Baby Boomers Are Taking Over The Internet With Online Spending Up 53%
By CultureBanx Team
- In 2020, Baby Boomers over 65 upped their online shopping by 53% YoY
- Nearly 9 million Baby Boomers identify as African American
“OK, boomer” your generation is jumping online at high rates and brands need to respond with new products and better user interface. Nearly 9 million Baby Boomers identify as African American, those born between 1946 and 1964 (aged 57-75) and spend $64,000 a year. Opportunity abounds at the intersection of Boomer and the internet, especially when you add the layer of influence from the Black community, while mixing in the fact that this generation controls 70% of disposable income in the U.S.
Why This Matters: The pandemic ushered many Boomers online in 2020, particularly those over 65 upped their online shopping by 53% YoY. They spent major coins on: meal replacements that were up 50%, along with alcohol spending that was up 4x the amount this group shelled out for in 2019.
Despite the strong Boomer spending power only 3% of ads in the U.S. target over-50s, according to The Economist. Since the 65-and-over population will nearly double over the next three decades to 88 million by 2050, companies need to improve their digital experiences for the older set, with sites that are easy to navigate, along with payment options that can assuage seniors’ privacy concerns.
What’s Next: It’s important to note that out of the 11.4 million jobs expected to be added to the U.S. economy over the next seven years, nearly half will be filled by Baby Boomers. At present nearly a quarter, 22.9% of Black Baby Boomers are available for work. African-Americans workers born between 1944 and 1964 possess business acumen that laid the foundation of today’s economy. They have held companies accountable and drastically shifted social values through the civil rights movement. These workers are a valuable commodity and can re-shape the economy at large if deployed correctly.
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