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BizReport : Research archives : October 21, 2013

Brands: Top 3 reasons you should focus on Boomers

With Halloween less than 2 weeks away, many brands are finalizing holiday advertising plans. Many will focus on Millennials or young families, but some experts say this is a mistake. Instead, they say Boomers are the place to focus this holiday season. Here's why:

by Kristina Knight

According to a new report out from the AARP, Why Marketers Can't Ignore Boomers this Holiday Season, Boomers may be the difference between a profitable 2013 holiday season and a typical season. Because while Boomers may not have young children at home, they likely to have young children on their Christmas lists - and they have money to spend.

According to the AARP Boomers (age 50+) make up about 32% of the adult population; Boomers are expected to be the 'dominant' consumer group for at least the next 30 years as advances in health care continue to come about.

The report also suggests that Boomers have more spending power than Millennials.

"50+ account for $2.9 trillion of annual spending, or nearly half of consumer expenditures.* Boomers have size, high household incomes and wealth. Millennials, on the other hand, have been affected by college debt and the inability to gain a financial foothold, with a reported effective unemployment rate of 16% (via Labor Department Jobs Report, March 2013)," was written in the report.

Finally, the AARP suggests Boomers are the demo to cater to this holiday season because they are not worried about retirement. Some say Boomers are too worried about the economy and their job futures to spend, but Boomers have shown an interest in tech gear like tablets and e-readers and have shown a proclivity to spend money on gifts and personal items online.

Image via Shutterstock

Tags: 2013 holiday trends, AARP, boomer demographic, boomers, ecommerce trends

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