All eyes have been on millennials. What do they like? How do you reach out to them? But there are other forces that shouldn’t be forgotten. With a whopping 75 million Baby Boomers in the US now, maybe it is time to show them a little more attention than normal. Baby boomers online shopping habits are critical for your business today. Their shopping and buying habits are significantly different compared to those of the ever-so-popular millennials. So let’s redirect those questions with a new focus: What are the online buying habits of Baby Boomers? Yes, MicroD is spreading the word about more online shopping habits. But this time, we’re focusing in on America’s wealthiest demographic.
For those who aren’t good with remembering dates, and there is a lot of us, Baby Boomers are made up of people who were born between the years 1946 to 1964. They are one of the earliest adopters of email, with 83% using their computers and tablets for this very reason (hint, hint)!
Why They Matter
Baby Boomers make up over 23% of the population. One in four shops online from their mobile phone, although a majority prefer tablets and laptops. Clearly, what they are shopping from doesn’t affect their online spending! In fact, Baby Boomers control about 70% of all disposable income in the US. Plus, they’re expected to inherit $8.4 trillion by the year 2030! They have the money to spend, and they want to spend it! They are also a confident generation and know what they want and when they want it. Only 12% said they look for the help from their families to make a purchase decision.
Do you love trying new things? Guess who does? Baby Boomers. Did you know they are the only generation to not give importance to the brand names they grew up with? This alone is a great opportunity for many home furnishings retailers to showcase and introduce newer products. Which is a win-win situation when you learn they are probably the only generation left that insist on physically making their way to a furniture store to shop. Now that online and mobile shopping is forever changing the way we buy, it’s nice to know 84% of the Boomer generation still value the in-store experience.
Our parents and grandparents are doing their research! According to Forbes, nearly half (49%) of the Baby Boomer generation spend at least 11 hours a week online. For comparison, this applies to 42% of millennials.
Before buying anything, Baby Boomers take their time surfing the web for all kinds of merchandise, products, services, and reviews. Remember the importance of reviews? Well, now that’s paying off because grandma and grandpa want to know what other customers are saying about your dining table prices, sofa deliveries, and customer service skills.
And they are NOT afraid to speak their minds. Baby Boomers are more likely to (compared to other generations) reach out to retailers for customer service. This includes questions, complaints, and both positive and negative encounters. Again, reviews matter! If Baby Boomers are finding your home furnishings store online with a bad reputation chances are you might lose possible customers.
What Are They Buying?
Besides healthcare, traveling the world, and the 21% who buy groceries digitally, Boomers are spending more and more on home improvement. After years of hard work and labor, and the image of retirement in mind, many are just looking to relax. And there’s no better way to relax than by looking for furniture that will better suit a new and retired lifestyle.
BONUS TIP: 41% of Baby Boomers will click to purchase. Want to know how this will benefit retailers in the home furnishings industry?