Marketers are obsessed with Millennials -- people born between about 1980 and 2000.
They spend enormous amounts of time, energy, and money trying to reach these people, and yet
people over 50 dominate our economy and are far more valuable to marketers. Here are some facts:
- People over 50 are responsible for over half of all consumer spending.
- They outspend the average consumer in nearly every major product category --food, household furnishings, entertainment, personal care, automotive...
- People over 50 outspend other adults online 2:1 on a per capita basis
- They have a net worth about 3 times that of other generations.
- They buy about 60% of all new cars.
- If they were their own country, Americans over 50 would be the 3rd largest economy in the world. Larger than Japan, Germany, or India.
And yet only 10% of marketing activity is aimed at them.
The reasons for this foolishness are based on harebrained legends and out-of-date fairy tales (like "lifetime value", "downsizing", "they don't change brands", "they want to be like young people") but you'll have to see my talk "The Battle For The World's Most Valuable Customer" to get the full story.