Engaging with Consumers Who Have the Cash to Splash

Author: Annette Malave, SVP/Insights, RAB

While some brands focus on reaching the next generation, it may be wise to connect with today’s wealthiest consumer segment – baby boomers.

Born between 1946 and 1964, boomers are considered the wealthiest generation according to Allianz. They are a consumer group that truly has the cash to splash. Depending on the source, they currently account for 15-18% of today’s workforce. No matter which percentage you use, the wallet behind this percentage is even more impressive.

According to a report, baby boomers accounted for 42% of home purchases between June 2023 and July 2024 – higher than the prior year. The National Association of Retailers’ 2025 report details that 51% of older boomers and 40% of younger boomers purchased their homes with cash.

Reviewing another major purchase, boomers had the second highest percentage of new car registrations in 2024 (28.3%), behind Gen X (31.6%). The percentage of new vehicle registrations by baby boomers is rising steadily from a low in 2022, per Experian.

Baby boomers are a consumer segment that brands want to attract and connect with. Unlike other generations, baby boomers are much more loyal to brands in certain categories. According to Morning Consult, boomers are more loyal to brands compared to other U.S. adults. They are much more loyal to brands in the following categories: grocery/household goods, beauty and personal care products, electronics and apparel (including shoes and accessories).

As a prime target for many categories, the best medium for brands to reach baby boomers is broadcast radio. Baby boomers spend much of their time with broadcast radio and when it comes to heavy radio listening, boomers tune into radio nearly twice the amount of time with radio compared to other media or pastime options. Based on data from The Media Audit, heavy radio listening baby boomers spend 29% of their daily time with AM/FM radio.

As noted earlier, boomers are brand loyal, and they will patronize those retailers that have the brands they love. Seventy-five percent of boomers will only shop at their favorite stores because they sell the brands they like. They are also very supportive of local businesses. Per MRI-Simmons data, 52% of baby boomers prefer to shop at local independent retailers versus national chains. And while they may be a little thrifty (58% shop around to get specials or bargains), nearly six in 10 agree that it is more important to get exactly what they want than the price it may cost.

While millennials and Gen X are considered the consumer of tomorrow, brands and retailers should not forget today’s most cash-flush consumer. Unlike other generations, boomers are loyal to the brands they use. As a highly engaged audience, using broadcast radio to reach and connect with them is how brands and retailers can gain and maintain that loyalty.