Kopanidis and Dr Bernardo Figueiredo, associate professors in marketing at RMIT University, the cohort of Baby Boomers who are aged between 55 and 74 years not only signifies an opportunity for market growth but also stability.  “Given this demographic’s consumption footprint is big and growing there is a call for brands to re-evaluate their marketing strategies; a critical starting point for brands to better diversify their marketing materials and strategies is to gain an intimate insight and understanding of their target audience,” Kopanidis told Inside Retail. Retailers have failed to understand and represent a large consumer demographic that could be lucrative to their business. The forgotten generation  According to Kopanidis, Australia’s population is made up of 5.6 million Baby Boomers, commanding a substantial 21.5 per cent slice of the national population and an even larger share of the country’s wealth.    “With an average accumulated net worth of $381,100 per person, they own more than half of Australia’s national wealth – and they like to spend it,” said Kopanidis. Kopanidis believes that brands have reduced this consumer group to a stereotype that does not want to engage in the lifestyles and hobbies that are so often attributed to Gen X, Millennial, Gen Z and now Gen Alpha. In looking to expand market share and reach, brands outside of health and wellness which often hint at age-related issues, have forgotten to include the Baby Boomer generation in their marketing materials. “In fact, Baby Boomers show diversity not only in attitudes but also in lifestyle choices and they don’t always stick to the same path with their brand preferences,” explained Kopanidis.  “They resist cultural stereotypes associated with ageing and strongly reject ageist labels and caricatures,” she added.  Inclusion is profitable  Stores and brands alike stand to gain from Baby Boomer consumers with their consumer behaviours and spending habits. “Businesses stand to benefit significantly by tapping into the ‘silver economy,’ as older consumers often possess more disposable income and brand loyalty compared to younger demographics,” said Dr Figueiredo. “Baby Boomers should be the prime target market for brands, yet many ignore the great potential of this consumer with only 5 per cent of advertising expenditure in Australia spent on this demographic,” said Kopanidis. Marketing efforts and budgets are mostly directed towards younger consumers despite their lack of loyalty and shrinking disposable income. According to research by comparison website Finder, the cost-of-living crisis is mostly affecting Gez and 90 per cent of young Australians are being forced to reduce spending. “If brands want to bring in big business as younger generations tighten their purse strings, they must pay attention to the Baby Boomer market and truly understand what their purchasing habits and goals are – not assume,” said Kopanidis. Brands with a focus on digital marketing have underestimated the digital proficiency and presence of Baby Boomers online which is only set to grow over time. “The stigma around older Australians and technology not only marginalises a significant demographic but also overlooks their growing proficiency and interest in digital platforms,” said Dr Figueiredo. “Addressing ageism in technology requires a paradigm shift in how businesses perceive and cater to the older population, recognising them as a viable and valuable market segment,” he added. Brands might be surprised to learn that they could easily tap into the “silver economy” and reach the Baby Boomer market through digital marketing much like they do with other customer segments. “They also often engage in online shopping, with at least 70 per cent making one purchase from Amazon monthly and engaging with TikTok, Snapchat, Reddit, YouTube, and Facebook,” said Kopanidis. Walking the talk  It’s no surprise that the beauty industry is a leader in representing Baby Boomers in its marketing materials as so many of the products are focussed on anti-aging. L’Oréal and Lancôme are attempting to confront age-related stereotypes with spokespeople like Helen Mirren, Jane Fonda and Isabella Rossellini. However, the fashion industry is slower to make age inclusivity a top priority with youth often being an aspirational part of a brand’s aesthetic. Last October, luxury label Loewe went viral for its campaign with octogenarian actress Maggie Smith which had an overwhelmingly positive response from fashion fans of all generations. Not too dissimilarly, Jacquemus’ 2022 holiday campaign starred Pamela Anderson which incidentally marked the beginning of her fashion comeback. High-fashion brands casting prominent elder celebrities is not a new strategy and one that also proved successful for Céline is 2015 when it cast Joan Didion for a series of ads in 2015.  While luxury and editorial fashion often see diverse age casting as camp, mainstream brands are still catching up. Australian label Bassike is an example of a brand that consistently ensures its campaign imagery features models of a diverse age range, from Gen Z to Baby Boomers. Much like Bassike, Bonds also aims to capture the age diversity of the Australian market with its campaign ‘from 8 seconds or 80 years old, Bonds is for everyone’. Baby Boomers are proving to be an attractive marketing segment that brands can successfully reach without disengaging younger consumers.