The Power of the Silver Tsunami:

How Brands Can Drive Growth by Targeting Boomers

By Ciara Freeman for Jane Crisan

Boomers get a bad rap. Mark Cuban recently called them the “most disappointing” generation, further
exacerbating the image we sometimes have of Baby Boomers – yelling at Millennials spending too much
money on avocado toast. And while I, personally, know some in that generation can be characterized in
that way, one thing is for sure – Boomers are not a monolith.

Maybe I take it personally. As a Boomer myself, I have often taken offense to some of the generalizations
of this generation and have often not been able to relate. Recently a friend referenced that I might
associate more with “Generation Jones” – a cohort of younger Boomers. This subset grew up watching
television, were some of the first adults to use digital tools in everyday life but joined the workforce
during a more challenging economic environment. They are characterized as “jonesing,” or yearning, for
the resources and privileges that were more widely available to older Boomers.

Even at an agency that has decades of experience connecting brands to the 55+ audience, I had never
heard of Generation Jones! So, it’s no surprise we continue to see brands discount this complex
demographic. We often see DTC brands initially identify their customers as Generation Z and Millennials
through primary research and persona work. However, when we delve into the actual customer
segmentation data, what often emerges are Gen X or Baby Boomers are the actual customers.

Baby Boomers are now the second-largest generational cohort at roughly 70 million Baby Boomers
within the U.S. This phenomenon has shaped a large "wave" in the population that has been referred to
as the "Silver Tsunami." This force of nature comes with $2.6 trillion in spending power, more than
Millienials or Gen Z. However, the 55+ population are often left in the shadows of advertising and
marketing – it just isn't "cool" to claim territory with an older audience.

But the tides are changing. AARP published a report this summer that validated what we’ve been telling
our clients for years - Boomer stereotypes are becoming a thing of the past. Seniors are redefining aging
by prioritizing fitness and health, having positive outlooks about their financial situations and are
seemingly, living their best lives. This presents a lot of opportunities for brands looking to new audiences
for growth.

Reaching Boomers is getting easier too. Seniors are embracing digital channels such as OTT and
streaming video with consumption continuing to grow as video viewing habits evolve. Early in the
pandemic we saw drastic increases primarily from younger viewers on Hulu, Netflix, Amazon Prime,
Disney + and more. However, with younger demographics already having high levels of OTT adoption and
consumption, their continued growth potential becomes more limited. Older audiences don’t currently
account for the largest share of time spent on streaming, but they are driving the most growth and
represent an emerging and largely untapped audience in the OTT space.

We’re already seeing large and small publishers alike experience evolutions in their user base, with the
50+ audience accounting for an increasing share of users year over year. In Q1 2022, streaming services
saw double the growth rate in their 65+ audience than their 55+ demographic, according to Comscore.
And streaming video isn’t the only digital channel Boomers are utilizing more. Based on research from
our proprietary adtech and partners, they are also increasing use of social media and going online to
shop. Nearly three-quarters of (71%) are avid social media users, with Facebook and YouTube as their
primary platforms of choice. Increased online shopping is expected to be sustained into the future for
nearly half of Boomers, and eCommerce has spurred nearly two-thirds to try new brands or products.

As an agency obsessed with audience identification and scale potential based on real customer purchase
data, we have clients that we have successfully scaled in all demographic categories. Still, we’re
championing this demo through experience in the 55+ category and we want to share some best
practices with the world. Here are some of the ways brands can harness the Boomer Silver Tsunami and
authentically engage with their older audiences.

Here’s how brands can start harnessing the power of the Silver Tsunami:

● Identify segments within the generation. Successfully engaging the 55+ cohort is guided by
research identifying demographic segments within the generation. Looking at age, income,
values, interests, and lifestyles will allow marketers to identify three discrete groups within the
Boomer Silver Tsunami. We’ve identified the Nostalgic Conservatives (thrifty, fixed-income),
Seniors Simply Living (traditional, mid-income), and Progressive Knowledgeable Nesters (savvy,
affluent), as previously mentioned.

Though they are within the same generation, each segment values, spends, and thinks
differently. This data allows brands to strategically and authentically align campaigns to speak
directly with each audiences' needs. Taking the time to identify segments will provide actual
data that can guide you during campaign development.

● Understand how retirement is valued. Retirement is valued entirely differently within the
Boomer Silver Tsunami than previous generations. New entrants to retirement view it as a new
chapter in life — a more optimistic lens than the view of many past generations. In our research,
we uncovered four key pillars of retirement — they include health, family, purpose, and finances.
The current 55+ consumers invest time and money to align their livelihoods to maintain these
four pillars. It is also important to note how each of these pillars are prioritized within the
generations' segments.

● Connect to social change. Boomers are increasingly looking for ways to contribute to social
impact and purpose-driven initiatives. However, recent research indicates that the share of
Boomers (38%) using their money this way is significantly less than millennials (83%) and Gen X
(62%), suggesting that Boomers, particularly female Boomers, could be more engaged when it
comes to applying their financial clout and purchasing power to the causes they claim to
support.

● Invest in OTT. Growth of older audiences in the OTT space creates a unique opportunity—for
advertisers looking to reach senior demographics, it demands diversification of their video
portfolio to effectively reach consumers. These older audiences will not only drive OTT growth in
the coming months and year, but they historically spend more time with TV than younger
demographics. This trend will likely translate to OTT, particularly because of the bingeable nature
of OTT and because streaming platforms will continue to develop more content that appeals to
older viewers.
We recognize the differentiated need, whether it is research around preferred visual imagery or the
ability to target the Boomer Silver Tsunami in linear television, OTT, and digital media. In addition, we
want to help drive the cultural conversation around connecting to the all-important consumer, regardless
of age. The 55+ might not be a marketer's primary target or a potential secondary growth target, but we
will continue to effectively nurture their essential inclusion into the marketing mix.

Jane Crisan is president and COO of Rain the Growth Agency.