More hard evidence on why marketing to boomers makes good business sense:
1. By 2017, Americans 65+ will control 70% of the disposable income in this country.
2. These same millions of people are today responsible for at least $7.1 trillion in annual economic activity, which is expected to grow to over $13.5 trillion in real terms by 2032.
In fact, S&P’s 2010 Global Aging Report states that no other force is likely to shape the future of national public health, public finances and policymaking as the irreversible rate at which the world’s population is aging.”
Particularly in sectors such as travel, technology, health care, consumer goods, telecom and housing, the smart money’s on strategic investments in a boomer market. But to unlock their potential, here are four things to keep in mind:
1. The Baby Boomers are not one homogeneous group. Some still have kids in the house, while others are empty nesters and grandparents. Some are in their prime earning years, while others are building a second or third career or retired. Make sure you understand the exact nature of your target segment.
2. Boomers are actively fighting the aging process through every means possible. They want to maintain their edge and look and feel as good as they possible can at their given age. As such, they’re drawn to products, stories and experiences that promise and deliver overall wellness and anti-aging (though we prefer “pro-aging”) benefits.
3. The bigger opportunity is beyond just better communication to boomers. While an important tool in your arsenal, the physiological impact of aging on boomers means that you should be thinking holistically about how to shape and deliver your offerings.
4. The orientation boomers have about their current life stage is about living, not aging – about seeing opportunity everywhere, seeking ways to enrich their lives themselves, pursuing a continuing desire to grow, learn and discover. About “what’s next.”
If you have questions about how to align with and grow your fair share of this “booming” market, let’s talk.