“OK, boomer” is a humorous or ironic catchphrase, often used to call out or dismiss out-of-touch or closed-minded opinions associated with the baby boomer generation.
The catchphrase is frequently used by Gen Zs who blame the baby boomers for the mess the world is in now. There is some truth in this, in terms of generational ideology. But, at Flux we always see the world differently.
While we focus on the future, what’s new and what’s disruptive, we are also always on the lookout for blind spots. The “boomer economy” is one such blind spot.
While South Africa is a country with a large youth demographic, Stats SA announced this year that life expectancy for South Africans was on the rise (62.5 years for males and 68.5 years for females) and noted that these figures have been steadily climbing over the past decade.
In a world obsessed with youth, disposability and transience we’re noticing a counter trend. It’s under the pop culture radar but that doesn’t mean it’s insignificant.
In fact, it is a huge blind spot for brands and businesses.
And yet advertisers & marketers and many businesses themselves, overlook this demographic. So much so that most people over the age of 50 feel that the advertising industry only cares about young people. The disconnect between consumer spending power and advertising focus is clear – yet it is entrenched.
According to the Havas Group, a multinational advertising company, only 5% of advertising in the US is aimed at people over 50. It’s likely this is also true in South Africa.
It is a “golden” opportunity that’s being missed.
This trend briefing will unpack the following insights:
- The Amortalists (aka those who want to live for longer): thegeneration by numbers and why differentiating physical age from numerical age should matter.
- Never retire: the impact and opportunities for businesses as well as the rise of the older entrepreneur aka the “senior start-ups”
- The Big Spenders: what this demographic spends money on and how to market to them.
- The Silver Surfers: not only the new technologies designed for this market but also the new products and services aimed specifically at this generation.
- Bridging the generational divide: innovative programmes to pair young and old for mutual benefit.
- Future outlook: by 2030 the oldest millennials will be turning 50…
The pandemic and the turbulence of 2020 has forced many businesses to reframe and reinvent their business models. This is an opportunity to reconsider the boomer economy.
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