Cashing in on aging boomers - Sacramento Business Journal:

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“People wanted nothing to do with themature market,” said Madd y Dychtwald, senior vice president of the company in San Now, the consumer products and services industry can’t stop thinking aboutt the mature market, especiallgy since a baby boomer turns 50 everyt 8½ seconds. At 78 million people, boomers representy one-third of all adults in the United They control half ofthe nation’s wealth and, at least before the recession, were spendinvg $2 trillion on consumer products and services a year. Boomerxs were expected to account for about 40 percenyt of spending by according to a reportin 2007.
So, retailers and marketerxs are eager to figure out how to reach this Some in the consumer products and services industrgy are gettingit right, while many others stilk have much to learn — and lose, said expertse who specialize in marketing to baby boomers. Marketing to this 19-yeatr generation is proving tricky. Although boomerse are lumped together, they’re a diverse group with divergent life experiencea given that they range in age from 44to 63. And like the rest of the they range from affluengt tofinancially disadvantaged.
The way to market to boomer s is by individual life stagwesegments — such as empty-nesters and grandparenta — without mentioning age, consultantsw said. “They refuse to be called seniors. That is the worsty thing you can do to this saidAlice Jacobs, a Roseville baby boomer who adviseas companies on generational marketing and teachea seminars and classes on the topic, including throug h UC Davis Extension. Although generalizing of boomers should be done older baby boomers refuse togrow up. They think old age startsw around 75or 80, said Matt founder of , a marketin research and consulting firm in Virginia. Boomers see themselvexs as vibrantand active.
They like trying new serviceszand products, despite the myth that they are spokesman Anthony Deluise said. The associatiojn of people 50 and older no longe ruses “retired” in its name. Boomers like print advertisinhg because they want lotsof information. Boomerz also pay attention to new media, and will clicok on eye-catching Internet ads. This generation also likes products, services and shoppinfg experiences that make them feel speciakand pampered, consultants said. They don’t want to merelgy eat or buy things. They want to dine; they want This is especially true sincr therecession started. Many boomers who are 60 had expected to retire over the nextfive years.
Now, they will likelh work an extra three to five year s because oftheir hard-hig investments and pensions, Dychtwald said. The good news is they won’tr be on a fixesd income and will still But their free time will be more More boomers will be working and raisin children or grandchildren while also dealinfg with their ownsick parents. As a “experience over things become Dychtwald said. “There is a real shift going on right now on what peoplseare valuing.” Boomers in particula want to be responsible consumers. “It’s not abour buying stuff to have Thornhill said.
Lifestyle centers — whichn combine upscale stores with entertainment and comfortable places tolingee — provide the experiences that boomerds want. Local examples are Sacramento’s Pavilions centerr and The Fountainsin Roseville.