Opportunities as the Baby Boom Matures
With the oldest Baby Boomers turning 60 this year, much
has been written about the significant opportunities in understanding the
needs of this cohort as they age. When looking for those opportunities,
here are some factors to consider (source:
Deloitte Research):
- Boomers are not saving
and therefore seem likely to continue working long past age 65. Older
workers will transform the work experience. They will need health care
insurance and want flexible work schedules.
- Older consumers are more
loyal but at the same time more demanding. They want less noise, less
visual stimulus in their shopping experience. They will need larger
print on price tags and larger in-store signage. They will want to
travel shorter distances to shop and want smaller stores to shop in.
Wellness, energy, travel and experience will all be drivers of consumer
demand.
- Whole new generations of
pharmaceuticals aimed more at well-being rather than illness are going
to make their way to market in the next decade. Anything that can give
the boomers a sense of recapturing their lost youth will do very well.
Distrustful of traditional medical authority, non-traditional remedies
or regimens that promise energy, and well being and enable
self-diagnosis will also do very well.
If you want to learn
more about these opportunities, you may want to attend a one-day conference
on Friday, October 20 in Chicago, called BEYOND THE BOOMERS: The Transition
Years. Conference organizers have packed the day with valuable
presentations on the topic. Some highlights:
- Dr. Ajit Kambil, Global
Director, Deloitte Research, will discuss the study, "Wealth with
Wisdom: Serving the Needs of Aging Consumers"
- Tatjana Meerman,
Managing Editor, Packaged Facts, a Division of MarketResearch.com, will
discuss the new study, "Baby Boomer: Attitudes, Marketing &
Opportunities"
- Matt Thornhill, Founder
and President, The Boomer Project, will discuss "New Rules for Marketing
to Boomers--Strategies, and Techniques for Winning over Boomers' Hearts,
Minds and Wallets"
Speakers also include Chuck Nyren, Award winning author
of best seller, Advertising to Baby Boomers and Vicki Thomas, author of
Banking on the Mature Market for the Bank Marketing Association. |
Sincerely,
Jay Zaltzman, President
Bureau West Marketing & Research
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