Think you know the 50+ demographic? Think again, because the statistics will surprise you. The 50+ demo is wealthy, vast, and growing, and marketers would be smart to take notice.
Here are 7 surprising facts about Boomers’ spending power:
1. The 50+ Demographic is #1
If there is strength in numbers, the 50+ demographic is mighty. At 111 million strong, the 50+ demographic is the #1 consumer-age demographic in the United States, far exceeding Gen X’s 61 million and Millennials’ 75 million.
2. The 50+ Demo Is Growing Fast
Not only is the 50+ demo the largest age group in the United States, it is also its fastest growing. This sizeable group will increase by 16 million over the next decade, more than triple the pace of younger demographics.
3. Boomers are Living Longer
Boomers are drinking the proverbial “fountain of youth” and living longer than ever before. In fact, Americans are living three decades longer now than they did a century ago. Boomers are not just living longer, they are living better, feeling more youthful than their predecessors and remaining engaged, active, and fulfilled.
4. Boomers Own a Majority of U.S. Financial Assets
In a serious show of wealth and spending power, Boomers own a large majority of U.S. financial assets. Boomers and older Americans own 63 percent of all American financial assets, making them a serious economic force to be reckoned with and a highly coveted group for marketers looking to have a serious impact.
5. 50+ Are More Likely to Have Financial Investments
Boomers also far exceed their younger counterparts when it comes to financial investments. In fact, the 50+ demographic is 51 percent more likely to own financial investments than people ages 18-49 – and those investments hold an incredible 197 percent greater value.
6. They Outspend the GDP of Several Major Nations
Want to put into perspective the vastness of the 50+ demo’s spending power? The U.S. 50+ population spends $3.2 trillion annually. That is a total greater than the GDP of nations such as Italy, Russia, the United Kingdom, Brazil and France.
7. 50+ Demo Represents a Major Marketing Opportunity
The 50+ demo accounts for half of all consumer expenditures — yet a shockingly small 10 percent of marketing dollars are targeted toward 50+. Clearly, the numbers don’t add up, and overlooking the 50+ demographic is a major marketing mistake. Targeting the 50+ demo, marketers will see serious payoff when it comes to benefitting their bottom line.