The tastes and needs of the Boomers are forcing marketers to change or miss the boat.
Here are some points to consider about the members of the largest generation in history:
- They were born between 1946 and 1964.
- There are roughly 78 million of them.
- They’ve known the threat of the Cold War and the frustration of Vietnam.
- They’ve seen the eradication of most infectious diseases, and they’ve lived in economic boom times only occasionally interrupted by recessions.
- At every stage of their lives, society has changed to conform to their expectations. For this reason, they expect to always “have it their way.”
- Because of their huge numbers, they’ve had to compete frantically with each other for success. So, they also know that they have to work hard to stand out.
- Broadcast TV set the agenda of their childhoods and defined what they expect of marketers.
- Boomers invented the personal computer, but most did not start using PCs until their 20s or 30s.
As recently reported in Newsday,1 it looks like the Boomers will be the first generation in history to make “being older” a cool thing. From the Fortune 500 on down, businesses are now working furiously to learn what Baby Boomers want. They’re trying to probe the Boomers’ habits, goals, dreams, and needs to develop new products and services specifically for those aged 43 to 61.
Why? Because that’s where the money is. While only 37 percent of U.S. households are headed by a Baby Boomer, according to a recent survey by Ogilvy & Mather, those households represent more than half of those with an income over $100,000. And, when the Seniors pass on their enormous assets, the recipients will primarily be Boomers.
Moreover, Boomers already spend more than any other age group. And that spending is growing: Within two years, Boomers will spend at least a trillion dollars more than all the people under 45.
Nevertheless, advertisers seem to have it all wrong: For the most part, they are targeting the under-35 population, whose income actually shrank between 2001 and 2004, while Boomer incomes rose substantially. Moreover,...
