Monday, December 6, 2010 - South Shore Senior News
Resolve for 2011: Put your money where the myths aren’t.
Age Stage: Understanding the Changing Lifestyles of Boomers & Seniors
Why do marketers spend big dollars targeting 18 to 49-year olds? Because that’s where the money is.
Only it isn’t. Turns out that’s as much of a myth as the quotation it’s based on, famously but incorrectly, attributed to Willie Sutton in response to the question, “Why do you rob banks?”
In fact, where the money is, is where Baby Boomers—and their elders—are. According to an analysis of U.S. Bureau of Labor Statistics data by The Boomer Project for USA TODAY, spending by the 116 million U.S. consumers age 50 and older was $2.9 trillion last year—up a whopping 45 percent in the last 10 years. While the significantly larger group of Americans younger than 50 (182 million) spent $3.3 trillion, that was only a 6 percent increase over the same decade. In fact, over 50’s are outspending their children and grandchildren on everything from luxury products to automobiles to technology.
Here are other Boomer myths you should resolve to ignore in 2011:
Myth #1: Boomers are all the same
In fact, Boomers are extremely diverse in terms of behavior, attitudes, ethnicity, and outlook—more so than the generations on either side of them.
When targeting Boomers, forget about age; focus on lifestyle and life stage. Position your business to meet the life events that have an impact on Boomers’ attitudes, goals, and consumer behavior—the birth of a grandchild; a parent’s illness; a child leaving for college; a career change.
MYTH #2: Boomers are set in their ways
Actually, Boomers are open to new products and brands. A Focalyst study showed that 72% are always looking for products that might be better than those they currently use.
In our experience, Boomers want products and services that make life easier, while delivering on quality, reliability, and effectiveness. Strive to make these your core business attributes and you’re in the Boomer sweet spot, no matter what your product category.
MYTH #3: Boomers are married, empty nesters
Truth is, there’s no such thing as a “typical” Boomer household. Research shows that only 25 percent fit the stereotype of married with adult children who have left home. 37 percent still have children under 18 in the home, while singles make up 22 percent of Boomer households. Nearly 25 percent expect a parent or in-law will move in with them.
Keep in mind that Boomers can be making several multi-generational purchase decisions at once, with both older and younger dependents to shop for. In fact, Boomers are frequently the real decision-makers for products/services targeted to their parents—something that businesses targeting seniors should note.
By resolving to look beyond these and other Boomer myths in 2011, you can start positioning your business for success with this valuable audience. Best of all, you can still reach Boomers with traditional advertising media. However, the more emotional, authentic, and informational your message, the better. Whatever you do, don’t imply “old”, “aging”, or “seniors”. That those words are turn-offs for Boomers is no myth!
South Shore Senior News
-posted by Laura Willis