Boomer Women. Four Sets Of Numbers. Do The Math.

By Karen and Erica

Boomer women, as a group, control trillions in spending. Brands and marketers know that. Yet we are largely ignored, and misrepresented in the media. We have either no image, or an image that is needy and dowdy.

That needs to change. Boomer women need to flex their economic muscle.

Here are the facts.

• First, there are a lot of Boomers--estimated to be 73 million 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.  

• Second, 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. And we spend. 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.

• Third, 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 buy all kinds of things, too: 66% of computing equipment; 92% of vacations; 89% of new cars; and 46% of NFL merchandise! 

• Fourth, 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.

OK, brands and marketers, do we have your attention? Then why are only 10% of advertising/marketing dollars devoted to Boomers, and obviously much less on Boomer women? Why do fewer than 15% of companies have a strategy focused on the Boomer market? Why do 91% of women say advertisers don’t understand them, and that they don’t relate to advertising? Why don’t brands worry when women stop using a product because they feel ignored by the brand?

And why do we care? 

We care because the 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 want to be seen doing things. We want to be seen as valuable resources to be deployed for social benefit, and for fun—not to be wasted because we can’t be seen.

Most of the time, that is not how we are shown. Instead, we are pictured as needy and greedy, relying on everyone else for everything. We are hidden behind images of women who have fallen and can’t get up, or who are smiling dimly next to husbands who are arranging their finances for them, or whose big thrill in life is dyeing their hair purple. Purple hair is fine, but not an indication of a purposeful life.

We, Boomer women, are a new breed and an untouched market. We have a long runway, and money to spend. We want to be seen as part of the world, with everyone else, having agency and being productive. Marketers, brands—don’t leave money on the table. Talk to us. Find out who we really are and what we want. If you create authentic images of this demographic, we will all profit.