The holidays are just around the corner and this season is the chance for you to blow your sales out of the water. Why, you ask? Because this year is the first time in history that Boomers represent the lion’s share (51% to be exact) of every penny of consumer spending.*
So what’s with all the preoccupation with Millennials? Consumers over 50 control 70% of the country’s wealth, which means they present a significant advantage when it comes to holiday sales. People 50 and older are responsible for 51% of all entertainment spending and 57% of all big-ticket items. So, what's the best way to connect with these big spenders?
Mobile might be a great place to start.
This audience is embracing the medium, plus they're still big print readers, moviegoers and TV watchers. Believe it or not, they are online and utilizing social channels. Almost 16% of this group spends 11 or more hours per week on Facebook. Another shocking statistic, consumers over 55 are mobile’s fastest growing segment. Boomers also view and share videos online and read blog posts with compelling content.
Talk to them in their language.
The 50-plus market is engaged and active and they feel good about themselves and their active lives. They look at aging as just another life stage that’s filled with opportunities, chances to make a difference in the world, to begin another career. They are not stuck in Christmases past! All of your content must reflect this spirit and mindset.
Who doesn’t like a great deal.
And Boomers are always on the lookout for an attractive sale or bargain. The 50-plus crowd is value oriented and you will win their business and eventually their loyalty by offering tempting holiday discounts.
Above all, don’t forget the importance of brick-and-mortar.
Stores, malls and shopping centers account for more than 90% of U.S. commerce. As a mater of fact, Amazon is opening a brick-and-mortar bookstore. Most of the holiday foot traffic will come from the 50-plus age group. These energetic shoppers have been the sole reason for the growth of a wide range of brick-and-mortar retailers.
So, this holiday season roll out the red and watch the green roll in the door.
*According to data just released from the U.S. Consumer Expenditure Survey.
Posted on Fri, November 20, 2015
by Monty Wyne filed under