Boomer Market Too Big to Ignore

The largest demographic segment in the United States, numbering 78 million, and leading the nation in spending at roughly $2 trillion annually, Baby Boomers are drawing the attention of marketers nationwide.

Boomers—those individuals born between 1946 and 1964—were the focus of a new study by BoomerEyes, a leading Boomer research company that studies boomers and their influence on American society and the economy.

New Empty-Nesters
Transitioning out of their child-rearing years, nearly 4 in 10 Boomers who have children are now empty-nesters, and report a new level of financial freedom as a consequence—with an additional $315 a month of disposable income.

Aging—and Okay with It
Redefining the role of aging Americans, 70 percent report being comfortable with their age—with 42 percent saying these are the best years of their lives. Even so, many report financial concerns (47 percent), and worries over family (20 percent) and health/diet (20 percent).

Techno Boomers
According to the Pew Foundation, home Internet usage is high across most age groups: 18-29 year olds (88 percent), 30-49 year olds (84 percent), 50-64 year olds (71 percent). Even among those 65 and over 32 percent are online.

Of the Boomers online, three-quarters have high-speed access at home, 42 percent use laptops and one-third have wireless connections. Only 9 percent have participated in blogging, but other popular online activities include:

• Shopping (69 percent)
• Researching health, medical, nutrition information (69 percent)
• Managing personal finances (61 percent)
• Researching/booking travel (60 percent)
• Playing games (53 percent)

Typical online purchases: travel (58 percent), books (57 percent), clothes (57 percent), and electronics (50 percent).

Off to Work
Work plays an important role with many boomers, with only one in ten currently retired. Those engaged in full-time employment work an average of 44 hours a week—and just 33 percent report that they work only to pay the bills. Interestingly, one in three Boomers would consider going back to school full- or part-time.

Finances
Many Boomers feel they have too much debt and too little savings. Forty-two percent of Boomers report investments totaling less than $100,000, with 26 percent reporting none.

In Sickness and in Health
Seventeen percent of Boomers have experienced a major or life-threatening illness. Focused on improving their health, they are exercising at least once a week (65 percent), reading nutrition labels (50 percent) and changing their diet to maintain their weight and stay healthy (41 percent).

Marketing to Boomers
While marketers have traditionally focused on heavy-spending 18-44 year olds, they are increasingly turning their attention to the Boomer market—what they want and what kinds of products they buy—as Boomers take the lead in the nation's spending.

Those hoping to reach the booming Boomer market are being encouraged to take an integrated media approach. A report from JWT Boom notes that "92% of ThirdAgers (those ages 40-65, extending just slightly older and younger than the established Boomer ages) visit a website after they've read about it in a print article.

© 2007 Christianity Today International, used by permission