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Embracing the economic force of older generations on Nextdoor

Written by Karli Buescher | Jun 17, 2024 7:42:06 PM

In the advertising landscape, mature audiences are often overlooked in favor of younger generations. As we delve into the macroeconomic trends of recent years, it becomes clear that those aged 45 and above are not just passive participants but significant contributors to consumption trends.


Here’s what we found in our recent research:

Financial clout and consumer behavior

Recent data highlights that the 55+ age segment holds a staggering 78% of excessive savings, marking a notable 20-point increase since 2021. This group not only possesses considerable financial reserves but also actively engages in consumer spending. With an annual economic contribution of $8.3 trillion to the US economy, their impact is formidable and poised to triple by 2050.

 

Digital engagement and media consumption

Contrary to stereotypes, older consumers are not technologically averse. In fact, they are increasingly adopting digital platforms for shopping and leisure. Time spent on social media among Boomers has surged by 68%, with an average of nearly 90 minutes a day dedicated to online interactions. Moreover, a significant 39% of Boomers have made online purchases within the past week alone, underscoring their active participation in digital commerce.

Representation in advertising

Despite their economic influence and digital savvy, older generations are notably absent from mainstream advertising. Shockingly, only 15% of online images featuring adults include individuals aged 50 and above. This stark disparity is reflected in consumer sentiment, where a mere 10% of Boomers feel adequately represented in advertising campaigns.

The case for inclusive marketing

As businesses navigate the evolving consumer landscape, there lies a significant opportunity to bridge this representation gap. By acknowledging and authentically incorporating older generations into advertising strategies, brands can not only enhance their market reach but also resonate more deeply with a substantial consumer base. Beyond mere demographic statistics, inclusive marketing fosters a sense of belonging and relevance among older consumers, thereby strengthening brand loyalty and market share.

Looking ahead

The macroeconomic narrative is clear: older generations wield significant purchasing power, engage actively in digital channels, yet remain underrepresented in mainstream advertising. Embracing this demographic not only aligns with economic imperatives but also fosters a more inclusive and resonant brand narrative for the future.


By embracing inclusivity in marketing, businesses can tap into the full spectrum of consumer diversity and ensure their strategies are poised for success in an evolving marketplace.
Read the full report and learn more about the methodology here. 

Read the full report and learn more about the methodology here