Another reminder that marketers are chasing the cents at the expense of the dollars was issued today by Mi9. Baby boomers are sitting on piles of cash and almost half (41%) are tempted to splurge their kids' inheritance. That is a major opportunity for marketers.
The corporate brand behind Ninemsn published research that suggested baby boomers are worth more than $1million each and hold more than 40% of the nation's wealth. Yet only 10 per cent of advertising spend is directed at over 55s. What is more 94% of baby boomers said they don't like the way advertisers communicate with them.
Advertisers need to refocus and put them “front of mind,” said Gabbi Stubbs, Mi9's head of research and insights.
Internet is an easy win. Baby boomers research more methodically and spend about 17% more time online than younger generations, Stubbs told Adnews. They do so more for personal reasons than work, she added. That created opportunities for better behavioural targetting and more engaging, and more rich executions based around their lifestyles.
A third of over 55s also spent time online while watching TV and were purchasing “more and more online.. so to make those elements easy and aligned is a major opportunity,” said Stubbs.
While baby boomers won't save newspapers, according to the research, Stubbs said that publishers could “easily make the transition onto the online space if they integrate content across all channels”.
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.
Have something to say? Send us your comments using the form below or contact the writer at brendancoyne@yaffa.com.au
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.