By April MacIntyre Jul 7, 2008, 16:17 GMT
Advertising executives already know the demographic for prime purchasing power has been ratcheting upwards, no longer the 18-45 brass ring demo.
US model Beverly Johnson participates in a press conference in Washington, D.C. USA 07 July 2008. Models Kim Alexis and Beverly Johnson joined the President of TV Land Larry W. Jones to release the results of TV Lands consumer study 'Generation Buy: A Close Look at the Boomer Consumer'. EPA/SHAWN THEW
Now, the new power purchasing is done by the 40-60 age bracket that spends on themselves, their kids and their ageing parents.
TV Land, the network that caters to this older group with their programming that celebrates the over 35 viewer has completed an involved study that validates this new prized audience for advertisers, described as "complex consumers," are adults aged 40-59.
These consumers are less brand loyal, and fork out more dough than the under 40 set. This prime adult demographic is making the majority of the household spending decisions, according to TV Land’s “Generation BUY: A Close Look at the Boomer Consumer” Study.
Three spending traits were uncovered by TV Land's study: “Promiscuous Purchasers,” “Free Agent Shoppers” and “Savvy Switchers”
The findings from the study were announced today during a press conference at the National Press Club by Larry W. Jones, president, TV Land, who was joined by Kim Alexis, host of TV Land’s original reality series “She’s Got The Look” and Beverly Johnson, a judge on the same series.
The network revealed that in the study, it was found that 40 and 50 year-olds spend more on themselves per month than other generational groups Millennials and Gen X-ers.
It was discovered they are spending twice as much as the younger groups on others in their lives.
Boomers are sandwiched between college and retirement dependants, and with these stresses they are far less brand loyal than other generational groups. They know how to find a bargain and filter the spin from advertising. They also are less likely to be prone to multimedia saturation campaigns that weave advertising into programming, Internet websites and music promotion. This group, for the most part, is not watching TV on their BlackBerry.
Their study canvassed 4,000 adults ages 18-65 nationwide.
Commissioned by TV Land, the study is part of TV Land’s commitment to better understand their own adult audience.
“She’s Got The Look” is part of TV Land’s strategy of delivering programming that appeals to the network’s target demographic. This new original series has resonated with TV Land’s audience and concludes this Wednesday, July 9 at 10pm (ET/PT). The show has been picked up for another season.
“While we have always known that it’s a mistake to underestimate the power of people in their 40s and 50s, ‘Generation BUY’ once again shows us that Boomers are a major source of consumerism in this country,” states Larry W. Jones, president, TV Land. “Knowing that this generation has so many dependants, the means to buy the products that appeal to them and the willingness to try new brands is powerful information to share with our marketing and advertising partners.”
“This research once again dispels myths about 40 and 50-somethings,” states Laurel Wichert, vice president, Research, TV Land. “The lack of brand loyalty coupled with their purchasing power makes the 40-59 audience an extremely desirable target that should not be overlooked.” Their study revealed that Baby Boomers consider themselves "open-minded and evolving." This is core to their identity and key to their purchasing behavior. Regarding brands, Boomers will not switch just because something is new. The study revealed that adults 40-59 are “Savvy Switchers.” Ninety-one percent of people in their 40s and 50s want the brand to provide more value versus 83% of Gen X and Millennials.
This new target age demo demands substance over style and care more about the promise of a brand over the image of a brand.
Reliability and quality are the hallmark attributes to appeal to the Boomers, who will consider new brands if that brand is a better alternative – the product or service must be more useful, functional and provide the most benefit/value.
The cross-pollination of celebrities, new music and humor in teaser ads that appear more like comedy shorts are enjoyed by Boomers, according to the study, but they hold little sway when it comes down to the nitty-gritty of forking over the cash. The older consumer is less gullible, and can sniff a con and a come-on a mile away.
TV Land’s “Generation BUY” study was done in two phases, according to the network.
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