Roundup: Baby Boomer Spending Trends
Baby Boomers have the majority of the spending power in the US and marketers across countless industries — including senior living and 55+ housing — want to gain their attention. In order to do that, they’ll have to understand how Boomers are spending their wealth. This month, we’ll look at the prevalent Baby Boomer spending trends of 2019.
1. Baby Boomer Spending: $2.6 Trillion and Counting in Wealth
Senior living providers and 55+ community builders aren’t the only ones targeting the Baby Boomer consumer demographic. From retail to travel — and everything in between — marketers are learning more about Baby Boomers spending habits so that they, too, can earn their business.
Learn more about Baby Boomer spending trends for 2019 in this article from Lexington Law.
2. Baby Boomers Find Pros and Cons of Going Digital
If you haven’t optimized your website to match the customer’s digital journey, you should. Boomers are looking online first when they want to learn more about a product. From there, they decide whether they’d like to initiate an in-person interaction with a sales associate.
eMarketer provides facts and figures behind Baby Boomers’ digital use and how to get them from the online showroom to the brick and mortar sales center.
3. Boomers Saving Rather than Spending?
Baby Boomers retiring will have a profound effect on the economy. Rising health care costs and an increase in health-related products and services entering the market are just a few of the ways this cohort is expected to affect the market in the coming years.
Find out more about the effects Baby Boomers are expected to have on the economy in the coming years on MSN.
4. Senior Living and 55+ Can Learn From Retail’s Mistakes
The retail and senior living industries encounter some of the same obstacles when it comes to marketing to older consumers. As marketers innovate to cater to the needs to this increasingly digital demographic, they have to take a step back and realize that, sometimes, the basic approach is the most effective approach.
Sourcing Journal’s analysis on what does and doesn’t work when marketing retail provides takeaways senior living and 55+ community builders can use to better understand their prospects.
5. Going Green Doesn’t Mean Getting Green from Boomers
The senior living and 55+ communities are taking an increasingly “green” approach when it comes to building their communities. But what impact does sustainability have on Baby Boomers’ spending habits?
A recent Nielsen study shows the surprising role sustainability plays in whether Boomers decide to purchase a product.