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Business trends & research roundup: Boomer customers

May 18, 2017

What are the experts, surveys and latest research reports saying about small business and consumer trends? Welcome to our monthly roundup of research small businesses can use to do business better.

Boomers remain a significant sector of clientele

During the next two decades, Americans age 50+ are expected to increase their spending by 58 percent, more than double those ages 25 to 50. Morgan Stanley

This generation controls 70 percent of the country’s disposable income, yet marketers ignore it. Less than 5 percent of advertising is directed towards Boomers. Nielsen

Boomers purchase just about half of all consumer-packaged goods. Nielsen

Aging Americans have buying power. On average, baby boomers spend $1,937 on clothing and $2,900 on eating out each year. U.S. Department of Labor

Promotions are important to boomer customers

Boomers like discounts. 79 percent of them would definitely not or probably not pay full price for a television. 77 percent feel the same way about full-price appliance and furniture purchases. FirstInsight

75 percent of baby boomers are more likely to make a purchase if they have a loyalty discount or coupon. Synchrony Financial

Related post: Business trends and research roundup: Loyalty programs

57 percent of Boomers cite product discounts and 54 percent say that rebates or cash back are among the three most highly valued loyalty program benefits. Nielsen

Ethics and personal connection influence boomer purchases

67 percent of Boomers will pay more for food with health benefits. Around a third of customers say that a product being labeled as ‘fair trade’ or ‘organic’ is very important when making food purchasing decisions. Nielsen

The age 50+ crowd wants to feel valued by store associates. 54 percent are very or somewhat unlikely to return to a store if they feel their business is not appreciated. Colloquy

Related post: Six ideas for standout customer service

Boomer consumers have embraced social media with 82 percent using Facebook and a little more than third belong to both LinkedIn and Pinterest. These sites can have a huge influence: 57 percent say that they’ve visited a company website, 41 percent have visited a store, and 34 percent bought something that they’ve seen on a social platform. DMN3

[image: People Lining Up To Buy Film 1944 by Phillip Pessar on flickr]