Grandparent Market – Where the Money is for Marketers?

Grandparents.  70 million of them in the US.  They buy $2 trillion worth of goods and services annually.  High levels of income and eduction. And they spend alot of money on their grandchildren.  And a whole lot of them are baby boomers!

The new report from grandparents.com takes a comprehensive look at the grandparent market — who they are, how they spend their money — and why marketers should pay attention.

Here are some of the facts:

  1. Three in every ten adults are grandparents.
  2. Medican age of a first time grandparent is 50 for women and 54 for men.
  3. By 2010, more than half of grandparent’s will be baby boomers.
  4. By 2010, households headed by 55-64 year olds will earn the highest average income, surpassing that of families headed by 45-54 year olds for the first time.
  5. Grandparent spending on grandchildren has grown an average of 7.6% per year since 2000.
  6. Grandparents make 45% of the nation’s cash contributions to nonprofit organizations and account for 42% of all consumer spending on gifts.

If you attended the Boomer summit in Las Vegas you might have had a chance to hear Jerry Shereshewsky talk about this market.  This is new research and well worth a read if this is your target market.

Find the report here

posted by Laura Rossman

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Reaching the Baby Boomer Grandparent Market

Even in a tough economy, grandparents find it hard to turn off buying for their grandchildren. Whether its toys or education funds,   baby boomer grandparents can be a great market.  There are more than 70 million grandparents in the US. They spend $50 billion a year.  The average age of a grandparent is 48 — so you need to understand both the younger and older boomer market.

Marketing Sherpa has a great article with tips on marketing to grandparents.  Jerry Shereshewsky, CEO of grandparents.com, offers some great advice and insight.

Jerry will be joining us on a panel at the What’s Next Boomer Summit on March 19 — he’ll talk about how to market to  boomer grandparents.

What companies should be especially keen on reaching grandparents?  Toys, travel, consumer goods, financial services, automotive, sports, photography.  And while their assets maybe suffering from the recession, their emotional tie,  their relationship with their grandchildren and hope for their future is strong.   A market opportunity worth pursuing…

Read the Marketing Sherpa article (open until Feb. 10) http://www.marketingsherpa.com/article.php?ident=31033

Register for What’s Next Boomer Business Summit and hear from Jerry and other boomer marketing experts. www.boomersummit.com