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So long millennials. Baby boomers are the next big growth opportunity for tech, particularly for internet companies tied to smartphone use, according to Evercore ISI Senior Media and Internet Analyst Anthony DiClemente.
"As you think about saturation of the younger demographic, [boomers are] a demographic, along with international, that could really drive the growth," DiClemente said on CNBC's "Power Lunch."
A report from Evercore estimates that only about 70 percent of Americans 55-years-old or older currently use mobile internet, versus 90 percent of their millennial counterparts. Furthermore, the report estimates 14 million baby boomers are expected to start using mobile internet within the next four years.
"This is a cohort that has at least 30 percent greater annual purchasing power than the millennials, and so we think there is a lot of net wealth there to tap into," DiClemente said.
DiClemente says that the relationship between baby boomers and tech will be mutually beneficial. As more baby boomers move to mobile, tech companies simplify user interfaces to make them more comprehensible for older people.