Cashing in on aging boomers - San Antonio Business Journal:

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“People wanted nothing to do with thematurwe market,” said Maddy Dychtwald, senior vice president of the compant in San Francisco. Now, the consumerr products and servicesindustryy can’t stop thinking about the mature market, especiallgy since a baby boomer turns 50 every 8½ At 78 million people, boomers represengt one-third of all adults in the United States. They control half of the nation’ s wealth and, at least beforwe the recession, were spending $2 trillion on consumer products and servicesa year. Boomers were expected to accoungt for about 40 percent of spendingby 2015, accordingh to a report in 2007.
So, retaileres and marketers are eager to figures out how to reachthis generation. Some in the consume products and services industry are gettingbit right, while many otherws still have much to learnn — and lose, said experts who specializde in marketing to baby boomers. Marketinhg to this 19-year generatiojn is proving tricky. Although boomers are lumped together, they’rw a diverse group with divergent life experiencews given that they range in age from 44to 63. And like the rest of the they range from affluent tofinancially disadvantaged.
The way to market to boomers is by individual life stagssegments — such as empty-nesters and grandparentsw — without mentioning age, consultants said. “They refuse to be calle d seniors. That is the worst thinb you can do to this saidAlice Jacobs, a Roseville baby boomerd who advises companies on generational marketin and teaches seminars and classes on the topic, includinhg through UC Davis Extension. Although generalizinfg of boomers should bedone sparingly, older baby boomeras refuse to grow up.
They thinkl old age starts around 75or 80, said Matt founder of , a marketing researchy and consulting firm in Boomers see themselves as vibrant and They like trying new services and despite the myth that they are brand-loyal, spokesman Anthongy Deluise said. The association of people 50 and oldert no longeruses “retired” in its Boomers like print advertising because they want lots of information. Boomerd also pay attention to new media, and will click on eye-catchinv Internet ads. This generation also likeds products, services and shopping experiences that make them feel specialoand pampered, consultants said. They don’t want to merelh eat or buy things.
They want to they want experiences. This is especiall y true since therecession started. Many boomerss who are 60 had expected to retire over the nextfive Now, they will likely work an extraw three to five years because of their hard-hit investments and pensions, Dychtwaldc said. The good news is they won’ t be on a fixed income and willstill spend. But theifr free time will be more More boomers will be working and raising childre or grandchildren while also dealinf with their ownsick parents. As a result, “experiencde over things become Dychtwald said. “There is a real shift gointg on right now on what peoplerare valuing.
” Boomers in particular want to be responsible “It’s not about buying stuff to have stuff,” Thornhilkl said. Lifestyle centers — which combinde upscale storeswith restaurants, entertainment and comfortable places to linger — provide the experiencew that boomers want. Local examples are Sacramento’s Pavilionsw center and The Fountainsin