A recent study reveals that Baby Boomers spend a lot more and are willing to try new brands more than previously thought.
Boomers are spending a lot more, but are a little less loyal to brands.
TV Land, a division of Viacom, recently released “Generation BUY: A Closer Look at the Boomer Consumer”. The study found that 40 and 50 somethings are making purchases for 3 generations.
And spending considerably more money than younger generations. Some of their findings:
- People 40-59 are spending more on themselves each month than Millennials and Gen-Xers.
- Baby Boomers are spending twice as much on others in their lives than Gen Xers or Millennials.
- Boomers are less brand loyal than Millennials and Gen-Xers.
The study identified three shopping traits of Baby Boomers:
1. Baby Boomers spend a lot more than younger generations on their families.
- Boomers spend more than three times as much per month on their spouses ($514 vs. $169) than adults under 40.
- They spend nearly twice as much on children each month ($295 vs. $158).
- They spend three times as much on teens ($494 vs. $136).
2. Baby Boomers will not switch brands just because something is new.
- 91% of people in their 40s and 50s want a new brand to provide more value vs. 83% of Gen-Xers and Millennials.
- They won’t switch because a brand has more style.
- They will consider new brands if they are more useful or provide the most value.
3. Baby Boomers are more open to new brands and less brand loyal.
- 26% say they are not brand loyal at all, vs. 21% of Gen Xers.
- This willingness to buy new brands carries over to most leisure categories, including electronics, restaurants and automobiles.
If you’re marketing a travel or leisure brand, it’s time to re-examine your media spending and messaging, and make sure you’re investing against this all-important Baby Boomer demo.
You can read more about Baby Boomers in another recent 5 to 9 post: Is your leisure marketing ignoring 40 million Baby Boomers?