With great size comes great influence. As a demographic, Baby Boomers hold an outsized amount of sway over the efforts of advertisers and even entire industries, accounting for about 52% of the total wealth within the United States. As you might expect, marketers have taken an increased interest in the purchasing habits of senior consumers as seniors’ comfortability with technology continues to advance. Ultimately, engaging with Baby Boomers doesn’t just require a firm grasp of current consumer trends – it requires a comprehensive understanding of what older consumer behavior will look like over the next few years.
As a full-service omnichannel marketing agency with over 20 years of experience specializing in the 50+ market, we take pains to map out the most impactful consumer trends of this demographic and give our clients the means to meet their older audiences where they’re most primed for engagement.
Read on to learn more about the trends that we’ve spotted among older consumers and how your brand can capitalize on these habits to elevate your 50+ marketing.
Trend #1: Working Retirement
The generation before Boomers, the Silent Generation (1925-1945) typically stopped working following retirement. Baby Boomers, however, are increasingly spending their golden years as part of the workforce.
According to the Pew Research Center, 19% of Americans aged 65 or older were working last year, double the share of those working 35 years ago. Add in the fact that their wages are higher than they’ve ever been and you have a recipe for a particularly powerful segment of the consumer market. This trend can be attributed to several different generational factors, from layoffs affecting existing savings and investments to health concerns and other expenses pushing seniors back into employment. Taken together, these increased levels of employment and historically higher pay made salaries for older adults a total of 7% of all wages paid in 2023 (more than triple their share in 1987).
So what does this mean for marketers? In short, Baby Boomers have more money to spend and are increasingly overlapping their purchasing habits with the average consumer as they postpone retirement. As this trend continues, expect to see the average retirement age continue to rise alongside increased Boomer purchasing power.
Trend #2: Changes in Purchasing Habits
Seniors haven’t had trouble evolving alongside new technologies like streaming platforms and AI-assisted search, but that doesn’t mean that the 50+ crowd doesn’t come with its own generational quirks. According to eMarketer, Boomers frequent Google SERPS and third-party retail sites and tend to avoid brand-specific channels when purchasing goods online.
As the 50+ crowd reaches retirement age, they also tend to prioritize budget-conscious purchasing habits and other cost-cutting measures, giving marketers the opportunity to more effectively engage with them through sales and positive pricing comparisons. At the same time, however, a report from McKinsey & Company tells us that aging consumers are willing to spend more on discretionary items and big-ticket purchases such as home improvement projects and travel expenses.
Just as with any generation, the financial habits of 50+ consumers depend on a wide variety of factors, from the whims of the national and global economy to unexpected windfalls and surprise expenses. Baby Boomers, as we’ve discussed, have more disposable income than most, making them more likely to seek out new products and engagement opportunities.
Trend #3: Diversity Among Boomers
Like any other generational demographic, Baby Boomers can’t be defined by a single monolithic definition or a narrow collection of consumer characteristics. A report from the Population Reference Bureau tells us that younger Baby Boomers (specifically those under 65 years old) are more diverse than their slightly older counterparts, with 32% identifying as non-white ethnicities compared to 27% for those 65 and older.
Similar differences in educational backgrounds, employment status and health conditions can make it difficult to apply broad generalizations to 50+ audiences without leaning on outdated stereotypes that could just as easily turn off target audiences to a brand’s message.
The same goes for Baby Boomer hobbies and interests, which can run the gamut from the expected to the decidedly contemporary, from gardening and fishing to brewing and day trading. More than anything, Baby Boomers aren’t just looking for ways to pass the time; they’re searching for gateways to meaningful experiences. By facilitating a connection between older audiences and these meaningful experiences, brands can more effectively engage with this invaluable audience segment.
Closing Thoughts
Consumer habits will no doubt continue to change alongside our increasingly digital and globalized existence, and the habits of Baby Boomers are no exception. While all audience segments have successfully adapted to the technology-focused consumer interfaces of the past half century, Baby Boomers are uniquely positioned to take advantage of our current consumer landscape thanks to a generational trend of earning more money by working longer, a propensity for saving money while also making more big-ticket purchases, and diversity that is beginning to reflect the demographic makeup of younger generations.
Taken together, these consumer patterns position Baby Boomers as primed for engagement and prepared for novel purchases that promise them new experiences in their golden years. At Coming of Age, we specialize in engaging with older audience segments through a mix of multichannel marketing services, accessibility-focused website and UI expertise, and a cohesive combination of knowledgeable sales experience and bespoke marketing efforts.
To learn more, read our marketing guide on how to effectively market to seniors or get in touch with us at comingofage.com/contact.
You may also be interested in:
- Beyond Age: Why a 60-Year-Old Woman Isn’t Just an Older Version of Her 30-Year-Old Self
- Tailoring Your Social Media Presence to Aging Audiences
- Delayed Retirement: What this trend means for businesses that market to the 50+