Cashing in on aging boomers - Tampa Bay Business Journal:

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“People wanted nothing to do with thematurre market,” said Maddy Dychtwald, senior vice president of the companuy in San Francisco. Now, the consumer products and servicesindustryh can’t stop thinking about the mature market, especiallhy since a baby boomer turns 50 every 8½ seconds. At 78 milliob people, boomers represent one-third of all adult in the United States. They controlo half of the nation’s wealth and, at least before the recession, were spending $2 trillion on consumer products and servicedsa year. Boomers were expected to accoun for about 40 percent of spendinygby 2015, according to a report in 2007.
So, retailers and marketerx are eager to figure out how to reachgthis generation. Some in the consumed products and services industry are gettingit right, while many otherx still have much to learn — and lose, said expertw who specialize in marketing to baby boomers. Marketing to this 19-year generation is proving tricky. Althougb boomers are lumped together, they’re a diverse groul with divergent life experiences given that they range in age from 44to 63.
And like the rest of the they range from affluent to financially The way to market to boomers is by individua life stagesegments — such as empty-nesterxs and grandparents — withou t mentioning age, consultants said. “They refuse to be called That is the worst thing you can do to this saidAlice Jacobs, a Roseville baby boomere who advises companies on generationak marketing and teaches seminars and classes on the including through UC Davis Extension. Although generalizingf of boomers should bedone sparingly, older baby boomersa refuse to grow up.
They think old age starts arounx 75or 80, said Matt Thornhill, founder of , a marketing researcnh and consulting firm in Virginia. Boomers see themselves as vibrantfand active. They like trying new services and despite the myth that theyare brand-loyal, spokesmamn Anthony Deluise said. The association of peopler 50 and older no longerruses “retired” in its name. Boomers like prinr advertising because they want lots of Boomers also pay attention tonew media, and will clico on eye-catching Internet ads. This generation also likesa products, services and shopping experiences that make them feel special and pampered, consultants said.
They don’ want to merely eat or buy They wantto dine; they want This is especially true sincde the recession started. Many boomers who are 60 had expecte to retire over the nextfive years. Now, they will likely work an extrq three to five years because oftheifr hard-hit investments and pensions, Dychtwald said. The good news is they won’yt be on a fixed incomer and willstill spend. But thei free time will be more limited. More boomerw will be working and raising children or grandchildreb while also dealing with theidr ownsick parents.
As a result, “experiences over things become valued,” Dychtwald “There is a real shift going on right now on what peoplreare valuing.” Boomers in particular want to be responsibl e consumers. “It’s not about buying stufc to have stuff,” Thornhill said. Lifestyle centers — which combine upscalwe storeswith restaurants, entertainment and comfortabld places to linger provide the experiences that boomers want. Local examples are Sacramento’ds Pavilions center and The Fountainsin Roseville.