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Boomers 2008
Canada's Boomers Primed to Spend, despite Troubled Economy: Poll
Ipsos Reid Study Warns Advertisers: Boomers Feel Neglected
TORONTO - Canada's slowing economy could get a shot in the arm from consumer spending by baby boomers, the country's wealthiest demographic group, according to the results of an Ipsos Reid survey to be released tomorrow at a newspaper industry conference in Toronto.
Taking a vacation (39%) tops the list of boomers' spending priorities in
the next 12 months, followed by purchasing home electronics (35%), furniture
(31%), mutual funds or investments (31%), appliances (24%), a car (23%), and a
computer (23%).
The survey of 1,980 Canadian adults aged 44 to 62, one of the largest
polling samples of this demographic in recent years, found that while eight in
ten boomers self-identify as having "big buying power," four in ten feel
advertisers ignore them.
"The research shows that at a time of ever gloomier economic forecasts,
this is a group that needs to be reached out to, as it represents tremendous
potential for growth," said John Wright, Senior VP of Public Affairs at Ipsos
Reid, which conducted the survey on behalf of the Canadian Newspaper
Association (CNA).
"For decades advertisers have chased younger audiences to gain loyalty
and market share," Mr. Wright said. "In today's economic conditions they might
be better off to refocus on a group that combines maturity with money and a
desire to spend it."
"Clearly there's a disconnect between who advertisers think they should
be marketing to, and who actually has the resources and intention to spend,"
said Anne Kothawala, CNA President and CEO, citing CNA research showing that
74% of ad dollars are spent against the 25-54 demographic.
"In other words: fistfuls of ad dollars are missing the boat."
The Ipsos Reid poll will be released Friday at "Ink & Beyond", the 2008
conference of the Canadian Newspaper Association (CNA) and the Canadian
Community Newspapers Association (CCNA).
Of particular interest to publishers and news executives at the CNA/CCNA
conference will be the data on boomers' media consumption habits presented by
Ipsos Reid, Ms. Kothawala said.
The Ipsos Reid survey shows that while boomers are no strangers to the
internet, newspapers remain a medium of choice and a fixture in the lives of
most of them, with two thirds (65%) agreeing that they don't see a time in
their future when "a newspaper will be replaced by something else."
A majority say they have become attached to print-medium journalists,
with six in ten (59%) agreeing that they typically read articles from writers
and journalists that they know because they value their comments and analysis.
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Other Highlights of the Ipsos Reid Study on Canadian Boomers
In terms of what they are likely to buy in the next 12 months, here is
how likely boomers are to purchase the following:
- 39% are likely (14% very/25% somewhat) to purchase a travel package
- 35% are likely (6% very/28% somewhat) to purchase home electronics
- 32% are likely (6% very/25% somewhat) to purchase furniture
- 31% are likely (11% very/20% somewhat) to purchase mutual ?
funds/stocks/monetary investments
- 27% are likely (6% very/20% somewhat) to purchase garden furniture
- 24% are likely (5% very/19% somewhat) to purchase appliances
- 23% are likely (7% very/15% somewhat) to purchase a car
- 23% are likely (7% very/16% somewhat) to purchase a computer
- 22% are likely (12% very/9% somewhat) to purchase insurance
- 15% are likely (3% very/12% somewhat) to purchase exercise or sports
equipment
- 12% are likely (5% very/7% somewhat) to purchase health care insurance
- 11% are likely (3% very/8% somewhat) to purchase a cell phone
Regionally:
- Boomers in British Columbia are most likely to purchase a travel
package (43%), home electronics (38%), furniture (31%), and
insurance (31%).
- Boomers in Alberta are most likely to purchase a travel package (36%),
mutual funds (32%), home electronics (32%), and furniture (28%).
- Boomers in Saskatchewan and Manitoba are most likely to purchase a
travel package (43%), home electronics (43%), mutual funds (40%), and
furniture (36%).
- Boomers in Ontario are most likely to purchase a travel package (36%),
home electronics (36%), furniture (32%), garden furniture (31%), and
mutual funds (31%).
- Boomers in Quebec are most likely to purchase a travel package (39%),
mutual funds (29%), home electronics (28%), and furniture (27%).
- Boomers in Atlantic Canada are most likely to purchase furniture (43%),
a travel package (42%), home electronics (38%), and garden
furniture (36%).
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