Did you know?
The average Porsche buyer is 58 years old.
The average American Express cardholder is 57 years old.
Or that Americans over the age of 50 purchase more Apple products than any other generation.
Are these indicative of a nationwide, multilateral midlife crisis? No, actually the answer is quite simple: They can afford it.
The 50-plus market, consisting of Baby Boomers (born 1946 – 1964) and seniors (born before 1945), control nearly 75 percent of the nation’s financial assets and half of its disposable income. So why is over 1.6 trillion dollars in buying power only targeted by 10 percent of national advertising?
This is a question that many advertisers need to seriously consider. Many companies may be wasting their marketing dollars on generations of consumers who cannot afford their products or services. Boomers and seniors are more likely to be homeowners, spend more on home improvements, vacations, alcohol, and purchase more vehicles than their younger counterparts. Yet they are virtually ignored by many advertisers in favor of the 18 – 49 demographic.
The challenge for many advertising agencies is that they simply don’t know how to reach and speak to this lucrative demographic. The Cross Agency is unique in our ability to effectively reach this market and communicate with them in a way that motivates a response. If you are interested in helping your company tap into this market, please contact us.