5 Baby Boomer Stats Marketers Need to Know
July 21, 2023
Contrary to the well-worn stereotype, Baby Boomers are ultra tech-savvy. This generation spends two additional hours online per day when compared to their Gen Z counterparts and 108 minutes daily on social platforms like Facebook and Instagram.
Now between the ages of 57 and 75, Baby Boomers hold 53.2% of the wealth in America or nearly $60 trillion in spending power. They are 10 times wealthier than millennials, and twice as wealthy as Generation X.
Marketing to Baby Boomers is not very different than other generations, but there are key distinctions in what Boomers value when making purchasing decisions, what style of communication they prefer, and what keeps them loyal to a brand. We’ve highlighted five findings from Marigold’s U.S. Boomer Consumer Trends Index 2023.
62% of Boomers have made a purchase from an email in the last year.
Email is the single most common online purchase channel for Boomers, outperforming SMS, banner advertisements, social media posts, and social media advertisements. 92% of Boomers check their emails at least once a day. Statista reported that nearly nine in ten Boomers in the United States were planning to use Amazon for their online holiday shopping in 2022.
More than any other generation we studied, –which included Gen Xers, Millennials, and Gen Z respondents, Baby Boomers are the most intolerant when it comes to irrelevant content. Personalization and tone are key. They want brands to speak specifically to them; in a more formal and informative tone.
59% of Boomers say they are loyal to some brands and are willing to pay more to shop with them.
When Boomers become loyal to a brand, they tend to stay that way. Our research found that Baby Boomers pursue the lowest price for a product or service, but will spend more with the ones that successfully win their business.
Only one out of five Boomers in the 2023 survey said they switched away from a brand that used to win their loyalty or became less loyal to the brand in general. This is the lowest rate among the age groups in our survey. The full Baby Boomer Trends report highlights ten specific factors that Boomers cite as important or critically important to maintaining their lasting loyalty.
90% of Boomers cite data privacy policies as either important or critically important to maintaining brand loyalty.
Like all generations, Boomers worry about how brands use their personal data. Businesses must address concerns by being transparent about their privacy policies and how personal data is stored and used. Opt-outs and preference settings must be easy to update and even easier to find on your app or website. Our full Boomer report reveals three marketing tactics that more than three-quarters of Boomers consider “creepy,” and the privacy measures Boomers are using to protect their data.
86% of Boomers say that their favorite brands reward them for their loyalty.
Whether through loyalty programs or personalized offers via messaging, brands can build lasting relationships with Boomers by acknowledging and rewarding their loyalty. Boomers appreciate value-based offerings from brands, like loyalty points (70%) and discounts (85%).
75% of Boomers say that they feel very pessimistic about the economic outlook.
Economic pessimism is more prevalent among Boomers than any other age generation we surveyed. Financial concerns are causing more restrained purchase behavior. Boomers are making fewer impulsive purchases (65%), doing more research before buying (56%) and relying more often on loyalty program benefits (44%). While this increasingly cautious behavior may be concerning for marketers, it is also an opportunity to reconnect with Boomers and gain an advantage over competitors. In our full Boomer report, we identify four specific brand offerings that over 70% of Boomers cite as appealing components of the value exchange.
Marketers who fail to update their perceptions of Baby Boomers will be the real ones who are left behind. Baby Boomers are far more affluent than other generations, and spend more time online than their younger counterparts. They may not appreciate an emoji the way their grandchildren do, but with 90% of their generation shopping online, it’s every marketer’s job to find out what they do like.
To learn more about what makes a Baby Boomer one of your most valuable customers download our U.S. Boomer Consumer Trends Index 2023.
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