GenSights - Making Boomer Magic
Sharing generational insights to help businesses make magic with Baby Boomers
I’m Not Buying It, Period!
This is a line I’ve used time and time again with my two teenagers but this time it’s not my kids I’m speaking about, it’s the latest research from PricewaterhouseCoopers,
Retail & Consumer Insights. This piece of research first came to my attention via a tweet I received from Brent Green, “Another example of flawed research, proclaiming the demise of Boomer spending. Research based on self-report, biased.” Like Brent, I’m not buying it, period!
Boomer spending may not be leading the way out of the current recession, but I certainly wouldn’t advise my clients or anyone else to count this generation out. At 77 million strong, they will be entering their mature years as a different type of consumer than their “silent generation” parents. Boomers, always known for coloring outside of the lines, will apply this same approach to selecting products and services as they move beyond the standard retirement age of 65.
The spending power of Generations “X” and “Y” may be bigger, but Boomers are still an enormous market segment that shouldn’t be ignored. All indications are that marketers are beginning to realize that, and are starting to chase those dollars. Yes, it’s true; Boomers will be a bit more judicious when making purchases when retired but that doesn’t mean they won’t be buying. In fact, not only will Boomers be buying, they’ll be demanding the marketplace offer products and services to suit their needs and those needs will be many.
In my opinion, there’s one company out there that has been consistently innovating useful products for all market segments and that’s OXO. Their mission statement says it all: “OXO is dedicated to providing innovative consumer products that make everyday living easier.”* This is a brand that I’ve embraced not only for my 82-year-old arthritic mother (I most recently purchased an OXO Good Grips® watering can for her) but also for myself. Their products are cool and trendy and don’t scream “I’m challenged”; they simply say “I’m easy to use”. I see this being the kind of company that will capture even more of the Boomers’ dollars as they move into their mature years. After all Boomers don’t want to admit to their physical limitations and nor will OXO with their products.
So yes, I will be buying as I move to the next stage of life; I just won’t be buying the research that implies Boomers spending power isn’t worth chasing. I’m glad to say I’m not alone with these sentiments, just today I read a commentary from Mark Bradbury supporting my opinion. My belief is that Boomers will forge ahead with new demands in all product and service categories and this can only mean new opportunities for marketers.
– Posted by Tom Gorski
* OXO refers to OXO International Ltd. Good Grips is a registered trademark of OXO International Ltd. Watering can image and mission statement from http://www.oxo.com
-posted by Laura Willis
Labels: Baby Boomers, Boomer Spending, easy-to-use watering can, Innovative Boomer Products, Products for Boomers, Consumer Insights