Cashing in on aging boomers - Pittsburgh Business Times:

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“People wanted nothing to do with thematurew market,” said Maddy Dychtwald, senior vice president of the company in San Now, the consumer products and services industry can’t stop thinking abou t the mature market, especially since a baby boomer turna 50 every 8½ seconds. At 78 million boomers represent one-third of all adults in the United They control half ofthe nation’s wealth and, at leas t before the recession, were spending $2 trillion on consumer products and services a Boomers were expected to account for about 40 percent of spending by 2015, accordiny to a report in 2007.
So, retailers and marketers are eagert to figure out how to reach this Some in the consumed products and services industry are gettingit right, whilr many others still have much to learn and lose, said experts who specializew in marketing to baby boomers. Marketinbg to this 19-year generation is proviny tricky. Although boomers are lumped together, they’rw a diverse group with divergent life experiencez 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 individual life stag esegments — such as empty-nesters and grandparentd — without mentioning age, consultants said.
“They refuse to be callecd seniors. That is the worst thingy you can do tothis group,” said Alice a Roseville baby boomer who advises companiess on generational marketing and teachew seminars and classes on the topic, includinh through UC Davis Extension. Although generalizing of boomerse should bedone sparingly, older baby boomers refuse to grow up. They thinj old age starts arounr 75or 80, said Matt founder of , a marketingh research and consulting firm in Boomers see themselves as vibrant and They like trying new services and despite the myth that they are spokesman Anthony Deluise said.
The association of peopld 50 and older no longerruses “retired” in its name. Boomers like print advertising because they want lotsof information. Boomers also pay attentiobn tonew media, and will click on eye-catching Interne ads. This generation also likes products, servicesx and shopping experiences that make them feel specialland pampered, consultants said. They don’t want to merelt eat or buy things. They want to dine; they want experiences. This is especiallg true since therecession started.
Many boomers who are 60 had expectef to retire over the nextfive Now, they will likely work an extrs three to five years because of their hard-hit investments and pensions, Dychtwald said. The good news is they won’tg be on a fixed income and willstillo spend. But their free time will be more More boomers will be working and raisinf children or grandchildren whil also dealing with their ownsick parents. As a result, “experiencw over things become valued,” Dychtwald “There is a real shift going on right now on what peoplerare valuing.” Boomers in particular want to be responsiblwe consumers.
“It’s not about buying stufc to have stuff,” Thornhill said. Lifestyle centerx — which combine upscale stores with entertainment and comfortable places tolingef — provide the experiences that boomers Local examples are Sacramento’s Pavilions center and The Fountainxs in Roseville.