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Every seven seconds someone in America turns 50
77 million people were born between 1946 and 1964. By 2015, the AARP predicts that people aged 50 and older will represent 45% of the U.S. population.
These consumers matter and advertisers should pay attention.
The largest age group in the United States
According to the U.S. Census, in 2010, 49 will be the single largest age group in the United States. In 2010, adults 45 and older are predicted to out-spend younger adults by $1 trillion.
Where do casinos, health-care organizations and political campaigns — examples of advertisers whose models depend a lot on the 55-plus demographic — advertise if most broadcast outlets are programming toward younger demographics?
The answer is social networks
Internet monitoring site comScore, estimates 16.5 million adults age 55 and older currently engage in social networking.
Baby boomers, are finding social networking sites appealing for the same reasons younger people do – to stay connected. Of course the older you are, the more likely you are to be interested in reconnecting with long lost friends and classmates you haven’t talked to in more than 30 years.
Boomers like to Blog
Most people believe that all of the blogging, Twittering and Facebooking is being done by twenty and thirty-somethings. However the facts tell a different story.
The fastest growing users of social networking sites
According to a Consumer Electronics Usage Survey from Accenture, Baby Boomers (those born 1946-1964) are the fastest growing users of social networking sites and are increasingly reading blogs. Meanwhile Gen Y interest in these services has started to plateau.
Baby boomers are social
- Increased reading blogs and listening to podcasts by 67 percent year over year; nearly 80 times faster than Gen Y (1 percent)
- Posted a 59 percent increase in using social networking sites—more than 30 times faster than Gen Y (2 percent)
- Increased watching/posting videos on the Internet by 35 percent—while Gen Y usage decreased slightly (-2 percent)
- Accelerated playing video games on the go via mobile devices by 52 percent— 20 times faster than Gen Y (2 percent)
- Increased listening to music on an iPod or other portable music player by 49 percent—more than four times faster than Gen Y (12 percent)
Gen Y is falling behind
- Participation slipped in virtual worlds from 23 percent to 19 percent
- Consumed no more video online than they did last year
- Blogged and contributed to wikis less ( down from 35 to 33 percent)
Grandma loves Facebook
According to Facebook, their fastest growing demographic is those 35 years old and older. According to iStrategyLabs, Facebook has a user base of 18.1 million users, and the number of users age 55 and over has grown from a negligible 950,000 to 5.9 million in a mere six months, which equates to a 513.7% increase.
Look who’s on MySpace
Even MySpace, with 130 million users, is enjoying a surge among the 55-plus set, who total 6.9 million users and spend an average 204 minutes a month on the site.
The AARP gets social
In just one year, over 350,000 users created 1,700 groups celebrating everything from gardening to social activism on the AARP.org social networking platform. This 55-plus online Community encourages users to meet new adult friends and socialize with one another by sharing photos and videos, playing online games, asking advice, writing in a journal, and chatting with their connections. As social networking evolves, older consumers are becoming more and more involved with social networking sites. According to a study conducted by the AARP, 58% of members over 50 access their online community several times a day.
Boomers like to share
These sites are where Boomers share their opinions, and brands are starting to realize social networking is a great way to connect with this increasingly large group and wealthy group of consumers. In a world where few people live close to family or old friends, social media sites are making it easier for everyone to reconnect.
Everybody’s doing it
Whether it’s congressmen Twittering during presidential speeches, parents connecting with high school flames on Facebook or empty-nesters planning group outings on grown-up sites such as Eons.com, Baby Boomers are a growing part of social media’s evolution, becoming more connected and more engaged than ever before.
The beta version of Lunch.com launched earlier this year to much fanfare at the Web 2.0 Expo in San Francisco. The brainchild of social media guru J.R. Johnson — who sold his user-driven travel review website, VirtualTourist.com, to Expedia last year — Lunch.com’s goal is to create an online community of reviewers bound by their shared interests and connected to one another in a Similarity Network.
Through this network, users can discover brands and products that may interest them based on the recommendations of their like-minded peers. The site also mixes qualities of Facebook and Twitter — status updates, photo albums, micro reviews, follower and friends lists — with its Yelp format, making it a one-stop shop for all things social networking.
The Good
- Viral goldmine: Clearly, the potential to reach consumers via Lunch.com is immense. And given that the site is still in its infancy, that potential will only continue to grow along with subscribers.
- User-friendly: Pages are exceptionally well organized and easy to navigate. Props to the information architect and designer.
- Review ratings: Reviewers are ranked by their peers, based on the usefulness of their reviews, which helps produce product reviews that are actually useful, well written and less of the LOL/OMG variety.
The Bad
- Limited topics: Collectors of rare 18th century stamps will probably not find other enthusiasts here. To cast the widest net possible, communities seem to revolve around the lowest common denominator, though interests will likely expand as the site does.
- Experts missing: Though peer reviews are helpful, when it comes to purchasing big ticket items like electronics, nothing beats the reviews of experts. Lunch would be well served by adding an “experts corner” or feed to CNET. A comparison shopping service also wouldn’t hurt.
- Timing: Had Lunch launched years ago, it might have been a formidable competitor to Facebook, but its arrival now makes it a little late to the virtual party. Alternatively, it may crush Facebook in the same way that Facebook crushed MySpace and Friendster. This seems an unlikely scenario to us as Lunch is less about friends and more about products, but ultimately time will tell and Lunch.com remains one to watch.
Check it out for yourself — Lunch.com — and then leave us a comment with your thoughts.