If you’ve hired a lot of millennials lately to market to millennials, you may be taking your eye off a large and lucrative prize.
Epsilon’s latest report on generational marketing shows that baby boomers are still outspending the other generations on an annual basis. Boomers are spending a total of $548 billion, and millennials are spending $322 billion. The forgotten Gen Xers are spending $357 billion.
In the study, boomers have fewer average total transactions, but the boomer average spend per transaction is higher. The largest median income is $63,832 held by Gen X, yet baby boomer median income is twice that of millennials.
Before you turn over your entire marketing budget to one generation, you may want to consider the diversity of buyers who have spending power to spare. Even the Silent generation (age 76 and older) spends more than $162 billion annually.
Time to make sure you have your eye on the prize and your focus on the actual results. There’s no room for crying and age bias in marketing, especially when there is money on the table.