Australian brands must overcome ageism to tap into the “silver economy” and bridge the digital divide
Updated: Sep 13
Brands stand to benefit from Baby Boomer consumers, yet marketing tactics still seem to be targeted towards generations with less cash.
Shaping Connections Co-Founder and Director, Dr Bernardo Figueiredo, and RMIT marketing expert Dr Foula Kopanidis, say Baby Boomers should be a prime target market for brands. Yet, as they highlighted in a media release by RMIT many ignore the significant potential of this consumer group, which represents around 5% of advertising expenditure in Australia.
This not only means a significant segment of potential revenue is being missed, but also an opportunity to help bridge the digital divide.
Baby Boomers are an overlooked consumer market
“In Australia, there are 5.6 million Baby Boomers commanding a substantial 21.5% slice of the national population,” said Dr Kopanidis.
“With an average accumulated net worth of $381,100 per person, they own more than half of Australia’s national wealth, and they like to spend it.”
Despite this, brands continue to focus much of their attention on younger consumers, potentially overlooking an important and economically significant market.“
Co-design can help bridge the digital divide
Dr Figueiredo said addressing ageism in technology requires a shift in how businesses perceive and cater to older consumers, including recognising them as a valuable and diverse market segment.
“Incorporating older individuals in co-design, user experience design and product testing can lead to more inclusive technologies that better cater to a diverse age range, ultimately expanding market reach and relevance,” Dr Figueiredo said.
Age-inclusive marketing benefits brands and older consumers
This was echoed by international trade magazine Inside Retail, which highlighted the opportunity for brands to engage Baby Boomers more effectively.
The publication pointed to Australian label Bassike, along with Bonds, as examples of brands featuring a diverse range of imagery, including models in promotional material ranging from Gen Z through to Baby Boomers.
Inside Retail also highlighted what the research already tells us: Baby Boomers are an attractive consumer segment and brands can reach them without disengaging younger consumers.
So watch out Baby Boomers and buckle up for (hopefully) more targeted marketing campaigns that feature things you like, you need and you want!
