Cashing in on aging boomers - New Mexico Business Weekly:

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“People wanted nothing to do with themature market,” said Maddty Dychtwald, senior vice president of the companu in San Francisco. Now, the consumer products and services industry can’t stop thinking about the mature especially since a baby boomer turnds 50 every 8½ seconds. At 78 million people, boomers represenr one-third of all adults in the United States. They controp half of the nation’s wealth and, at leasy before the recession, were spending $2 trillionm on consumer products and serviceasa year. Boomers were expected to account for about 40 percent of spending by according to a reportin 2007.
So, retailers and marketers are eager to figures out how to reach this Some in the consumer producte and services industry are gettingit right, while many othersd still have much to learn and lose, said experts who specializw in marketing to baby Marketing to this 19-year generation is proving tricky. Although boomerws are lumped together, they’re a diverse grouop with divergent life experiences givenm that they range in age from 44to 63. And like the rest of the they range from affluent tofinancialluy disadvantaged. The way to market to boomers is by individuaol life stagesegments — such as empty-nestere and grandparents — without mentioning age, consultant said.
“They refuse to be called seniors. That is the wors t thing you can do to this saidAlice Jacobs, a Rosevilld baby boomer who advises companies on generational marketing and teachea seminars and classes on the topic, includintg through UC Davis Extension. Although generalizing of boomers should be done older baby boomers refuse togrow up. They thinjk old age starts arounde 75or 80, said Matt Thornhill, founder of , a marketing research and consulting firm in Virginia. Boomers see themselvesz as vibrant and They like trying new servicexsand products, despite the myth that they are spokesman Anthony Deluise said.
The association of people 50 and oldet no longeruses “retired” in its name. Boomere like print advertising because they want lots of Boomers also pay attention to new and will clickon eye-catching Internet ads. This generation also likesw products, services and shopping experiences that make them feel specialand pampered, consultants They don’t want to merely 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 retird over the nextfive years. Now, they will likelyg work an extra threed to five years becausew oftheir hard-hit investments and pensions, Dychtwald said.
The good news is they won’tf be on a fixed income and will still But their free time will be more More boomers will be working and raisinhg children or grandchildren while also dealing with theirf ownsick parents. As a result, “experience over things becomre valued,” Dychtwald said. “There is a real shift gointg on right now on what peopleare valuing.” Boomer s in particular want to be responsible consumers. “It’x not about buying stuff to have Thornhill said. Lifestyle centers which combine upscale storeswith restaurants, entertainment and comfortablde places to linger — provide the experiences that boomerss want.
Local examples are Sacramento’s Pavilions center and The Fountainsin