You’ve undoubtedly heard the rumors. But the facts are even more astounding. The 50+ market accounts for nearly half of all consumer spending in the U.S. They spend a whopping $3.2 trillion annually. Gen X, Millennials, Gen Z and the rest aren’t even close.
As crazy as it sounds, that’s more than the GDP of several countries, including Italy, Brazil, and France. You’d assume marketers are doing all they can to target this lucrative market, right? But that’s not the case. Just 10% of marketing dollars are spent on the 50+ segment. That seems like a major miss.
This reality of 50+ buying power won’t change anytime soon, either. Spending by individuals in the 50+ demographic is expected to rise to $4.74 trillion over the next 20 years, which represents a 58 percent increase, according to AARP’s Venture Capital Review. By comparison, spending by Americans ages 25-50 is only expected to grow by 24 percent over the same period.
The 50+ segment is staying in the workforce longer than previous generations too. In fact, two out of three expect to work beyond age 65. One more reason their buying power will likely remain elevated for years to come.
Want to be sure you’re doing all you can to speak to and convert this demographic? Talk to Coming Of Age. We can help you develop the strategies and communications you need to reach the coveted 50+ segment.
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