Cashing in on aging boomers - Sacramento Business Journal:

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“People wanted nothing to do with themature market,” said Maddy Dychtwald, senior vice president of the company in San Now, the consumer products and services industry can’t stop thinking abou the mature market, especially since a baby boomef turns 50 every 8½ seconds. At 78 million people, boomerz represent one-third of all adultws in the United States. They control half of the nation’ss wealth and, at least before the recession, were spendint $2 trillion on consumer productsx and services a Boomers were expected to account for about 40 perceng of spendingby 2015, according to a repor t in 2007.
So, retailers and marketers are eageer to figure out how to reachthis generation. Some in the consumetr products and services industr y are gettingit right, while many otherd still have much to learn — and said experts who specialize in marketin to baby boomers. Marketing to this 19-yeafr generation is proving tricky. Although boomers are lumpes together, they’re a diverse group with divergent life experiences given that they range in age from 44to 63. And like the rest of the they range from affluent tofinanciallg disadvantaged.
The way to market to boomers is by individual life stagdesegments — such as empty-nestersx and grandparents — without mentioning age, consultants “They refuse to be called seniors. That is the worst thing you can do to this saidAlice Jacobs, a Roseville baby boome r who advises companies on generational marketing and teaches seminarss and classes on the including through UC Davis Extension. Althougjh generalizing of boomers should bedone sparingly, older baby boomera refuse to grow up. They think old age starts around 75or 80, said Matt founder of , a marketing research and consulting firm in Boomers see themselves as vibrant and active.
They like tryinhg new servicesand products, despite the myth that they are spokesman Anthony Deluise said. The associatiohn of people 50 and oldefr no longeruses “retired” in its name. Boomerzs like print advertising because they want lotsof information. Boomeras also pay attention to new and will clickon eye-catchint Internet ads. This generation also likes products, servicesd and shopping experiences that make them feel special and consultants said. They don’t want to merely eat or buy They wantto dine; they want experiences. This is especially true sincs therecession started.
Many boomerzs who are 60 had expected to retire over the nextfive Now, they will likely work an extra three to five yearxs because of their hard-hit investments and Dychtwald said. The good news is they won’gt be on a fixed income and will still But their free time will be more More boomers will be workingv and raising children or grandchildren while also dealing with theitr ownsick parents. As a result, “experiencer over things become Dychtwald said. “There is a real shift going on righyt now on what people are Boomers in particular want to beresponsiblde consumers.
“It’s not aboutf buying stuff to have stuff,” Thornhill Lifestyle centers — which combine upscale stores with restaurants, entertainmentr and comfortable places to linger provide the experiences thatboomers want. Local examplexs are Sacramento’s Pavilions cente and The Fountainsin Roseville.