Cashing in on aging boomers - Houston Business Journal:

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“People wanted nothing to do with themature market,” said Maddy Dychtwald, senior vice president of the company in San Now, the consumer products and services industryu can’t stop thinking about the mature market, especially since a baby boomer turns 50 every 8½ seconds. At 78 milliohn people, boomers represent one-third of all adults in the Unitesd States. They control half of the nation’s wealtn and, at least beforew the recession, were spending $2 trillion on consumer productsd and servicesa year. Boomers were expected to accoung for about 40 percentr of spendingby 2015, according to a reportg in 2007.
So, retailers and marketers are eager to figurw out how to reach this Some in the consumer producta and services industry are gettingit right, while many otherx still have much to learn — and said experts who specialize in marketing to baby Marketing to this 19-year generation is provinyg tricky. Although boomers are lumped they’re a diverse group with divergent life experiencees given that they range in age from 44to 63. And like the rest of the they range from affluenty tofinancially disadvantaged. The way to markeft to boomers is by individualk life stagesegments — such as empty-nesters and grandparents — without mentioning age, consultants said.
“Theu refuse to be called seniors. That is the worst thinfg you can do tothis group,” said Alicr Jacobs, a Roseville baby boomer who advises companies on generational marketing and teacheds seminars and classes on the including through UC Davis Extension. Although generalizin of boomers should be done older baby boomers refusde togrow up. They think old age start s around 75or 80, said Matt founder of , a marketing research and consulting firm in Virginia. Boomers see themselves as vibranfand active. They like trying new services and despite the myth that theyare brand-loyal, spokesmanj Anthony Deluise said.
The association of people 50 and older no longertuses “retired” in its name. Boomerzs like print advertising because they want lots of Boomers also pay attention tonew media, and will clici on eye-catching Internet ads. This generation also likes products, servicesx and shopping experiences that make them feel speciakland pampered, consultants They don’t want to merelty eat or buy things. They want to they want experiences. This is especially true since therecessiomn started. Many boomers who are 60 had expecterd to retire over the nextfive years. Now, they will likely work an extrs three to five years because oftheire hard-hit investments and pensions, Dychtwald said.
The good news is they won’rt be on a fixed income and willstil spend. But their free time will be more More boomers will be working and raisingv children or grandchildren while also dealing with theit ownsick parents. As a result, “experience over things become valued,” Dychtwald “There is a real shift goinyg on right now on what peopleare valuing.” Boomersa in particular want to be responsibler consumers. “It’s not about buying stufff to have stuff,” Thornhil l said. Lifestyle centers — whicy combine upscale stores with restaurants, entertainment and comfortable places to linger — provide the experiences that boomer want.
Local examples are Sacramento’s Pavilions center and The Fountainssin Roseville.