I think it is interesting that the majority of time when marketers talk about technologies they say that the target demographic is a group that falls somewhere between 13 and 34 and male, female or combined. Now, I’m not naive enough to think that people in this demographic aren’t big tech users, but I keep going back to something that I heard years ago growing up in Philadelphia.
Willy Sutton, a well know bank robber, who spent a large part of his life at Eastern State Penitentiary in Philly, was asked why he robbed banks, to which he replied, “Cause that’s where the money was!”
So, I just have to ask, is the 13-34 where all the money is? Maybe some, but there is a significantly better demographic, with considerably more money, that marketers are not paying attention to, “Boomers”.
In case you don’t know, Boomers:
- Currently represent 29% of the US population at 76 million.
- By 2010, more than 30% of the population will be over 50.
- They control about 50% of the total discretionary income.
- They control about 75% of the total wealth.
- And, a drum roll please, their annual spending equates to $1.1 Trillion.
- And lastly, nobody seems to be paying attention to them in the tech sector.
Now I ask you, does the 13-34 demographic come anywhere close to this?
With more and more being printed about Boomers, I think that maybe 2007 will be the year when marketers get the Boomer demographics and “go where the money is”. Maybe then, entrepreneurs will develop some technologies and social networking applications and try to get a piece of that $1.1T we annually spend.