EP118: Marketing to the New Consumer Majority

<p>Around 10,000 boomers today are turning 65; by 2029, all boomers will be 65 or older - that milestone’s seven years away. </p> <p>Historically, the boomers have always been the largest generation in the US. That changed two years ago when the Millennials became the largest generation.</p> <p>Marketers need to be aware of this demographic shift because there are now more adults over 40 than children under 18 for the first time in human history - older adults are the New Consumer Majority. </p> <p>Also, adults aged 50 and over control 70% of America's household disposable income, spending $0.51 on every dollar. But by 2050, they will be spending $0.61 per dollar. </p> <p>In total, this group is projected to spend 84 billion annually just on tech products by 2030, and they are projected to contribute over 26 trillion to the US economy by 2050. </p> <p>These statistics speak to the spending power that marketers may not be fully tapping into. Business as usual will need to change - which is a good thing if you want to stand out in today’s crowded marketplace and a shifting media environment.</p> <p>What do you need to know about this demographic shift? Tune in to This Is Getting Old: Moving Towards An Age-Friendly World to learn more.<br /> Key points covered in this episode: </p> <p>✔️ Older Adult’s Spending Power </p> <p>Adults aged 50 and over control 70% of America's household disposable income, spending $0.51 on every dollar. But by 2050, they will be spending $0.61 per dollar. </p> <p>✔️ Why Ageism Awareness Matters in Marketing</p> <p>Baby Boomers are leading the way in reinventing the concept of older age - they aren’t accepting what has generally been a negative connotation about aging . Marketers who learn how to translate the new concept of older age have the opportunity to develop actionable advertising, promotion, public relations, and social media strategies that will have profitable results.</p> <p>✔️ What’s The Problem With Current Marketing Strategies?</p> <p>The problem is that most current media