Who has money to spend? This is an important marketing question.
If you are selling a book for infants, you don’t market to the infants. They have no money to spend. Instead, you market to the parents and grandparents of infants, because they are the ones with the money to purchase your books.
I recently came across some interesting statistics that point to which population in the United States has money to spend.
In five years, 50% of the U.S. population will be over 50 years old. This consumer group spends about 50% of the money spent on consumer packaged goods (CPG). CPG is the types of goods that are consumed every day by the average customer. These boomers (born between 1946 and 1964) will be in control of 70% of the disposable income in the United States, and it is estimated that they will inherit around $15 trillion.
Some studies indicate that most marketing efforts are geared toward the 18- to 49-year-old age group and that less than five percent of advertising is pointed toward the older age group. Yet, between now and 2030, the 18 to 49 group will only grow by 14% while those in the 50+ group will grow by 34%.
Don’t forget the 50+ age group when you are planning your next book marketing campaign. Remember, many of these consumers have children and grandchildren, so even if your book may not interest them personally, they might think it is a good gift for one of their family members. After all, books still make great gifts.