How many times have you heard it said that modern marketers are relentlessly targeting Millennials? The fact is, they are ignoring a demographic reality in doing so. As reported by Marketing Charts, a new statistical report indicates that it is Baby Boomers, not Millennials, who hold more than half (54 percent) of all US household wealth. In addition, Baby Boomers actually spend more than any other generation. Another report indicates Baby Boomers spend more than $548 billion each year, almost $200 billion more than Gen Xers, the generation next in line in terms of spending.
So why do marketers keep concentrating their efforts on Millennials when Boomers hold the majority of wealth? Maybe one reason is that the Millennials rate of household wealth growth -- 500 percent from 2010 to 2019 -- is impressive, as is the fact that Millennials just recently outnumbered Baby Boomers in terms of raw numbers. Still, Millennials account for only 4 percent of total US household wealth. Time for marketers to wake up to this reality.
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