According to a new blog post by Annette Malave, Senior VP for Insights at the Radio Advertising Bureau, marketers are missing a big opportunity when it comes to baby boomers, or those born between 1946 and 1964.
“According to Deloitte,” she writes, “boomers will be the wealthiest generation in America through 2030. As of 2019, boomers were among the most affluent households, yet this group is rarely targeted. In fact, only 10% of marketing budgets are allocated to boomers, despite them outspending every other generation by $400 billion annually.”
Malave’s post analyzes the collective profile of the 55- to 64-year-old segment and notes that 91% of them are reached by radio weekly. Those who tune in end up listening for 15.4 hours weekly, which exceeds the adult average of 12.8.
Radio listeners in the 55-64 age group, the post says, are 32% more likely to spend $1,000-$2,000 in home improvements; 54% more likely to spend $7,500 or more on remodeling; 22% more likely to spend $120-$149 weekly on groceries; 26% more likely to purchase or lease a $40,000-$50,000 vehicle; and 46% more likely to own a vacation home, farm or investment property.
“Despite the pandemic,” Malave writes, “boomers are still financially stable. Based on a Gfk-MRI survey (August), 59% believe they are in the same shape financially as they were a year ago despite the pandemic. Advertisers should take note to continue to target this group as they are brand loyalists. Based on this same survey, 77% plan on returning to their favorite brands.”
They’re also likely to be spending once the COVID-19 pandemic is finally over —and they’re likely to be doing it in physical brick-and-mortar locations. According to the post, they’re 32% more likely to purchase shoes; 30% more likely to purchase clothing; 23% more likely to purchase groceries; 16% more likely to purchase home improvement supplies; and 15% more likely to purchase furniture.