For many years, marketers have focused upon consumers between the ages of 18 and 34 to promote products. Marketers feel that wooing consumers early in life will ensure that they become lifetime loyal customers. While this seems logical, research is revealing that Baby Boomers might be a more profitable demographic. Statistics show that while spending for Millennials is actually shrinking, Baby Boomer spending has been increasing. Baby Boomers are estimated to have $ 3.4 trillion in annual buying power.
The Baby Boomer generation is vastly different from the generations preceding it. Baby Boomers desire to have a variety of products available to them. Many of the products traditionally thought to belong to the younger generation are actually bought the most by older generations, such as cars and technological products. With approximately 20 percent of the U.S. population estimated to be 65 years or older by 2030, marketers are beginning to research better ways for marketing to Baby Boomers.
In one study researchers attempted to understand how older consumers shop and interact in stores. Because store marketers often target younger generations of consumers, little thought has been given to how accessible these stores are for older generations. The research design involved equipping a person with gloves, neck braces, helmets, blurry goggles, and other equipment to simulate how a person in his or her 70 s with arthritis is feeling. Researchers would then observe how the person takes items off of shelves, gets into his or her car, and gets up from chairs.
This research has been shared with many businesses, who have interpreted the findings to create a retail environment better suited to this demographic. CVS, for instance, has lowered its shelves, made its store lighting softer, and installed magnifying glasses for hard-to-read labels. Other businesses are using this information to redesign their products. Diamond Foods Inc., for example, has designed the packaging of its Emerald snack nuts to be easier to open, a great help for older consumers whose hands become less mobile as they age. The company also studied consumers with arthritis and decreased the time it takes to rotate the caps to open its products.
Additionally, Baby Boomers have created an opportunity for businesses to market entirely new products. Baby Boomers tend to embrace fitness and exercise regimens as a way to stay fit and prolong their lives. Technology firms are seeing an opportunity to develop products to be installed in the homes of older consumers. These products monitor the movements of the inhabitants and alert family or experts if there are any changes in the inhabitants’ movements. A decrease in mobility could signal a change in the person’s physical and mental state, which may require medical attention.
Although these devices might otherwise seem intrusive, Baby Boomers’ desires to stay healthy and prolong life are increasing their demand. Many Baby Boomers are also concerned with preserving their more youthful appearance.
Lingerie maker Maidenform has created shapewear, or clothes that help to “tone” the body, targeted toward those ages 35 to 54 .