Focusing all your marketing on Millennials is tempting, until you look at the numbers.
Households over 50 years old now account for 52% of US consumer spending, versus 44% ten years ago. They spend more than younger households on personal care, pet products, household supplies and groceries.
Older household’s share of expenditures will continue to increase because their annual income is greater than younger household’s, and their net worth is increasing three times faster.
What’s more, attitudes across generations are not as different as many think. 66% of Millennials seek brand transparency, 55% of Boomers agree. Two thirds of Millennials eat to manage health conditions, over half of Xers and Boomers do too.
Different generations do not require completely different marketing tactics, either. Advertising on Amazon spans generations. According to Epsilon, the average Amazon shopper is a 45-54 year old affluent married couple. The majority of Xers and Boomers are on Facebook and YouTube, too. (Full disclosure: Instagram, Snapchat and TikTok have low usage by people over 30.)
People over 50 are not sitting home in the dark, hungry, dehydrated and naked. They are eager to buy food, beverage, fashion, and household products that speak to them.
Sources: Epsilon 2019, Media Post 2019, New Hope 2019, Pew 2019
So please…You’re creative. That’s why you considered the name “Brandology.” Use those creative juices to come up with another name that’s not already trademarked. Even though it will take some time, it will be fun, happy time — a stunning contrast to the time you’ll spend with Brandon if you try to use “Brandology.” Really. (It’s probably a little tacky to mention, but if you want our help naming your business, that’s something we do too.)