Boomers to Marketers: Talk to me… Please!
AUGUST, 2007: Not a day seems to go by when the size and spending power of the “Boomers” or “Mature Market” or whatever you might call that cohort of Americans generally between 50 and 74 years old are not a top news story in the Wall Street Journal, NY Times, USA Today or some other top publication.
It’s well documented that the 50+ population is the fastest growing age group in the US, projected to grow 44% between 2000 and 2020 (compared to only 19% for the total US population). Further, the 50+ age segment controls one half of the nation’s disposable income; each year they spend $2 trillion dollars annually on consumer goods and services.
But, with their size and all this spending power, are marketers doing a good job at crafting value propositions and messaging that resonate with this tremendous audience?
A recent survey conducted by RTi as part of our Mature Market Omnibus (MMO) indicates the answer is “No.” There appears to be a huge gap – and opportunity – between what marketers are doing and what they could be doing.
70% of consumers between 50 and 74 years old say that companies need to focus more heavily on people 50 or older. Further, 41% say companies are doing a poor job marketing to the 50+ consumer and virtually all (94%) of those who think companies are doing a poor job, want more attention paid to them!
One might ask, “Is the 50+ consumer really any more receptive to messages they feel are targeted towards people in their age group?” The answer is a resounding “Yes!” More than two out of three (69%) say they are more receptive to marketing or advertising that specifically addresses them.
So the question remains, “If such a large group with such a large amount of money to spend wants to be marketed to, why aren’t more marketers complying?”
We invite you to participate in the conversation by commenting at: http://www.theboomerblog.com/2007/08/if_youre_not_why.html
RTi, through its Mature Market Omnibus, is a leading source of information and research on the 50+ consumer. For more information, click here or call Todd Derene at 203-324-2420.