Silent auctions have been a main stay for fundraising events for some time. Over those same years your attendees have grown up. Ever wonder why some items don’t seem to sell well by silent auction? Is your silent auction percent of value falling too? Maybe it’s the age of your group.
Although they aren’t the only one spending money at your event, you need to note that over 50% of the discretionary spending in our country lies with baby boomers. Everyday 10,000 baby boomers retire. Many are downsizing as they move to the next stage of their life. Statistics say 44% of baby boomers are working hard to get rid of the “stuff” they have. Do you really think they need more “stuff”?
Now I’m not saying you should do away with your silent auction, but you need to strategically think about what you put on it and how many items you have. Examining the age of your audience is key to insuring that what you have on your silent auction will sell well.
Here’s a statistic you might want to remember about the baby boomer. When asked what they plan to do after retirement, the number 1 answer is travel. This generation currently spends 80% of the total leisure travel dollars spent annually. While they are traveling, they are introduced to cool experiences, great new foods, and fine wine.
So if your audience has many baby boomers, why not stack your silent and live auctions with travel options, cool maybe one of a kind experiences, dining options, and fine wine. Stay away from the “stuff” that if they needed it, they could buy it themselves.
Oh, did I forget to mention people under 50 years of age love these items too.