In 1964, 40 percent of the American population was under the age of 19.
This mass of American youth was the result of the era of optimism, high living standards and unprecedented affluence after World War II, which followed nearly two decades marked by economic depression, social anxiety and global war.
As the cultural and economic drivers of the last half century, Baby Boomers still hold extraordinary monetary and political sway.
If you look at the statistics, the sheer mass of the Baby Boomer juggernaut is overwhelming.
Seventy-six million children were born between 1946 and 1964. Today, they are turning 65 at a rate of 10,000 per day – and will continue to do so for 20 years, effectively doubling the number of senior citizens in America by the year 2050.
Baby Boomers control 70 percent of the total net worth of all American households – nearly $7 trillion. They hold 80 percent of all money held in savings and loan accounts, they represent 40 percent of the nation’s consumer demand, buy more than three-quarters of the prescription drugs sold in America and represent 80 percent of the travel market. They are not a demographic to be overlooked – especially if you do your business online.
Baby Boomers: Plugged in, Online and Mobile
According to the Pew Research Center, between 75 and 80 percent of Baby Boomers are Internet users. Around half download apps and use social media.
It’s easy to write off older Americans as dinosaurs who do things the old-fashioned way, but guess what? Internetretailer.com suggests that 69 percent of Baby Boomers shop online – more than Generation X, Millennials and every other age group in the country.
As the following article shows, it’s also “ Baby Boomer time for the mobile market“. They represent the fastest-growing segment of mobile device users.
As someone running a home Internet business, Baby Boomers represent a tremendous buying audience.
Among the ways to go after them:
• Focus on mobile marketing – specifically SMS marketing for phone-reliant Boomers;
• Include Baby Boomers in your social-media marketing campaign – specifically Twitter and Facebook, which dominate the Baby Boomer social-media world;
• Baby Boomers are at or nearing retirement. They travel more than any other age group, they consume the majority of prescription drugs are concerned with health and and financial security – market accordingly!
Baby Boomers are aging, and it’s easy to develop tunnel vision for the younger demographic if you market and sell online.
But those who sell online are precisely the entrepreneurs who stand to benefit most from studying and including this enormous demographic.
Baby Boomers have most of the country’s money; they shop online more than anyone else and are taking their Internet savvy with them on their mobile devices. They dominated the last five decades – let them dominate your profit margin as well.
Photo credit: Image courtesy of stockimages at FreeDigitalPhotos.net
About the Author: Andrew Lisa is a freelance business writer. He covers online business and digital marketing.