Report: Boomers Have the Cash, Radio Has the Boomers
|RADIO ONLINE | Wednesday, October 30, 2019|
While many advertisers insist on focusing their energies on Millennials, Boomers account for 54% of all disposable income, making them an important demographic brands can't afford to ignore. According to a report from Westwood One, using AM/FM radio, can reach and influence this desirable consumer group, which represents a huge audience. The U.S. Census Bureau estimates that by 2020, persons 50+ will account for 36% of the total U.S. population. From 2020 to 2030, the persons 50+ population is forecast to increase +11%.
Boomers are desirable consumers
Boomers are employed with 46% of persons 50+ employed in 2018, according to a Video Advertising Bureau Analysis of U.S. Bureau of Labor Statistics. Boomers 50+ spend nearly $550 billion annually on their home and personal retail. Boomers have a more active lifestyle than Millennials, spending 56% more time doing leisure activities and sports and 22% more time shopping than Millennials 25-34, according to the Video Advertising Bureau.
AM/FM radio has massive Boomer reach
With a 94% weekly reach, AM/FM radio delivers nearly all persons 50-64. According to Nielsen's latest Q2 2019 Total Audience Report, AM/FM radio reaches more persons 50-64 than live and time-shifted TV (92%), apps/web on a smartphone (85%), and social media on a smartphone (79%).
AM/FM radio reaches Boomers throughout the day
During peak shopping hours Monday-Friday 6am-7pm and on weekends, AM/FM radio has significant reach among persons 50-64.
AM/FM radio reaches Boomers on the go
Two-thirds of all 50-64 AM/FM radio listening takes place away from home.
Boomers spend significant time with AM/FM radio
Weekly, persons 50-64 spend an average of 14 hours and 35 minutes with AM/FM radio. Daily, they are clocking an average of 2 hours and 5 minutes with AM/FM radio.
Classic Rock, News/Talk and Sports formats resonate with Boomers
Boomers especially connect with Classic Rock, the music of their formative years, as well as News/Talk and Sports format stations.
Big price tag brands should target 35-64 rather than 25-54
In their book, "How Not To Plan: 66 Ways to Screw It Up," Les Binet and Sarah Carter say: "Older people outnumber Millennials, have more cash, and more time to spend it. The bigger the price tag, the more important they are."
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