HRAMA: BOOMERS! Engaging the Over 55 Market

Boomers and Beyond Presented by Deborah Coleman General Sales Manager After 55 Housing & Resource Guide

Every 7 secondsa Baby Boomer turns 50 years old which means every day another 10,000 Boomers turn 50 years old.

“If Boomers were a nation unto themselves (all 78 million), they would be the 16th most populous country in the world, just behind Egypt and ahead of countries including France, the United Kingdom, Italy, Iran, Turkey, Spain, and Canada.” Source: CNBC

Generational Breakdown• GI Generation 1905-25 50,000,000• Silent Generation 1926-45 35,000,000• Baby Boomers 1946-64 78,000,000

The Coveted Demographic 135.1 135.9 18-49 +1% million million 111.3 89.3 50+ +25% million million 2006 2016Source: Boomer Project Analysis of US Census Data.

Misconceptions• Old• Dependent on others• Very frugal• Take a nap at 1:00pm• Require walkers and wheel chairs• Are less active• Are bad drivers• They are frail

Confusion Society is very confused about the aging population in regard to “old”, “senior” and “boomer”.• 50 years old = Eligible for AARP• 55 years old = Eligible for “senior discounts” • 1/2 price coffee at Burger King • 10% discount at Ross on Tuesdays• 6O years old = Eligible for more “senior discounts” • 10% off meal at Sizzler• 62 years old = Eligible to collect Social Security early • Up to a 15% discount at Marriot Hotels• 65 years old = Eligible to collect Social Security

Age is not a number any longer.It’s a state of mind!

Age Group Growth(Percentage change in U.S. 5-year age groups, 2005-2015) 50% 48% 45% 40% 31% 30% 30% 26% 20% 16% 14% 10% 10% 10% 5% 7% 3% 1% 0% 0% -3% -6% -10% -8% -14% -20% -5 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80-84 85+

Statistics On Net Worth By Age The age group 45 and older own 82.6% of ALL the U.S. NET WORTH, or 41.5 TRILLION dollars. Age Net Worth % Of Total In $ Trillions U.S. Net WorthUnder 35 1.8 3.60%35-44 6.9 13.70%45-54 12.7 25.20%55-64 14.4 28.60%65-74 8.1 16.20%75 and older 6.3 12.60%Source: Federal Reserve

Workforce 50 and Over RetiringWorking Retire 0% 20% 40% 60% 80% 100%

Spending Habits• By 2010, total spending for 50+ households increased by $900 billion.• This group has $2.3 trillion in disposable income.• By 2010, 45+ outspent younger adults by $1 trillion annually.

What Boomers Want Out of Life• Boomers want life-long learning• They want more time• Boomers want “experiences” vs “things”• Boomers want special treatment and feel entitled to it• “Me Generation” mentality

What Boomers Want Out of Marketing• Boomers want to be understood• Boomers want a shopping/buying experience that is a success• Boomers want information on new options and choices• Boomers want value• Boomers want attention, respect and good manners

Advertising Mediums

Corporate AdvertisingLook who is targeting the Boomer market with age related icons …

Corporate Advertising

Marketing to 50+ Audience• Larger Font• Font Type• Contrasting Colors• Simplicity• Lifestyle Photos• Show and Tell• Strong Call to Action

Internet Statistics• Fastest growing segment on the Internet• 2/3 of Americans age 50-64 use the Internet.1• 14 million seniors aged 65 and older are online.2• 72% of Baby Boomers have broadband Internet in their homes.3• E-mail is the most popular online activity among 50+ users, followed by web browsing, research, and shopping.3• Retired seniors go online an average of 15.9 days a month, more than any other group in the U.S. They also click twice as many banners as students do - 3 compared with the average of 1.5.4• Seniors are the most affluent consumer group that exists and are 30% more likely to purchase online than younger users.5Source: 1SeniorNet; 2Harris Poll; 3ThirdAge and JWT Boom; 4Net Value; 5SoldonSeniors.Inc

Internet Statistics• The Internet is the most important source of information for Baby Boomers when they make a major marketing purchase, such as automobiles or appliances (Zoomerang).• Adults 50+ spend an average of $7 billion online annually (SeniorNet).• 92% of seniors shop online and 78% make online purchases (SeniorNet).• 71% will use the internet for new home research (theboomerblog.com).• 92% of ThirdAgers visit an online website after they’ve read about in a print article and 89% typically visit a website after seeing a print ad (ThirdAge).

Internet Activities

Questions?Deborah.Coleman@SeniorOutlook.com

HRAMA: BOOMERS! Engaging the Over 55 Market

by Hampton Roads American Marketing Association on Jun 15, 2012

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HRAMA: BOOMERS! Engaging the Over 55 Market Presentation Transcript