Baby Boomers might just be the original philanthropist – the catalysts of change and protector of civil rights. Couple their passion with their expendable income and you may have a match made in cause marketing heaven!
The Boomer Generation (born approximately between 1946 – 1964) is often associated with the counterculture of the 1960s, the civil rights movement, and the “second-wave” feminist cause of the 1970s. But they are also known for excessive spending, and rightfully so! There are 76 million Baby Boomers in American who control over 80% of personal financial assets and more than half of all consumer spending. They buy 77% of all prescription drugs, 61% of over-the-counter drugs and 80% of all leisure travel. A survey by the U.S. Trust also found that over 1/3 of baby boomers polled in the U.S. would rather pass on their inheritance to charities rather than pass it down to their children.
With their immense spending power and hearts of gold, we wanted to know more about Baby Boomers’ feelings on the intersection of profit and purpose. While many attribute the expectation of corporate social responsibility to the Millennial generation, one could argue that their parents – the Baby Boomer – could actually be responsible for such activity because of the ideals and passion for social impact they have raised their children with.
While Boomers are very diverse and one is not like the other, we extracted a few commonalities from an analysis around their lifestyle, brand and philanthropic preferences. Did you know…
- Boomers are 9.5x more likely than other generations to give to charitable causes
- Boomers are more likely to give to a cause because of a personal connection
- Nearly 1/5 of Boomers have a returning child (a Millennial) at home, which could influence many of their purchasing and cause engagement decisions
- Their favorite causes are politically-charged, saving the planet and supporting health advancements
Download the full report here for more groundbreaking data about the Baby Boomer Generation.
With a high net worth, hope for the future, and no retirement on the horizon, engaging the Baby Boomer with your cause is still a must-do! Talking to some of their favorite brands, like Nestle, Whole Foods and Darden Restaurants, could also present interesting social impact platforms that could pay off on a grand scale for your organization.