Baby Boomers: Marketing's "Perfect Storm"

By Sharon K. Ray

We all know that the Baby Boom Generation, those born between 1946-1964, is the largest, fastest growing and most affluent demographic the U.S. has ever seen. What is less known is the unique confluence of attitudinal and behavioral factors that make the Boomers marketing's "perfect storm." Ironically, while largely overlooked by traditional 18-49 year old targeted messages, this diverse segment represents huge opportunities for marketers and advertisers as their interests and needs evolve. Let's look at a few of the elements of marketing's "perfect storm."

Numbers

Boomers are approximately 77.4 million strong. Even more impressive is that every 8 seconds, another Boomer turns 50.....10,000 50 year olds are being created daily! Combine that with the reality that Boomers can expect to live longer than any previous generation and the opportunity for services and products that will meet their future needs becomes apparent. And, Boomers are in a position to pay for such products and services. This group has money to spend. In fact, consumers 50+ years old earn about $2 trillion annually and represent 50% of all discretionary spending.

Self-indulgence

Boomers describe themselves as being self-indulgent, with no apologies In fact, in an AARP survey, 75% stated they are more self-indulgent than their parents. Self-actualization and fulfillment interests Boomers, not self- denial. This is an attitude that strongly paves the way to purchase interest.

Marriage of Youthful Self-Image with Realities of Aging

Boomers see themselves as "evolving," rather than as aging. Having questioned the status quo for most of their lives, and re-defined everything from women's roles to the workplace to technology to the stock market in the process, Boomers are also re-defining the meaning of the "golden years." Products, and packaging, that are designed with "added value" that address Boomers' dual needs to feel "forever young" with the reality of aging will profit. Ergonomically designed products that are attractive and functional will appeal. Packaging, and brands, that identify themselves via signature colors and graphics, rather than small print, will prevail. Food that satisfies changing taste buds and packs a nutritional punch will be preferred. Meaningfully enhanced experiential benefits of products and services will resonate.

Desire for Convenience and Stylish Comfort

As Boomers leave their child-rearing years and full tilt careers behind, comfort, both physical and psychological, becomes more important. Having "paid their dues", Boomers will look for products and services that will conform to their changing needs while enhancing and streamlining their lifestyles — while alo maintaining their sense of style . Imagine the opportunities for niche products and services that deliver "cutting edge life-stage customization" in the areas of housing, travel and apparel, to name a few.

Embracing New Territory

Just as Boomers' creation of the "youth culture" of the 60's forever changed society, so will their new, vital model for maturity. After all, Boomers have always embraced originality and see themselves as trailblazers. Marketers and advertisers who partner with Boomers in the reinvention of what it means to be "the older generation" will prosper by recognizing the many elements of marketing's "perfect storm." Look to Boomers to ensure that living life in one's 50's, 60's and beyond is filled with great energy, style and cachet.