Women drive 70-80% of all consumer purchasing in the US, and women over 50 years old control an overall net worth of $19 trillion. This would seem to make them an obvious target for marketers.
However, most advertising targets the hip, young millenials.
The US Bureau of Labor Statistics reported that the median weekly earning of working men aged 25-24 was $791 in the second quarter of 2016. Women in the workforce aged 55-64 earned a median weekly salary of $795. Plus, such women tend not to be burdened by the heavy student loan debt that frequently plagues millenials.
Marketers are missing major opportunities to advertise their products to the older women that have a tremendous amount of purchasing power. In fact, Nielsen estimates that less than 5% of the money spent on advertising targets adults aged 35-64.
Boomer women also face the myth that they will buy the same brand of product that they bought in their 20s. Market research contradicts this line of thinking. More than 70% of boomers will try a new brand—especially if there is better customer service.
Another myth is that boomers are not looking to spend money because they are saving for retirement. In fact, parents are much more likely to spend on themselves once their children are grown and out of the house.
Advertisers frequently miss the boat when target female boomers. Ads range from showing them as older than they are to showing them competing in extreme sports. Consequently more than 91% of women feel that marketers don’t understand them.
This is ironic and unfortunate, since females who are 50 or older wield unprecedented buying power if only marketers would target them appropriately.