For marketers, ‘OK, boomer’ isn’t such a bad phrase after all. Baby boomers (ages 60 to 78) make up 20% of the US population yet control $76 trillion—52% of the country’s net wealth, per the Federal Reserve as reported by The Economist. Despite marketers fixating on Gen Z, boomers wield substantial spending power and have distinct behaviors worth noting.
Here are five key stats to inform your boomer marketing strategy.
1. Boomers use Google more than any other app on their phones.
Key stat: Google is the most-used app for more than three-fourths (76%) of boomers, surpassing social networks like Facebook (71%) and YouTube (66%), per a Forbes Advisor and Talker Research survey.
Why it matters: Although Gen Z is embracing social search, paid search on Google is still dominant, and that’s especially true for boomers. The survey found that 94% of boomers use search engines to search for brand names, compared with only 64% of Gen Z.
2. They are least likely to shop on a brand’s own channels for online purchases.
Key stat: While most (43.0%) boomers have no preference, 35.2% shop on third-party retail sites, while less than a quarter (21.8%) opt for a brand’s own channel, according to PYMNTS Intelligence and Adobe data.
Why it matters: More than 4.1 million boomers will turn 65 each year from now until 2027, per the Retirement Income Institute at the Alliance for Lifetime Income.
As boomers enter retirement, budgeting and cost-consciousness become higher priorities. Marketers can reach boomers by highlighting cost savings and promotions, like the price comparisons and deals often found on multibrand retailers sites.
3. Boomers visit grocery stores less frequently than younger consumers.
Key stat: Over 52 weeks, grocery shoppers aged 55 to 64 made 50.5 trips, ages 65 to 74 made 46 trips, and shoppers 75 and older made less than 40 trips, according to an 84.51° survey.
Why it matters: Boomers, often empty nesters with smaller households, don’t need to shop for groceries as frequently as millennials and Gen Z, who may have young families.
Grocery marketers should emphasize the convenience and ease of ecommerce delivery services. With total online grocery delivery orders projected to exceed $200 billion by 2028, per an EMARKETER forecast, focusing on ecommerce fulfillment can capture boomers’ attention and drive engagement.
4. Boomers appreciate human interaction in-store, but don’t always prefer it.
Key stat: According to a December 2023 Razorfish survey, 61% of boomers use self-checkout for grocery purchases. However, over half (51%) still prefer to interact with a human when buying a product.
Why it matters: With US in-store spending set to reach $6.234 trillion this year, according to our forecast, retailers should consider balancing automated checkout with a human touch. While cashierless environments offer convenience, emphasizing the tech-human balance in marketing strategies can attract and retain boomers by ensuring their needs for both efficiency and personal interaction are met.
5. Boomers aren’t so into mobile wallets, but they’re open to fintech.
Key stat: Boomers are the least likely to use proximity mobile payments, with only 9.5 million expected to use digital wallets this year, per our forecast. However, 73% of boomers surveyed by Razorfish consider technology important to manage their money.
Why it matters: Boomers’ openness to financial technology presents a significant opportunity. Fintech companies can target this demographic with tailored products and educational initiatives to boost adoption. Showcasing fintech’s benefits and practical uses can boost adoption among boomers.
This was originally featured in the EMARKETER Daily newsletter. For more marketing insights, statistics, and trends, subscribe here.
