Luxury Marketers: Don’t Forget About Boomers

Want to market more effectively to the 50+ Luxury Consumer? Download the full report from Forbes Insights here.

Luxury marketers are able to engage with Millennials in ways they were never able to before thanks to technology. However, this laser focus may result in missing out on a key market segment that still appreciates traditional relationship marketing.

Want to market more effectively to the 50+ Luxury Consumer? Download the full report from Forbes Insights here.

Luxury marketers are able to engage with Millennials in ways they were never able to before thanks to technology. However, this laser focus may result in missing out on a key market segment that still appreciates traditional relationship marketing.

Boomers.

WealthEngine recently partnered with Forbes Insights to produce a report on the 50+ luxury consumer and the way they want to interact with brands and their purchasing behavior. Smart marketers will see that while Boomers at the very least appreciate technology and, at the very most, embrace it as strongly as their Millennial counterparts; they still very much value the experience they have with a brand.

This is a huge opportunity to marry data-driven personalized, digital marketing with in-store and experiential marketing. It also supports the continued implementation of a  tactic that has worked for centuries – Word of Mouth marketing – and combine it with digital in a way that feels personal.

In other words, Boomers are not technology averse, but they aren’t digital natives. Understanding and working with this nuance will give today’s marketer an edge over the competition. And when making a luxury purchase, wealthy 50+ consumers care about privacy and respectful marketing when it comes to their data and marketers can demonstrate this through timely, relevant messaging and promotional offers.

Millennials are important, but don’t forget the boomers. They hold 49% of all after-tax income in the United States.

Want to read the full report? Download from Forbes Insights here.

Here’s what people were saying about the report on #H2HChat

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