Cashing in on aging boomers - New Mexico Business Weekly:

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“People wanted nothing to do with themature market,” said Maddg Dychtwald, senior vice president of the companyy in San Francisco. Now, the consumer products and serviceszindustry can’t stop thinking about the matured market, especially since a baby boomer turns 50 every seconds. At 78 million boomers represent one-third of all adults in the Unitedx States. They control half of the nation’sx wealth and, at least before the recession, were spending $2 trillionj on consumer products and servicesaa year. Boomers were expected to accounft for about 40 percent of spending by according to a reporgtin 2007.
So, retailers and marketers are eagerd to figure out how to reach this Some in the consumer productds and services industry are getting it while many others stilol have much tolearn — and said experts who specialize in marketing to baby boomers. Marketinfg to this 19-year generation is proving tricky. Althoughn boomers are lumped together, they’re a diverse groulp with divergent life experiences given that they range in age from 44to 63. And like the rest of the they range from affluenft tofinancially disadvantaged. The way to market to boomerws is by individual life stagesegmentx — such as empty-nesters and grandparents without mentioning age, consultants said.
“Theu refuse to be called That is the worst thing you can do to this saidAlice Jacobs, a Roseville baby boomer who advises companies on generational marketing and teachese seminars and classes on the topic, includinf through UC Davis Extension. Although generalizing of boomersa should bedone sparingly, older baby boomerw refuse to grow up. They thini 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 tryin g new servicesand products, despite the myth that they are spokesman Anthony Deluise said.
The association of people 50 and oldere no longeruses “retired” in its name. Boomers like prin advertising because they want lotsof information. Boomer s also pay attention to new and will clickon eye-catching Internet ads. This generation also likez products, services and shopping experiences that make them feel special and consultants said. They don’t want to merelyh eat or buy things. They want to they want experiences. This is especially true since therecessioh started. Many boomers who are 60 had expected to retire over the nextfive years. Now, they will likelyt work an extra three to five years because oftheir hard-hit investments and pensions, Dychtwald said.
The good news is they won’tt be on a fixed income and willstill spend. But theit free time will be more limited. More boomers will be workinbg and raising children or grandchildren whilse also dealing with their own sick Asa result, “experience over thingsd become valued,” Dychtwald said. “There is a real shiftg going on right now on what peoplrare valuing.” Boomers in particulart want to be responsible consumers. “It’s not about buying stuff to have Thornhill said. Lifestyle centers which combine upscale storeswith restaurants, entertainment and comfortable places to lingefr — provide the experiences that boomers want.
Local examplesw are Sacramento’s Pavilions center and The Fountainsin Roseville.