Ever wondered why your grandparents always have the best biscuit selection? Perhaps because their generation is more minted than a batch of mint slices and you could be overlooking that spending power. Check out the latest useful resource from Mars United Commerce 'The Baby Boomer Playbook', with insights from Troy Parsonson, General Manager, Mars United Commerce NZ.
Ever wondered why your grandparents always have the best biscuit selection? Perhaps because their generation is more minted than a batch of mint slices and you could be overlooking that spending power.
The power of the Grey Dollar is the topic of a recent study by Mars United Commerce in the US with plenty of relevance to NZ.
Baby Boomers might struggle with 2-factor authentication or sometimes even the TV remote but their spending power and importance as a consumer group shouldn’t be under-estimated.
Let’s remember no other living generation has experienced such a dramatic pace of change as ‘boomers’ (those aged between 62 - 80). Their lives have witnessed the first moon landing, Hillary conquering Everest, the Cold and Vietnam wars, the ’81 Springbok tour protests and no less than 15 NZ prime ministers.
They’ve gone from the days of no seatbelts to the birth of electric cars. From handwritten letters and black and white TVs to social media and streaming platforms.
They come from an age when unemployment wasn’t a thing and owning your own home was measured in tens of thousands not hundreds.
Crucially these days, this demographic accounts for 60% of NZ’s total individual net wealth according to BERL research.
Boomers don’t see themselves as old with ‘active ageing’, international travel, and a heightening health and fitness focus all becoming more prevalent highlighted by an emerging mindset of "I may be retired from work, but certainly not retired from life.”
For New Zealand marketers, they represent perhaps the biggest underleveraged commercial opportunity available today. So, while brand attention often gravitates toward Millennials or Gen Z, Baby Boomers remain one of New Zealand's wealthiest, most asset-rich and highest-spending consumer groups, controlling a disproportionate share of the nation's wealth and holding significant disposable income.
And per our much-publicised ageing population, that older age bracket is only set to get bigger so understanding what makes them tick, what they priortise as consumers and how best to reach them becomes even more important.
And that is the gist of this report from Mars United Commerce, which you can download at the link below.