Cashing in on aging boomers - The Business Journal of Milwaukee:

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“People wanted nothing to do with thematurw market,” said Maddy Dychtwald, senior vice president of the compant in San Francisco. Now, the consumer products and servicesindustry can’t stop thinking abour the mature market, especially since a baby boometr turns 50 every 8½ At 78 million people, boomersz represent one-third of all adults in the United They control half of the nation’es wealth and, at least before the recession, were spendinv $2 trillion on consumer productss and services a year. Boomers were expectexd to account for about 40 percent of spendingby 2015, accordint to a report in 2007.
So, retailers and marketerx are eager to figure out how to reachgthis generation. Some in the consumer products and services industry are gettingfit right, while many others still have much to learb — and lose, said experts who specialize in marketing to baby Marketing to this 19-year generation is proving tricky. Although boomers are lumpedx together, they’re a diverse group with divergent life experiences given that they range in age from 44to 63. And like the rest of the they range from affluent tofinancially disadvantaged.
The way to markert to boomers is by individual life stage segments suchas empty-nesters and grandparents without mentioning age, consultants “They refuse to be callexd seniors. That is the worst thing you can do to this saidAlice Jacobs, a Roseville baby boomedr who advises companies on generational marketing and teachese seminars and classes on the topic, includingb through UC Davis Extension. Although generalizing of boomers should be done older baby boomers refuse togrow up.
They think old age starts around 75or 80, said Matt founder of , a marketiny research and consulting firm in Boomers see themselves as vibrant and They like trying new services and products, despite the myth that they are spokesman Anthony Deluise said. The associatiohn of people 50 and older no longer uses inits name. Boomers like print advertising because they want lotsof information. Boomers also pay attentionn tonew media, and will click on eye-catchingf Internet ads. This generation also likexs products, services and shoppingh experiences that make them feel special and consultants said. They don’t want to merelg eat or buy things. They want to they want experiences.
This is especially true sincs therecession started. Many boomers who are 60 had expected to retire over the nextfive Now, they will likely work an extra thre e to five years because of theire hard-hit investments and pensions, Dychtwaldc said. The good news is they won’r be on a fixed income and will still But their free time will be more More boomers will be working and raisingb children or grandchildren while also dealing with their own sick Asa result, “experiencer over things become valued,” Dychtwald “There is a real shift going on right now on what peopled are valuing.
” Boomers in particular want to be responsible “It’s not about buying stuf to have stuff,” Thornhill Lifestyle centers — which combine upscale stores with restaurants, entertainmengt and comfortable places to linger — provided the experiences that boomers Local examples are Sacramento’s Pavilione center and The Fountains in