Move over, Millennials – Baby Boomers still have the spending power in the United States. According to a Nielsen study, Boomers control about 70% of consumer disposable income. And when it comes to home ownership, Boomers hold significant equity, with about 60% of them living mortgage-free.
Yet according to AARP, advertisers largely ignore Baby Boomers and do not aggressively market to them, especially when it comes to online advertising. This is due to two misconceptions: that Boomers do not spend significant time on social media, and that their brand loyalties are firmly entrenched.
These erroneous notions have been debunked by multiple surveys. One such survey by marketing agency DMN3 asked 1,000 Baby Boomers about their social media habits. Here are the most significant results:
- 82.3% of surveyed Boomers are on Facebook.
- Of this group, 15.5% spend 11 hours or more on Facebook weekly.
- The remainder spend about 2 hours on Facebook weekly.
- 35.3% of surveyed Boomers are on LinkedIn.
- 34.4% of surveyed Boomers are on Pinterest.
- 30.6% of surveyed Boomers are on Twitter.
When Boomers use social media, they are highly engaged. About 47.6% routinely Like, Share or Comment on status updates. When they see something on social media that intrigues them, more than half of this demographic will visit the corresponding website, or perform a search for more information.
Other actions influenced by social media include:
- Watching a video pertaining to a posted topic: 46.4%
- Making an in-person visit to a retail store as a result of a post: 41.3%
- Thinking more favorably about a brand, company or product: 33.4%
Now, consider these findings in tandem with a recent survey by Bank of America Merrill Lynch. The survey, published by HousingWire, shows that a majority of Boomers would consider downsizing their home to cut living expenses and turn equity into cash. Another 67% of respondents said they would be willing to relocate to a less expensive area.
Boomers are a large demographic with the lion’s share of consumer wealth. As Boomers prepare to make real estate decisions, agents who leverage Facebook will have good opportunities to capture their business!
Need help with social media, targeted online ads, or content strategies? Contact RealSupport today for your personal consultation!
Copywriting & Marketing Specialist