Marketing's Age Gap: Boomers Hold Half of Wealth But Just 5% of Ad Spend

​Hopeful Monsters' latest research report reveals a significant disparity in Australian marketing investment, with only 5% of advertising budgets targeting Baby Boomers despite the demographic accounting for a quarter of the population and holding half of the nation's wealth.

Insights revealed Baby Boomers represent 25% of Australians and control 50% of wealth, yet receive just 5% of marketing spend. Older Australians also demonstrate stronger brand loyalty and outspend younger cohorts. Despite being active online, older consumers are less engaged.

The report, ’Beyond Gen Z: Is Marketing Ageist?’ drew from the agency’s Change Things Lab report, and combines cultural analysis, spending data, and consumer interviews.

The report reveals a demographic disconnect between generations, with older Australians more likely to be wealthy and to demonstrate brand loyalty, but overlooked in digital advertising because of cultural misconceptions.

Hopeful Monsters partner Carl Moggridge told LBB this ageist blind spot felt “weird” to the team of cultural researchers who authored the eventual report.

“If Baby Boomers are nearly 25% of the population and own 50% of the wealth, why is only 5% of ad spend directed towards them?” Carl said.

“This feels weird, particularly given digital media promises data, personalisation and hyper targeting.”

The reality is, according to Carl, most brands chase younger consumers while ignoring a growing, wealthy, and potentially more loyal group of buyers in older Australians.

“Ageism isn’t just a problem in marketing, it’s a societal bias that’s unfortunately deeply embedded in culture,” he said. “We wanted to challenge that and spotlight it.”

Carl added that while some may argue Gen Z represents future consumers for a brand, older people are “hardly dead yet.”

“Hard calls do need to be made – [but] older people are hardly dead yet, even though our research shows they're made to feel like that,” Carl said.

“You could also argue that because they are being ignored, they’re easier to reach and require less spend.

“The media isn’t just misrepresenting older people, it’s diminishing them. From portraying them as frail, confused -- stereotypes reinforce the feelings of social isolation many of them experience. Society (and marketing) make ageing feel like a decline rather than a progressive part of life full of free time, adventure, and in some cases, more disposable income.

“One woman we interviewed put it perfectly: ‘I’m 72, not 102.’ The emotional and psychological toll of being made invisible or condescended to is real, and it’s unnecessary and preventable.”

And brands who chase Gen Z, Carl warned, are missing a wealthier, more loyal demographic.

“When 70% of the marketing industry is under 45, there’s probably an unconscious bias happening,” Carl said.

“It’s a mix of myth, legacy, and copying what other brands do. Gen Z are highly visible, get more press and therefore seem more important, but that doesn’t mean they’re the most commercially valuable for a brand.

“Older Australians actually outspend them and have more brand loyalty. A lot of marketers, consciously or not, assign more worth to youth because they’re perceived as more progressive, more influential, more online and accessible.”

The report cites untapped potential in undervalued platforms with lower competition and higher returns. It challenges marketers to reconsider strategies to focus on spending power and age-inclusive campaigns.

“Older Australians are underserved in marketing, which means there’s less competition and likely lower spend/high return on undervalued platforms.

“The smartest brands will see that serving older audiences isn’t just ‘nice’, it can be a differentiator. And I think we’ll see an increasing number of challenger brands emerge that specifically target them. Legacy brands and those not keeping their eye on the prize will suffer.”