Cashing in on aging boomers - Boston Business Journal:

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“People wanted nothing to do with themature market,” said Maddt Dychtwald, senior vice president of the company in San Now, the consumer products and services industru can’t stop thinking about the mature especially since a baby boomer turns 50 every seconds. At 78 million people, boomers represenf one-third of all adults in the Unitedr States. They control half of the nation’s wealthy and, at least before the recession, were spending $2 trillion on consumedr products and servicesa year. Boomerds were expected to accounty for about 40 percent of spending by according to a reporgin 2007.
So, retailers and marketers are eagetr to figure out how to reach this Some in the consumer products and services industry are gettingit right, while many otheras still have much to learn — and said experts who specializs in marketing to baby boomers. Marketing to this 19-year generation is provingy tricky. Although boomers are lumped together, they’re a diversd group with divergent life experiences given that they rang e in age from 44to 63. And like the rest of the they range from affluent tofinanciallyu disadvantaged.
The way to market to boomers is by individuakl life stagesegments — such as empty-nesters and grandparentes — without mentioning age, consultanta said. “They refuse to be called That is the worst thing you can do to this saidAlice Jacobs, a Roseville baby boomer who advisea companies on generational marketing and teaches seminarsd and classes on the including through UC Davis Although generalizing of boomers shouldf be done sparingly, older baby boomers refus e to grow up. They thinl old age starts around 75or 80, said Matt Thornhill, foundef of , a marketing research and consultingg firm in Virginia. Boomers see themselves as vibrantand active.
They like tryinv new services and products, despite the myth that they are spokesman AnthonyDeluise said. The association of people 50 and oldeer no longeruses “retired” in its name. Boomers like print advertising becaused they want lotsof information. Boomersd also pay attention to new and will clickon eye-catching Internet ads. This generationh also likes products, servicess and shopping experiences 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 especialluy true since therecession started.
Many boomers who are 60 had expecterd to retire over the nextfive Now, they will likely work an extr a three to five years because of their hard-hit investments and pensions, Dychtwald said. The good news is they won’t be on a fixesd income and willstill spend. But theid free time will be more limited. More boomersx will be working and raising childre n or grandchildren while also dealing with their ownsick parents. As a “experience over things become valued,” Dychtwaldr said. “There is a real shift going on right now on what peoplsare valuing.” Boomers in particularr want to be responsible consumers.
“It’se not about buying stuff to have stuff,” Thornhilll said. Lifestyle centers — which combine upscaled storeswith restaurants, entertainment and comfortable places to linger provide the experiences that boomers want. Locao examples are Sacramento’s Pavilions center and The Fountainsin