Tapping Into the Power of Generation 50+ - Hanna Gryncwaig-RLTV

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Dramatic demographic shifts are affecting today's television audiences and should change the way we think about our key advertising markets. The 18- to 49-year-old age group has been traditionally coveted by advertisers, who increasingly seek the even-younger Millennials, but it's the baby boomers who should be highly prized. They grew up with television and remain loyal to it, and their buying power is greater than ever.

Generation 50+ consists of 100 million consumers, compared to the 76 million Millennials in America (born between 1980 and 2000).Its members have all aged out of the 18-to-49 demographic, but their buying power hasn't declined.

Generation 50+ spends $3 trillion annually. Its members stand to inherit $11.6 trillion over the next 20 years – more than any generation in history.

They account for 59 percent of all U.S. spending and have roughly 2.5 times the average per capita discretionary spending of younger households. They spend 75 percent more than Millennials per vacation – that's 80 percent of all U.S. luxury travel!

Boomers are also the fastest-growing entrepreneur group in the country. In the next decade, more new businesses will be started by people over 50 than any other segment of our nation.

Generation 50+ is devoted to television, having watched it all their lives and especially because programming reflected their lives and lifestyles. When boomers and seniors were in their 20s and 30s, the characters on their favorite programs such as "I Love Lucy" and "Dynasty" were in their 20s and 30s too.

Today, shows like "The Big Bang Theory" or "How I Met Your Mother" do not resonate with Generation 50+, as they are not relevant to them. Boomers and seniors still watch these shows, but they're no longer connected to the content because it doesn't reflect their lives.

According to Harris Interactive, more than 80 percent of adults over the age of 40 say they have a hard time finding shows that reflect their lives. Likewise, nearly two-thirds of Americans feel that most TV programming is targeted toward people under 40.

Millennials don't share that devotion to television or to its advertising. Having grown up with the Internet, their commitment to television is different. Even when they watch television shows, many choose to watch online or through other non-traditional broadcast outlets. In addition, comScore research released earlier this year shows that Millennials are more difficult to persuade through television advertising than older viewers.

We live in a world of entertainment that is pre-occupied with the newest, the latest and the hottest, but we can't overlook television's most loyal supporters simply because they have aged past 49, especially when they haven't lost their buying power. In an age in which we widely proclaim that "60 is the new 40," we can't let outdated perceptions of age blind us to the sizeable Generation 50+ market.

More and more television networks are recognizing the demand for relevant programming that taps into this powerful generation, and television advertisers should seek programming that attracts these consumers.

At RLTV, our programming speaks to Generation 50+. And, as we found in a recent study by Millard Brown, this is a generation that has been accustomed and expects to being paid attention to. According to the study, boomers and seniors seek and respond to programming that addresses their interests and "feels right." In return, they pay more attention to the shows that apply to them, support advertisers that create ads for them (rather than for younger viewers) and fully engage with relevant content.

For advertisers, this means that if their ad campaigns speak directly to Generation 50+, boomers and seniors will respond with all the impact and influence that their large spendable income affords them. And, since they are much wealthier than Millennials, this is a response that networks, advertisers and businesses cannot afford to miss.

Hanna Gryncwajg is responsible for all advertising sales, content creation and strategic sales opportunities for RLTV and RL.TV as well as related sales operations. She can be reached at hgryncwajg@rl.tv.

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