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Buy our book, Boomer Consumer, today |
| Voted "Best of the Best" Business Books in 2007 by CORBIS.
Available and in stock online at Amazon.com, BN.com and at Barnes & Noble stores in major markets.
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| Can't Get Enough of that Baby Boomer Stuff? |
There's more. Oh, yes, there's much more.
On the Web:
Check out the Boomer Project Web site where we archive our published content and tell you how to line up Matt Thornhill and John Martin as speakers. We tweet: Follow us on Twitter.
Visit the Older Dominion Partnership, a Virginia-based consortium of businesses, not-for-profits, universities and government agencies planning 10 to 20 years ahead for the Age Wave of aging Boomers. |
| About Us |
The Boomer Project offers the most thorough and up-to-date portrait of today's Boomer Consumer. How can we help?
We offer consulting to help companies and organizations develop their "50+ plan." If you don't have one, you better. It's the only demographic segment that will increase in size over the next decade, growing some 23% while the 18-49 segment stays stagnant (Census data, baby).
We also conduct on-site programs, where we educate your marketing and/or customer service personnel about how today's Boomer Consumers think, feel and respond to your messages. These day-long sessions include insights obtained from our on-going proprietary national research among Boomers.
Contact us to learn more about all of our services.
Email: info@boomerproject.com
Phone: 804.690.4837
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| November 2, 2009
News & Insights from the Boomer Project
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Dear Matt,
By now you've seen the reports that consumer spending dropped 0.6 percent in September, causing stock prices to plunge (again) and raising concerns from all corners that we are in for a long, slow climb out of this recession.
While frightening, this news shouldn't be new to anyone paying attention. We started reporting on the new responsible consumerism movement at this time last year, and have issued several additional missives to make sure marketers understood we are entering a new era of consumer spending -- a "new normal" as it is now called.
This new normal isn't just for Boomers, but for younger adults, too.
Look below for our analysis based on some fresh data from our partner, BIGresearch, which surveys over 8,000 adults 18+ the first week of every month. In October, BIG asked about spending plans for the holiday season. Uh oh. Things don't look good at all.
On a positive note, we'll also share our take on the long-term future for Boomers, who will make being "old" cool. That's right, cool.
-- The Editors
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Holiday Blues
Unhappy Holidays for Retailers
The first week of every October the folks at BIGresearch ask consumers over the age of 18 their plans for the upcoming holiday season.
Last year, the questionnaire came only two weeks after the September 16th Bail Out announcements and a little before consumers saw the rapid decline of their portfolios. Consumer confidence had not fallen off the cliff yet.
Not surprisingly, consumers last year reported plans to spend about the same as they did in 2007.
That isn't the case now, in 2009.
In fact, across all adults of any generation, the plans are to spend about $827 this year versus $965 last year. That's a decrease of 14%.
By generation, the numbers are revealing -- look at the chart below (click to enlarge):
Click to enlargeThe biggest planned spending cutback is among members of Generation X, those young adults (with young families) ages 28 to 43 in 2009. They say they will spend 19% less this year. Boomers envision spending 14% less, Silent Generation members, those over 64 typically on a fixed income, plan a 9% reduction. Millennials, under age 28, say they'll cut back only 3%, but they also don't report plans to spend as much as those older adults, many of whom have children. BIGresearch asks consumers how much they plan to spend on gifts for the family, friends, co-workers and others. In addition, it fields queries about spending on decorations, food, candy and greeting cards/postage. Across those categories, Boomers plan to cut back spending about 14% evenly. Gen Xers plan to really stick it to their friends, reducing the amount spent on gifts for them some 32%. Ouch. The Millennials actually plan to increase their spending on gifts for co-workers -- among those who have jobs, we suspect. Perhaps to show some love for still collecting a paycheck. Boomer Bottom Line: We have seen the future and it stinks for retailers. Except for the discounters, few will experience much of a recovery this holiday season. People will still give gifts, but it is clear from the intentions shared last month in this survey that consumers plan to spend more responsibly. Our recommendation to anyone living or dying off of holiday business results is to focus on offering value for the money, no matter the price. That's what consumers of all generations want. For sure.
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Positive View
The Future of Cool is Old
 Have you seen the advertising campaign for Dos Equis beer featuring "The Most Interesting Man in the World"?
Each commercial depicts exploits from the "interesting man's" past, or he offers insight on a particular topic. For example, on the topic of "Life" he says, "It is never too early to start beefing up your obituary."
What we find especially interesting is that the unnamed character is an older man. In fact, he is played by a longtime character actor named Jonathan Goldsmith.
Goldsmith is 71 years old. And he is cool.
Welcome to a new age in American culture where being "old" is cool. It will be cool pretty much from now on. The reason is simple: The cool people have gotten older and plan on remaining cool.
Read More...
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