The Greatest Generation, as penned by Tom Brokaw, is one of the largest consumer blocks in the nation and one of the most tech savvy. As Baby Boomers begin breaking in their golden years their reach economically grows. With that said, why are there so few ads geared towards this age group?
Nursing homes, joint supplements, and heart medication notwithstanding, there are virtually no ads geared towards Baby Boomers. Generation Y, anyone born between roughly 1982 and 1995-otherwise known as “Millennials”, seems to be the target market for advertising agencies nowadays.
Generation Y has become one of, if not the, most technically savvy generations in history. Born around the same time IBM rolled out the first new personal computer, the aptly named PC, this generation has been at the forefront of most technology. They are usually the first to try and buy new technology and are the coveted 18-34 age group that makes advertisers their BFF.
Generation Y may be one of the trendiest generations but they lack the buying power of older generations such as the Baby Boomers.
According to data compiled by the U.S. Bureau of Labor Statistics, Baby Boomers are comprised of 118 million Americans and in 2010 they spent a whopping $2.9 trillion on consumer goods. By comparison, the 182 million Americans under the age of 50 spent 3.3 trillion.
So, if the Baby Boomers are spending more then why are advertisers not trending their ads towards this lucrative age group? Baby Boomers, like younger generations, are buying new technology such as televisions, computers and automobiles. The latter should be news to the ailing auto industries ears. There is a vastly untapped market for Big Auto to help solve their own financial crisis and possibly even turn a profit.
Not all manufacturers of automobiles have been too busy Tweeting to notice. Lincoln
Advertising geared towards older generations does not need to be a negative. It also does not need to be the typical old person waiting for a check from Medicaid or conferring with a friend about life insurance. While these things may happen, this generation of seniors is still very active. Those who have the luxury of retiring in a recession are not doing so lying down and most Boomers are still active in the workforce and plan on working until they are physically unable.
The reason for Boomers remaining in the workforce can be varied and are subjective to the individual. One main cause is that Baby Boomers were not likely to save for retirement during their respective youth. Most Boomers do not have enough in their 401k or were relying on Pension funds to allow them to coast through financially. After the recession hit, most have had to use those funds to stay afloat-those that had them.
While Baby Boomers may not be as financially well off as they would like, most of them are still able to afford some of the nicer things in life. Having tenure in certain careers allows them to stay on top as the dominant consumer group in America
By becoming all but unionized with the help of the AARP-American Association of Retired Persons-helps keep Baby Boomers in a position of relevance and power on a national scale. Once advertising agencies tap into this market, the Greatest Generation may help us, yet again, by solving our financial woes.
