Baby Boomers are a huge demographic controlling most of the disposable income in North America, even globally, yet their spending power is largely being ignored. Some common myths that explain this ridiculous phenomenon...
Stereotypes that older folks are ‘stuck in their ways’ - This current crop of older Americans is more adventurous than ever, more willing to try new things. And with the financial power they hold, reaching out to them should be a no-brainer for marketers. The idea is that older people are set in their ways — less likely to try something new, and less likely to be influenced by marketing messages is false.
It’s not sexy - Meryl Streep, 64 will be a senior this year. Diane Keaton and Helen Mirren both
68, seem to get better with age. Mick Jagger and Tina Turner at 70 are top entertainers and cultural icons. In the political arena, Wolf Blitzer, Al Gore and Hilary Clinton, are all examples of Boomers leading vital, important lives. A new wave of Boomers is about to become commonplace and reshape antiquated views about aging.
The youth bias - The bias toward youth has long been part of the marketing business. Yes ageism is still widespread, in the media and North American society in general. Stereotypes are hard to change but if any group can do it, it’s Boomers. They do have an appetite for innovation and zest for living. Indeed, ‘retirees’ can socialize, travel, surf the internet and learn new things very much like a teenage of today.
They’re believed to be not into technology – Wrong - more than 40% of Apple Inc. products are bought by Boomers according to data tracker Nielsen. Mature consumers are similarly sensitive to being stereotyped as invalid, retired and technophobic.
They are perceived to be cheap – Wrong again, this new wave of Boomer Seniors is not the depression surviving senior citizens of yesteryear. Today’s Boomers don’t want to just spend money on the things they need; they have the dollars and the desire to splurge on the things they truly want. This is a powerful and virtually untapped market. Plus, Baby Boomers are inheriting a lot of money and certainly don’t have the same inkling as their parents to pass on their wealth. They are more inclined to spend it and enjoy it with their children and grandchildren.
The ‘golden’ opportunity - As wealth and power is now in the hands of Seniors, marketers would be wise to pay more attention to Boomers. If you’re not addressing this market you’re enormously disadvantaged. A huge opportunity exists now for enlightened and savvy organizations that can embrace and are receptive this older demographic. It’s more than lip service and you’ve got to appeal to them the right way. So how do you do it? Find out how and more tips at zoomermarketing.com
Elisa Wilson Prashad is the
Senior Marketing Strategist
for Zoomer Marketing Inc.
Why are businesses ignoring Boomers?
Why are companies failing to cash in on flood of aging Baby Boomers worth US$15-trillion?
By Elisa Wilson Prashad, Senior Marketing Strategist of Toronto-based Zoomer Marketing Inc.
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