Australia’s Baby Boomers are worth an average of $1m each and 72% are open to trying new brands, however a new report has found they are “being shunned by brands”.
A generation of 50-69 year olds in Australia are currently indulging in a ‘Lifestyle’ stage where 42% claim to have disposable income and 52% own their home outright, according to Mi9 research.
They are also only 21 hours a week, 20% are active on social media and 25% prefer to shop online.
Despite the amount of cash Baby Boomers have to splash advertisers are not effectively reaching out to them with 94% disliking the way brands communicate with them.
Gabbi Stubbs, head of research and insights at Mi9, warned advertisers not to assume Baby Boomers are stuck in their ways.
“While some consumers are tightening their belts, this lucrative ‘Lifestyle’ stage provides real opportunity for brands to attract new customers and drive sales through more targeted campaigns based on deep audience insight and intelligent data.”
“Our research can help brands to better understand not only their digital and lifestyle behaviour, but their attitudes and mindsets as well.”
More than two thirds of respondents say they feel more youthful than their parents did at their age and 41% said they “have a desire” to spend their children’s inheritance.
For more on the report's findings please see the infographic below.
A report late last year also found that the over 50s have ramped up their web surfing. To read more click here.