Marketers are hyper-focused on targeting millennials for so many reasons. They’re the epicenter of the digital movement, the most active on social media, resulting in possibly the hardest to get through to in traditional marketing efforts.
Millennials respond to advertising in a far different ways than Gen X and older. They’re groomed to expect instantaneous satisfaction through the power of social and digital campaigns. They gravitate towards brands that appeal to their values and tend to be turned off when a marketing message sounds pushy or impersonal.
60 IS the new 30!
The good news is, marketers have the opportunity to be far more creative to drive millennial appeal. As a result, brands have become far more than just a product. The other good news is, the traditional approach to effective targeting is very much still alive! Guess who still accounts for the majority of consumer spending across many segments? Yup, the Baby Boomers and Gen X’ers over 50.
Hey Brands, Don’t Forget About Your Biggest Consumer Demographic!
It’s exciting to get caught up in all the tech-savvy, experiential new-wave marketing to lure the millennials, but don’t forget about the low hanging fruit. Households of age 50+ accounted for 52% of all consumer spending in 2017. This trend has been the case for the last 4 years, indicating 50+ is a critical consumer segment.
The latest U.S. Consumer Expenditure Survey has some pretty hard-to-ignore statistics for the 50+ Households that marketers should know:
- Spending is up. Total consumer spend of 50+ households rose from 44% to 52% over the last 10 years
- Momentum is holding speed. 50+ households spend at a similar momentum as those younger. Meaning, there’s no diminishing of spend after age 50.
- Income is up. 50+ households bring in $67 Billion more annually than those below 50.
- Net worth is up. 50+ households net worth grew 3x times faster than for ages below 50.
- Population is growing. The 50+ population is projected to grow at twice the rate of those below 50.
Time to get Targeting!
Now that we know who the biggest spenders are by category, the next step is knowing where they are and how to reach them. By using this demographic data with location intelligence, marketers can reach the 50+ consumers with the right messaging and channels. Did you know that 90% of Baby Boomers have Facebook? Here’s a few other key trends on the 50+ demographic segment that pertain to financial services:
- They prefer going to bank branches to do transactions, but are not averse to digital/mobile banking.
- They’re the largest demographic for student loan debt.
- They’re focused on balancing their retirement goals with their children’s success.
Financial services companies may be able to get broad trends, such as the above. But in order to resonate and deliver personalized messaging and experiences to this segment, they need the necessary insights that location intelligence provides. Location data uncovers behavioral trends, meaning marketers can better reach top spenders through location.
The Added Value of Location Intelligence
Brands and business across these industries need location data to understand the behaviors and preferences of individuals to deliver the best customer experience. Location Intelligence uncovers answers to key customer preferences, such as: Where do they shop? Where do they spend most of their time? How often do they frequent certain locations (banks, stores, gas stations, movie theaters) and what brands are they affiliated with? These are just a few of the many the insights location data can uncover to provide personalized customer experiences and drive loyalty for businesses and brands.
Now that auto, pet care, insurance, electronics and entertainment brands have the insights that over half of their consumer spend coming from the age 50+demographic segments, they can refine their offerings through location intelligence to maximize profitability and guide critical business decisions.
Experience how LOCALLY’s location data can help your business attract and retain your largest consumer spending segment.