5 Things Retailers Need to Know About Marketing To Baby Boomers

August 9, 2010 | By Kim Walker

Okay, it’s USA-based data, but regardless, some interesting learnings from recent reseach conducted by Matt Thornhill, of the Boomer Project and collaborators and detailed here.

1. Older and Younger Boomers Are Different

The two groups have different frames of reference for decision-making, shopping, spending leisure time, cultural icons and involving themselves in media and popular culture.

2. Single Boomers Have Clout

Though one-third of Baby Boomers, or 25 million people, head up single-income households, it doesnt mean theres only one person in the household. The average number of people in a single boomer’s household is 1.7; the average among married Boomers is 3.0.

3. Boomers Value Both New and Traditional Media

Members of this generation use the internet, email and instant messaging. Some blog, some use iPods and many have PDAs. They also still read newspapers and liste to the radio, using a combination of both old and new media to make purchasing decisions:

4. Grandparents Are Young, Active and Well off

Grandparents are frugal, but they are involved and ready to spend money on their grandchildren.

5. U-Boomers Want Lots of Products at Reasonable Prices

Consultants McKinsey coined the phrase “U-Boomers” to describe the 24 million Baby Boomers who are “financially unprepared” yet unwilling to compromise demand for products and services. Though this segment is largely untapped by marketers, U-Boomers will account for almost 25% of total US consumption by 2015. Less-expensive, online delivery channels will make it easier to reach them.

Like a lot of research, it serves to confirm what we already suspect, but interesting nevertheless.