promote healthy aging (e.g., by improving mobility, immunity).
Despite the spending power…
… only 3% of ads in the US target over-50s, per The Economist. Corporations clearly have room to allocate more resources there.
Further, companies have room to improve their digital experiences for the older set with:
- More delivery options
- Easily navigable sites
- Payment options that can assuage seniors’ privacy concerns
When it comes to serving this spendy generation, saying “OK, boomer” to their needs makes a lot of business sense.