Understanding the Baby Boomer Market
After baby boomers hit the big Five-Oh, they became part of another interesting demographic — the over-50 market, with projections putting that total market size (not only Baby Boomers) at nearly 97 million in the United States. Most recently, the much-watched Boomers hit another significant milestone: Nearly 15 percent of this infamous group began turning 65 in 2011, and began the official transition to retirement.
This group has earned a reputation for spending billions of dollars — online and off. With more than 36 million of the over-50 market having computer access, that shopping bent bodes well for online businesses that court the boomer generation. However, some analysts wonder if this aging population, now headed into their Social Security-funded years, will still help fuel the economy with their buying habits or start to become a financial burden. So far, research indicates that the boomers' spending will remain strong, although what they buy may shift, which means yet another niche market opportunity.
What does this mean to you and your online business? Before targeting the over-50 customer base, you need to know some things about this group. Most importantly, you should monitor the changes in this group's traits and buying behaviors as the boomer population shifts and adjusts with time. For now, consider boomers to be lucrative customers, and take a look at these common traits. They are
- Open minded: Research indicates that boomers ...