For decades, the adults 50+ demographic in the US had been mostly overlooked by advertisers arguing that brand decisions are fully formed long before consumers reached that age. But with reams of research backing up Gen Xers\u2019 and Baby Boomers\u2019 buying power \u2014 not to mention more of them living a more active and longer life and remaining an active and income-generating part of the workforce \u2014 marketers are giving 50+ a second look.<\/p>\n
\u201cBeing 50-plus today looks quite different than it did in years past, both in how people are embracing it and in how the marketplace is receiving them,\u201d a report in Adweek says. \u201cTo connect with today\u2019s 50+ audience \u2014 and those soon to join them \u2014 brands must understand why it matters and how to engage these influential generations effectively.\u201d<\/p>\n
Citing figures from AARP, the report points out that consumers 50+ contribute $8.3 trillion annually to the economy and account for 53% of all consumer spending. Additionally, RAB\u2019s \u201cRadio Matters\u201d blog notes that boomers \u201care more loyal to brands compared to other U.S. adults [and] are much more loyal to brands in the grocery\/household goods, beauty and personal care products, electronics and apparel [categories].\u201d<\/p>\n
According to Adweek, the credit for changing the image of 50+ should go to AARP, as well as to marketers savvy enough to understand the changes in these consumers\u2019 attitudes. \u201cMore and more, marketers are tossing aside outdated stereotypes and depicting today\u2019s dynamic aging story: fashion-forward, active, working in intergenerational workplaces, spending time with their families and embracing technology,\u201d the report says. \u201cMarketing images that reflect this reality will be far more effective in getting through to these consumers, two-thirds of whom say they want to see more realistic portrayals of themselves in advertising.\u201d<\/p>\n
All the above is good news for radio, based on Nielsen\u2019s research showing the medium reaches more adults 50-64 than live+time-shifted TV and TV-connected devices, and digital media including internet and social networking, app\/web on smartphones and streaming audio. Nielsen also finds that 92% of older U.S. adults listen to radio each week.<\/p>\n
\u201cAs a prime target for many categories, the best medium for brands to reach baby boomers is broadcast radio,\u201d RAB\u2019s blog says. \u201cBaby boomers spend much of their time with broadcast radio, and when it comes to heavy radio listening, boomers tune into radio nearly twice the amount of time with radio compared to other media or pastime options. Heavy radio listening baby boomers spend 29% of their daily time with AM\/FM radio.\u201d<\/p>\n
GenXers, as Adweek points out, have a significant impact on the 50+ profile. \u201cGen Xers are the generation that grew up with gaming, came of age with the personal computer, and like their younger Boomer counterparts, entered the workforce at the dawn of the internet,\u201d the report says, noting AARP research showing that these consumers own an average of seven devices, and will be spending $120 billion on technology by 2030.<\/p>\n
\u201cBroadcast radio is by far the best medium for advertisers to reach baby boomers (born between 1946 and 1964),\u201d RAB CEO\/President Mike Hulvey tells Inside Radio. “As a highly engaged audience, using broadcast radio to reach and connect with them is how brands can continue to build brand loyalty and maintain a trusted relationship with their customers.\u201d<\/p>\n
The report also notes that Millennials are only a few years away from joining the 50+ club and will further change how the demo looks and acts. \u201cJust as Gen Xers and millennials have lived through so many technological changes, they have also helped usher in a new paradigm regarding life stages,\u201d it says. \u201cPeople are starting families later, as well as making large purchases like cars and houses at different times in their lives than in generations past. Recognizing the diverse life stages of people over 50 helps you tailor your marketing effectively.\u201d<\/p>\n
From a research standpoint, Adweek says \u201cit may be time to reimagine some of the tools \u2013 like research, briefs, and audience segmentation that brands and agencies have used for decades. And while we\u2019re at it, let\u2019s commit to building high-performing creative teams that harness the energy, experience, and varied points of view from multiple generations. Gen Xers and millennials are following what Boomers started and are embracing aging, doing it their own way. If you want to tap into this lucrative market, you must understand where to reach them and how to talk to them.\u201d<\/p>\n
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