|Are baby boomers your target market?
The fact is that every business owner is asking the same question: where are the customers? Chances are strong that even if those businesses have nothing in common, those companies are aiming at the same target -- Baby Boomers.
They are the generation with the highest education and disposable income in history. Here are some facts you need to know about this target market:
- The US population today is about 305 million.
- The oldest baby boomers (born 1946 - 1964) turned 60 in 2006 (63 today).
- In the year 2010, boomers will represent over 50% of the US population.
- Consider this: in 2000, 37% of the adult US population was 50 or older.
- From 2006-2016, the US adult population is estimated to grow by 23 million.
- 22 million of that growth will be over 50 (almost all the growth projected).
- Boomers will represent the center of the marketing universe for the next two decades.
- In 2001, the 50+ group held $29.5 trillion in net worth, or 69% of the US total, up from 56% in 1983 ("AARP State of 50+ in America Report", 2004).
- Find more current net worth broken out by age here.
- In addition, when you look at the income and saving pattern of older individuals, you can see how they will have more spending power and more discretionary income.
Simply stated, if you are not reaching out to the baby boomer generation, you should. Watch for our next newsletter on Female Boomers, who represent 83% of spending.
For more information on reaching baby boomers in Greater LA, contact Tailor-Made Advertising in Torrance at (310) 791-6300 or email us at email@example.com.
For your free half-hour consultation, visit our website at www.adteamla.com.