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The Attraction of Baby Boomers and The Grey Dollar

The Attraction of Baby Boomers and The Grey Dollar

On a recent trip back to the UK whilst visiting my father, I bared witness to the excesses of the so-called Baby Boomer generation. We‘re all acutely aware of the insane housing markets in both the UK and Australia (especially Sydney) and how fairly normal hard working people who brought property young have been able to downsize, cash in and live the life of Riley, more suited to those of insane wealth.

Recent statistics from Grattan Institute indicate that the over 55 control almost 60% of the total wealth in Australia (Source: The Guardian)

The term ‘you can’t take it with you’ certainly seems in full effect with the Boomers and it some cases if you don’t spend, the Government will lay claim to a portion of your estate one way or another. So it’s no wonder many are spending like they’re Montgomery "Monty" Brewster!

Back to the shenanigans at Dad’s where I had to endure his annual ‘cheese and wine’ Christmas party at the appropriately named ‘Coach House’ which, I might add, is a long way from the council estate on the outskirts of London that he grew up in. 

After doing the rounds as ‘the one that lives in Sydney’ I adopted a position of observation for what was unraveling before me.

The general theme of conversation from the attendees flowed in one of two veins: how to make more money from investments and how to spend it on consumer goods (more speed boats and sports cars than toilet roll and baked beans)

The ‘chat’ wasn’t exclusive to tangible goods either, the talk of exclusive holidays and sporting excursions flew around the room, with Golf and Tennis the order of the day.

At the time I found the whole experience rather nauseating, and it became somewhat surreal, like I’d been transported into an episode of Howard’s Way, an 80’s BBC yuppie drama that dealt with the personal and professional lives of the wealthy yachting and business communities in the South Coast of England.

The next day I pondered more on the ‘cashed up’ buying power of this generation and how I’m personally benefiting from it via a number of campaigns that we’re running at ContactAbility (offerings range from hearing tests to luxury European holidays). 

The results that our clients report back are impressive. The older generation have genuinely embraced digital technology. And by older generation I mean Baby Boomers and beyond! Which shouldn’t surprise me given my 88-year-old Granddad is tech savvy with an IPad and Facebook account these days.

It appears from our research the older generations are almost as engaged as their younger cohorts. According to research by AIMIA (the Digital Industry Association for Australia) they spend 95 hours a month online and represent 20 per cent of all online traffic.

Pension funds, no mortgages, investments, free time, an appetite to live life to the full plus a willingness to actually spend their money makes this generation a marketer’s dream.

By James Huse, Senior Account Manager, ContactAbility

ContactAbility’s variety of digital products and demographic selection capabilities ensure that whatever your target market we can deliver the right customers, at the right time via the right channel. So if you are set on targeting the Baby Boomers (or any other key consumer markets) give us a call or email and we’ll see if we can make your marketing dream a reality. 



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