Boomer Women Are An Untouched Market. Six Key Facts.

By Karen and Erica

Boomer women, as a group, control trillions in spending. Brands and marketers know that. Yet we are largely ignored. We are also misrepresented in the media, often shown as dowdy and needy. The two problems are linked. And they both need to change.

To make that change, Boomer women need to flex their economic muscle. Why? Because then the image of Boomer women will match reality. Marketing media have a very important role to play in creating a picture of retired and older women. We want authentic images, in ads, in movies and tv shows, in all sorts of media. Images that show who we are. Images that show our energy and experience. We are valuable resources—but only if we are seen for who we are. And only if we are seen for who we are will we have the opportunities we want.

The facts:

• There are a lot of Boomers--estimated to be 73 million in the U.S. in 2019--and women number a little over half of them. We expect to be around for about three more decades. The population of those over 65 grew by a third in the last decade and will be 80 million by 2040.  

• Boomers are wealthy—maybe worth $30 trillion. Seventy percent of U.S. disposable income is controlled by Boomers. If we were our own economy we would rank as the third largest in the world. Women aged 50+ have a combined net worth of $19 trillion.

• And we spend. As one publication put it, we are often overlooked but never outspent! People over 60 spend $4 trillion a year. Boomers drive over 50% of retail sales. Spending by people over 50 is expected to rise to $4.7 trillion over the next 20 years, and spending by people over 60 is expected to be one third of all spending in the U.S.

• Women rule. Their purchasing power is huge—they control over $10 trillion worldwide. As of 2017, sixty percent of all personal wealth was held by women. In 2020, 13.52% of billionaires were women. Women account for 40% of all Americans with gross investable assets of more than $600,000, and 45% of American millionaires.

• By 2030, at least two thirds of our nation’s wealth will be in women’s hands. Women control 85% of U.S. consumer spending, amounting to $7 trillion. We make the buying decisions for healthcare, cars, and, of course, households.

• Boomer women really rule. We are the largest segment of female consumers and by far the biggest spenders. Women over 50 own more than three-quarters of the nation’s financial wealth and control $19 trillion. Boomer women buy 65% of new cars, 91 percent of new homes and 92 percent of travel. And we are much more likely to spend on ourselves now that our children are grown.

So—why are only 10% of advertising/marketing dollars devoted to people over 50, and obviously much less to Boomer women? Why do 91% of women say advertisers don’t understand them?

Wake up, marketers! We Boomer women are a new breed and an almost untouched market. We have a long runway, and money to spend. We want to continue to be part of the world, and we will continue to control spending, as we have all along—but now it’s personal.

What an opportunity. Don’t miss it!