Baby boomers hold $2.6 trillion in buying power. You also have the option to opt-out of these cookies. On the other hand, not clearly stating your return policy, or not offering a one-page checkout is likely to annoy Baby Boomers, and potentially lose them as customers (Chain Store Age). (, 49 percent of baby boomers are interested in functional foods like probiotics and vitamins. (, More than 4 in 10 baby boomers inaccurately believe Medicare will cover long-term costs of healthcare. Baby Boomers may not shop on Amazon that often, but they are willing to spend the most money. Understanding Baby Boomers and Their Shopping Habits, By continuing to browse this site you are agreeing to our use of cookies as outlined in the. Back to the Top However, their continued accumulation of wealth is stifled by things like workplace discrimination, poor investments and debt. Whether your identity was stolen or you’re simply weighed down by a poor credit score, Lexington Law can help you navigate different issues regarding your credit score and credit report to make sure everything is fairly reported. The Baby Boomer age subculture consists of people whose parents established families following the end of World War II and during the 1950s when the peacetime economy was strong and stable. Their interest in snack foods, on the other hand, is driven by their desire to prepare big meals when they have company. Baby boomers value family and gleefully invest in things that benefit their households. Business … The era from 1946 to 1964 was a time when many of the 20th century’s most notable writers published their best works, new voices came to the fore, and kids’ literature flourished. But, Baby Boomers aren’t as reliant on this kind of information as their younger counterparts. Rather, 77% will purchase a product based on its value . (, Boomers are expected to spend 3.4 percent more on health-related purchases than their parents did. Text Message Terms Email Preferences. While the blame on the lack to … All rights reserved. baby boomers also account for $230 billion in sales of consumer packaged goods, according to a 2012 study from Nielsen. Also increasing is the rate in which both Baby Boomers and Millennials seek and expect innovation and the use of technology in their in-store experiences. 67 percent of baby boomers own a smartphone. By continuing to use this site, you consent to our use of cookies. These regrets are reflected in some of the issues this generation faces with retirement and all of the expenses that come with it, including healthcare. These cookies do not store any personal information. When it comes to shopping, Baby Boomers expect to be treated like the valuable customer they are. Investing money in technology in a thoughtful, personalized way is therefore a proven strategy to efficiently deliver the retail experience Baby Boomers are searching for. This is where efficient communications and strong marketing messages come in handy, but they still must be used at the right time, with the appropriate channel. It’s not just online shopping that has grown. For many years, there’s been a clear distinction among generational shopping habits – which has provided brands with a powerful lens to help engage and attract customers. Although Millennials and Gen Z have received increasing attention from marketers lately, retailers must not underestimate Baby Boomers and their impressive spending power. They continue in hopes of paying down debt and building up whatever they can for their retirement. (. Jennifer Shaheen . Description. What’s more, sales associates need to connect with their customers on a personal level before thinking numbers, to make the purchase all the more meaningful. What could be more frustrating for a customer than finding out too late that they “lost” a reward they didn’t know that they had? A study by the National Center for Policy Analysis investigates the spending habits of baby boomers who many say are no where near ready to retire. FICO and “The score lenders use” are trademarks or registered trademarks of Fair Isaac Corporation in the United States and other countries. This website uses cookies to improve your experience. It’s even more strenuous when you become a credit score victim when things like identity theft or medical bill mishaps occur. Mi9 enables the world’s leading retailers to automate and optimize their entire Plan-to-Sell® process, from planning to managing to selling merchandise in-store, online, and on any device. As they were growing up during the American dream, these individuals are primarily focused on individualism, social activism and hard work. When it comes to buying a product on the platform, 22% of Boomers are willing to spend $251-$500 on a single product. This mindset drives them to physical store locations as they prefer a human experience when shopping for goods, and will abandon shopping at a store, even one of their favorites, if they have a bad experience with customer service. Some other reasons why baby boomers migrate to online shopping include convenience and availability. © Copyright 2020 Mi9 Retail | All Rights Reserved. Comprising 76 million consumers, they have the greatest buying power nowadays. Some other reasons why baby boomers migrate to online shopping include convenience and availability. 2875 South Decker Lake Drive, Suite 200, West Valley City, Utah 84119. Buy online, pick up in store is becoming a go-to. As with music and movies, Baby Boomers reshaped America’s reading habits. (, 64 percent of Boomer women are expected to participate in the workforce by 2022. According to research conducted by Google and Ipsos, the Internet “is the top source [Baby Boomers use] for gathering information on topics of interest, outpacing TV and print media by a substantial margin” (Google and Ipsos). (, 12 percent of baby boomers have a student loan either for themselves or for someone else. We’ve seen influencer marketing grow in effectiveness in recent years thanks to the shopping habits of the younger generations who trust recommendations more than traditional advertising. Baby Boomers (ages 55-75 years old) spend a total of $548.1 billion annually Gen X (ages 36-54 years old) follow Boomers with $357 billion annual spend Millennials (25 … Mi9 cloud-based solutions incorporate the latest innovations in AI and machine learning to boost system intelligence, automate manual routines, and deliver exception-based workflows. Brands that deliberately disregard these social media risk losing selling opportunities, or worse, potential customers. (, Baby boomers plan on spending more than $6,600 alone on travel in 2019. Baby boomers are regarded as hard-working individuals who value relationships and positivity above all else. (, The national average amount of credit card debt for baby boomers was $7,041 in Q4 of 2018. Personalizing the in-store experience is also a proactive strategy to avoid returns, and thus lost sales, ensuring that customers leave satisfied. ... What’s interesting is the same research showed those behaviors expanding at pace, beyond Generation X, into the baby boomer generation (born between 1946 to 1964). From their home to their health, baby boomers exhibit vastly different behaviors and habits than any other segment of the population. (, Only 26 percent of baby boomers have a backup plan for retirement if they’re forced into retirement sooner than they thought. Lexington Law offers a free credit repair consultation, which includes a complete review of your FREE credit report summary and score. Significantly, 71% of Baby Boomers use social media platforms on a daily basis, Facebook being the most popular one amongst all generations (Google and Ipsos). In fact, Boomers spend on average $203 per transaction online. FREE Credit Report Summary & Credit Repair Consultation.