Don’t Sleep on the Silver Economy
Discovering what medium to reach a target demographic on is important to any marketing strategy. As we know, Gen-Z individuals are digital natives who were born and raised in a digitalized realm and are frequent social media users. However, this does not mean older generations cannot be reached on social media platforms.
The silver economy is economic activity driven by people 50+ and a common misconception many individuals believe is that it is hard to reach the older generation as they “rely” on traditional media. What we may fail to recognize is that many individuals within this demographic are tech-savvy individuals with basic to extensive knowledge of technology and social media. There is programming and content for the silver economy on all platforms; why not take advantage of it?
Where can we find boomers?
Baby Boomers, ages 55 to 65, are the wealthiest demographic and the biggest spenders of any demographic. With their online presence and technology usage increasing, 53% of boomers prefer to do their shopping online. But which mediums and platforms are most suitable for targeting this demographic?
The slow decrease in traditional television has resulted in more individuals and households shifting to connected TV. The number of Boomers who view CTV has increased by 45% YoY. One reason for this is that a quarter of Americans cut their cord, meaning they no longer use cable television in their homes. While their TV viewership numbers may be decreasing their mobile usage is increasing.
Social media is an effective medium to target Boomers. 61% of individuals ages 65+ own a smartphone as well as 83% of adults ages 50-69. The two most common platforms for this demographic are YouTube and Facebook, however, many older adults are using newer social media platforms, such as TikTok.
7.2% (75.3 billion) of TikTok users are between 45-54 years old, and 8% (83.6 billion) are 55+. With the countless number of TikTok videos within the platform, this app has content for practically every user. There are niche TikTok groups that are for and created by seniors.
One Boomer TikTok user by the name of Lynn Davis (Lynja @cookingwithlynja) shares comedic cooking content with her 13 million TikTok followers. Another account, (@grandpachan) is run by 80-year-old grandparents and they create content to “connect to their four grandkids.” They post TikTok dances and short comedic skits for their 2.5 million followers.
What does this mean for businesses?
New forms of social media and the large age range within users are an advantage for brands looking to target older demographics.
Brands can leverage a multi-platform advertising strategy that is an effective way to reach audiences across different mediums and build brand awareness.
The silver economy will be around for a long time and social media is a modern and beneficial way to target this demographic. This may not work for every brand, but many brands have found success advertising to this demographic on TikTok and Facebook.
If you have a product or service you would like to market to an older niche or demographic, feel free to contact us.