New video research from Parks Associates finds more than 85% of millennials in U.S. broadband households subscribe to at least one OTT video service. This research comes from Parks Associates’ OTT Video Market Tracker, which includes an exhaustive analysis of market trends and profiles of OTT video service providers in the U.S. and Canada, such as Netflix, HBO, YouTube and Amazon. The Tracker features a new way to blend company profiles with industry research data and analysis of competing players’ strengths and weaknesses in the space.
The year 2030 marks an important demographic turning point in U.S. history according to the U.S. Census Bureau’s 2017 National Population Projections. By 2030, all baby boomers will be older than age 65. This will expand the size of the older population so that 1 in every 5 residents will be retirement age.
Companies are missing the mark when it comes to engaging and catering to the needs of the aging consumer. Marketers need to bolster efforts to better reach and cater to an aging demographic, such as using larger fonts on product labels and signage, and merchandising age-related products in one place and at arm’s length for easier accessibility.
Although many food marketers have focused on targeting Millennials as of late, new research shows that Baby Boomers are statistically more affluent and well-positioned in the new economy, and are quietly re-entering the spotlight. This generation accounts for 44% of the households with incomes over $75,000, so discretionary spending is much greater than for younger consumers, as more than a third of Millennials, or 36%, live at home with parents according to Pew Research.
A new study by Radius Global Market Research (radius GMR) has found that while there are certain differences between Millennials and Boomers — as expected — there are also significant similarities. For example, new media and technology are not just for the young. Both groups also have similar concerns when making purchases, such as a focus on quality and value.
Should marketers spend more time courting online Baby Boomers? The results of McAfee’s recent survey show that ignoring this group of consumers could be an opportunity lost for retailers. However, not all Boomers are alike. The young members of this generation, those between the ages of 50 to 61, spend far more time online and make better targets for digital marketing and sales efforts.
The Millennial generation is expected to outspend Baby Boomers by 2017, yet retailers underestimate the size and purchasing power of this consumer group. Millennials (14- to 33-year-olds) number 80 million and have an annual spending power in the U.S. of $200 billion. By 2030, Millennials will be larger in volume than all other generations combined.
Although online shopping is steady, Boomers are continuing to increase their online purchases (up 4.5% since 2011) and Millennials who said they are purchasing more online is down 7% from 2011, according to an ongoing shopper behavior study conducted by Integer and M/A/R/C Research. There are some interesting shifts in purchase categories; online purchase of health and beauty has increased significantly among shoppers aged 50 to 64, growing nearly 12%.
Consumer healthcare research has increasingly moved to the internet, and now consumers are beginning to manage their pharma prescriptions online as well. Baby boomers are defying digital norms by leading, rather than following, the online trend. For pharmacies looking to gain online users, mobile is key; two out of five internet users said they would like their primary pharmacy to offer a mobile health app.
Although an increasing number of baby boomers own smartphones and belong to social networks, boomers – especially older ones – still tend to be less digitally engaged than younger consumers, according to new research from eMarketer. Only 42.6% of boomers who have mobile phones are mobile internet users. However, boomers are about as likely as younger internet users to use email.
According to a recent study by Packaged Facts, changes in thinking about what it means to get old have occurred alongside a rising concern by Boomers about doing what it takes to improve their health and wellness. For that reason, marketers of consumer goods and services have made Healthy 50+ Consumers prime targets. The report defines “Healthy 50+ Consumers” as the 26 million Americans 50 years and over who are pursing a wellness regime that includes healthy eating and regular exercise activities such as fitness walking or swimming. Not only are Healthy 50+ Consumers more confident about the overall economy and their own financial futures, but they are also far more willing to pay a premium when purchasing “better-for-you” grocery products compared to their peers.