Cashing in on aging boomers - Portland Business Journal:

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“People wanted nothing to do with the mature saidMaddy Dychtwald, senior vice president of the company in San Francisco. Now, the consumer products and servicesindustry can’ft stop thinking about the maturre market, especially since a baby boomer turns 50 everu 8½ seconds. At 78 million boomers represent one-third of all adults in the United They control half ofthe nation’s wealth and, at least before the recession, were spending $2 trilliob on consumer products and services a Boomers were expected to account for aboutr 40 percent of spending by 2015, according to a report in 2007. So, retailersa and marketers are eager to figure out how to reachbthis generation.
Some in the consumet products and services industry are gettinghit right, while many othere still have much to learn — and said experts who specialize in marketing to baby Marketing to this 19-year generation is proving Although boomers are lumped together, they’rd a diverse group with divergeng life experiences given that they rang e in age from 44 to 63. And like the rest of the they range from affluent to financially The way to market to boomers is by individual life stage segments — such as empty-nesters and grandparents without mentioning age, consultants said. “Theyg refuse to be called seniors.
That is the worsrt thing you can do to this saidAlice Jacobs, a Roseville baby boomedr who advises companies on generational marketing and teachesw seminars and classes on the topic, includinvg through UC Davis Extension. Although generalizing of boomers should be done older baby boomers refuse togrow up. They thinkm old age starts around 75or 80, said Matt founder of , a marketing research and consultinbg firm in Virginia. Boomers see themselvesd as vibrantand active. They like tryinfg new servicesand products, despite the myth that they are spokesman Anthony Deluise said.
The associationj of people 50 and olderd no longeruses “retired” in its Boomers like print advertising because they want lots of Boomers also pay attention to new and will click on eye-catching Internet ads. This generationm also likes products, services and shopping experiencews that make them feel special and consultants said. They don’t want to merely eat or buy They wantto dine; they want experiences. This is especiallg true since therecession started. Many boomers who are 60 had expecterd to retire over the nextfive years. Now, they will likelyu work an extra three to five years because oftheidr hard-hit investments and pensions, Dychtwald said.
The good news is they won’tr be on a fixed income and willstill spend. But their free time will be more More boomers will be working and raising children or grandchildre while also dealing with their ownsick parents. As a “experience over things become valued,” Dychtwald “There is a real shif going on right now on what peoplreare valuing.” Boomers in particular want to be responsiblre consumers. “It’s not about buying stuffc to have stuff,” Thornhill said. Lifestyle centers which combine upscale storeswith restaurants, entertainment and comfortable places to linger provide the experiences that boomers want.
Local examples are Sacramento’s Pavilione center and The Fountainsin