Twenty Nickels
If you save twenty nickels, you’ve made a dollar
by
Raymond Matkowsky
www.datastats.com
email: rdm@datastats.com
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Issue 12-10 December 2010
Go Where the Money Is!
by
Raymond Matkowsky
Marketers have always cherished the 18 to 49 year olds. They were the ones that spent with abandonment. Sometimes it felt that immediately upon turning 50 you fell off the face of marketing earth. Well, that is not the case anymore. The Baby Boomers are in charge of the United States’ economy and marketers that ignore this fact do so at their own peril.
Across the United States there are 77 million Baby Boomers. At the start of 2010, the U.S. population was 308 million people. Therefore, Boomers represented 25% of the total. This 25% spent $2.9 trillion. This compares to 182 million adults under 50 that spent $3.3 trillion. On the average, each Baby Boomer spent twice as much as the typical under 50 individual and by 2030 there will be twice as many people over 65 as there is in 2010. Furthermore, people over 50 will inherit an estimated $14 to $20 trillion in the next 20 years.
Boomers do not shop on price. They do not buy on whims. If anything, many of them have had thirty years to accumulate their “whim” purchases. They do not need to buy more. Boomers shop on quality! If you want to attract their dollars, you better point out the value of your product and how it is better than your competition.
Baby Boomers do not try to “keep up with the Jones.” They are the Jones!
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A Call For Reader Input
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Raymond D. Matkowsky
Copyright © 2010 Raymond D. Matkowsky
Data Stats
P.O Box 672
Old Bridge, New Jersey 08857-0672
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