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Marketing in the Future American Economy:
Baby Boomers, Aging Millennials
and Advertising Strategies


Introduction

Seniors and Aging Millennials Will Shape the Future of the American Economy

In a world where a customer-centric approach to marketing and advertising reigns, nothing is as important as understanding one’s target market - from their age, location and lifestyle, to their motivations, aspirations, challenges, and more.

But what if the face of your main target demographic shifted? What if what they cared about changed dramatically - would you, as a creative professional, be ready to pivot?

The influence of senior citizens is rapidly growing - and is set to have a major impact on the structure of the economy. Current estimates show that by 2060, one in every four Americans will be over 65 years old. To give perspective on how fast the change is happening, in 2010, that figure was closer to 1.3 in every 10 Americans.

So what does this mean in terms of the shape of the economic future?

On the one hand, some predictions are positive. For example, longer life expectancy may lead to longer careers (with many working past the age of 65), which could drum up more business for educational and training organizations, financial institutions (retirement planning), and travel and tourism as many are able to take advantage of their golden years in good health.

On the other hand, there are also concerns over the country’s ability to provide health care and other support services to an aging population.

Creative Professionals Need to Learn How to Engage and Advertise to Seniors Now

Early adopters of new strategies who can make the leap now to understanding not just seniors, but the myriad of other market segments who are involved in their care, stand to position themselves to thrive in a new era of advertising.

"Marketers and advertisers have historically focused on younger demographics while ignoring the old. Young people are still important in 2018, but reaching and persuading those 65+ is the single biggest opportunity out there." - Duncan Stewart, Director of Technology, Media and Telecommunications Research for Deloitte Canada


And if you need more convincing that being future-focused will pay off, also consider that Millennials, the lucrative demographic du jour - are also expected to live longer than any other generation before them, and spend up to one third of their life as what we now refer to as ‘old people.’

As early as 2030, creative professionals may find themselves in a new era of advertising, as new and innovative products and services that support seniors enter the market. Therefore, creative professionals would be wise to pay attention to this shifting demographic trend now, learning how to adjust messaging and materials to appeal to an older demographic - as well as those who have products and services that cater to seniors. On this front, voice over will play an essential role.

“While Millennials are the darlings of the ad trade right now, half of our Boomer population is in retirement, with the other half hoping to retire over the next decade. Many seniors are healthier and more financially strong than previous generations. They are strong consumers for upscale real estate, cars, accessories and trips.” - Chris Phillips, Voice Actor, Columbia, SC

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