Baby Boomers, one of Canada’s largest demographic groups, account for a large share of consumer spending. Although Millennials get most of the attention these days, Boomers contribute a larger share of spending. Nielsen research in the US finds that adults 55+ are the wealthiest and fastest growing consumer group. But research also finds that only 10% of ad dollars are targeted to Boomers.
Boomers are strong newspaper readers, preferring to read in print first and digital second, according to research from News Media Canada. More than 8 out of 10 Boomers read newspapers across multiple platforms. Millennials are also strong consumers of newspaper content, but the difference is that they prefer to read on their phones.
Research from consultants at Age of Majority explore the differences in perception between marketers and Boomers and find that “based on the true spending power of consumers 55+, failing to deliberately pursue these shoppers means marketers are collectively leaving nearly three trillion dollars of revenue on the table.”