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Baby Boomers: Marketing’s “Perfect Storm”

We all know that the Baby Boomer generation, those born between 1946-1964,  is the largest, the 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 marketers and advertisers as their interests and needs evolve.

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. 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. Boomers see themselves as “evolving,” rather than aging. Having questioned the status quo for most of their lives, and re-defined everything from women’s roles in the workplace to technology to the stock market.

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 also 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.

Paul C. Williams