Don’t throw the baby(boomers) out with the bath water

As we look back over 2024 here’s the thing:

• CommBank iQ data has consistently shown that consumption is expanding for those over 60.

• An RMIT survey from March 2024 estimated Australia has a total of 5.6 million Baby Boomers with an average accumulated net worth of $381,100 per person, owning more than half of Australia’s national wealth.

• In Q3 2024, CommBank iQ data again recorded negative spending growth per capita from Under 40’s

🔍 𝗧𝗵𝗲 𝗸𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀?
- Younger consumers continue to be more cautious in their spending,
- 𝗢𝗹𝗱𝗲𝗿 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮𝗻𝘀 𝗿𝗲𝗺𝗮𝗶𝗻 𝗮 𝗰𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝗮𝗻𝗱 𝗴𝗿𝗼𝘄𝗶𝗻𝗴 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝗲𝗴𝗺𝗲𝗻𝘁

⛈️ Storms always pass, but until then, consider

𝟭. 𝗧𝗵𝗲 𝗹𝗼𝗰𝗮𝗹 𝗱𝗲𝗺𝗼𝗴𝗿𝗮𝗽𝗵𝗶𝗰: Identify untapped revenue streams within the older demographic by considering what they might value in terms of menu

𝟮. 𝗩𝗮𝗹𝘂𝗲: Review price points to emphasise value and quality for younger consumers while still allowing for budget-conscious behaviour.

𝟯. 𝗦𝗲𝗿𝘃𝗶𝗰𝗲: Understand the differing generational needs for the style of connection that best resonates with them.

𝟰. 𝗔𝗺𝗯𝗶𝗮𝗻𝗰𝗲: Look at who is in your venue. Select music accordingly.

𝟱. 𝗗𝗮𝘆 𝗣𝗮𝗿𝘁 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆: Older Australians have time & money so have potential to engage during traditionally quieter periods.

✉️ 𝗡𝗢𝗧 𝗝𝗨𝗦𝗧 𝗔𝗡𝗬 𝗢𝗟𝗗 𝗣𝗢𝗥𝗧
If you want specific insight on implications for your asset or business, then contact charles@fodastrategy.com