Baby Boomers Boost Bottom Lines
Adults, age 50+, now number 1 in every 3 Americans, and their impact on social and economic landscapes are unlike any previous generation. 109 million strong, these smart, savvy shoppers control generational wealth by making purchase decisions for their aging parents, themselves and their adult children. Long Island businesses can’t afford to look past this “Sandwich Generation” that has control of nearly $240 billion in amassed wealth while still commanding median household incomes of over $77,000.
If you’re not targeting the grey market, you’re missing out on one of the largest, wealthiest and fastest-growing populations in the country – and especially on Long Island.
Long Island is a Mature Market
Over one million consumers aged 50+ call Long Island their home. AARP cites over a half a million members in Nassau and Suffolk counties alone. These active agers represent a $4.6 trillion-dollar spending market and are key to future growth for marketers on Long Island.
One of the best ways to reach active agers is through trusted sources they rely on for information and entertainment. Newspapers and magazines are good sources to reach and influence both in print and online, as are events. In fact, according to a survey of public participation in the arts, older Americans were the only demographic that increased its participation in live events. Social media is also effective, as 65 percent of 50-64-year olds are active on Facebook and 21 percent use Instagram regularly.
Noteable facts about the “Sandwich Generation” the largest, wealthiest and fastest-growing population on Long Island.
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