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On today’s Business Beat, Jeff Sloan talks about the fastest-growing population segment and its buying power.
Tune in to the Business Beat, below, to learn more about why marketers need to pursue this demographic group:
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Good morning, Guy! It seems that marketers are always focused on figuring out ways to target and reach the next up-and-coming young generation of buyers for whatever it is they happen to be selling, you know, Gen Y, then Gen Z, etc., etc. And, of course, for good reason, get your customers when they’re young and you’ll have a shot to get them for life. And then, of course, marketers pursuing those younger demographics need to look to the hottest newfangled channels to reach them like Snapchat, TikTok. But here’s one for you, Guy, don’t neglect the older demographic in the process. In fact, did you know that the fastest-growing U.S. population segment today are closer to 70 than to 20? Nearly 1 in 5 U.S. households is a 70 plus. And not only is this demographic hot today, it’s projected to be the fastest-growing consumer segment for the next 10 years. Now 40 million strong, the 70 plus segment is projected to grow to 55 million strong by 2031, growing by about one and a half million people annually. Simply put, the collective buying power of this demographic group is massive. The 70 plus audience spends $1.1 trillion annually on consumer goods and services and growing. Now, in addition, this demographic loves media and engages heavily in consumer media, not only old school media like print, but new media as well with 78% of seniors indicating that they use both old and new media channels to get their news or for entertainment, or to look for things to buy. And that makes them easy to target with branding and calls to action campaigns that are highly effective. So, if you’re looking for ways to drive new business to your business, check out the hottest consumer demographic going today. I’m Jeff Sloan, founder and CEO of startupnation.com and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.