This month we'll update you on some findings from
the Boomer Project/Survey Sampling
International "Boomer Marketing Report," as well as
some, shall we say, "highly motivational" figures
from a careful study of U.S. Census
data.
Plus, we'll share with you some observations about
the newspaper business and car business.
We'll also tell you about two "must-read" books for
anyone
marketing to Boomers.
Which Way to the Future?
The more we read studies about Boomers and
retirement, the
more we fuss and fume.
What drives us to distraction is research that tries to
find out how Boomers plan to act and spend money
in their retirement years. Asking a Boomer today
about how they plan to spend
their retirement years is like asking a 15-year-old
how they plan to raise thier kids.
They have no idea.
They aren't psychologically mature enough to have
thought through how they'll do it. It simply isn't time
yet, or even relevant.
(And we're talking about Boomers and retirement, not
the 15-year-old.)
Just to rant, we came across this quote from Ken
Dychtwald in a recent US News
& World Report, talking about how Boomers
are behaving in retirement: "they are finding out that
it may not be as satisfying as we once believed."
Hello? What Boomers are already in retirement? Only
the
very rich, or very lucky, we suspect, as there isn't
yet a Boomer on the planet older than 60. Those
early
Boomer retirees aren't indicative of how 78 million
Boomers will behave later in life.
It's just drivel.
So in our most recent wave of research among
Boomers,
we focused instead on how Boomers feel today --
and
we plan to track those feelings over time so we can
predict ultimately how they'll feel when they do get
to retirement age.
In our study we
asked about their current attitudes toward
their "retirement."
We were surprised when
Boomers over 50, Boomers under 50, and even Young
Adults (18-40), all seemed equally unsure about
their "retirement."
In all three age groups, 50% had positive feelings
of anticipation and 50% had neutral or negative
feelings.
It seems "retirement" currently generates anxiety as
well as
excitement.
The lesson for anyone marketing "retirement"
planning to Boomers is to remember that half of them
aren't so sure this is going to be a good thing.
Scaring them into planning now probably won't work.
Try painting a positive picture instead.
It's the Demography, Stupid
In his self-published book, "Common
Census," Ken Gronbach presents a strong
argument for marketers to wake up and read the
Census data.
By looking at the numbers it doesn't take a genius to
figure out that as the 78 million member Boomer
generation age out of child-rearing years and into
their empty nesting years, countless industries and
catagories will be transformed.
Look at the shrinking sales of GAP and other
20-something clothing stores. Is it bad marketing or
simply the fact that there are 11% fewer Gen X'ers
than there were Boomers?
On the other end of the age spectrum, Gronbach
points out that the last of the GI
Generation will be departing from Assisted Living
facilities in the coming years (time marches on), and
there are millions fewer Silent Generation members to
take their place. And, Boomers are 20+ years away
from needing Assisted Living facilities.
As Gronbach so aptly puts it, when the Assisted
Living industry complains over next 20 years "Where
did all the seniors go?" -- the answer is that they
were never born!
Again, it isn't bad marketing. It's numbers.
It's the Demography, Stupid, Part 2
Reading "Common Census" made us go back and pour
over U.S. Census data ourselves. What we found is
both fascinating and motivating.
According to the Census, between now and 2016 the
U.S. Adults 18+ population will grow by 22.9 million
people. Here's how it breaks down: 22.1 million of
that growth will happen in the 50+ segment. Only
856,379 new 18-49 Adults are anticipated.
That's right, that "golden" demo of 18-49 will be a
stagnant wasteland for the next ten years while the
50+ segment
will jump 25%.
The reason is simple: it's those Baby Boomers hitting
50 and
beyond. By 2016 all Boomers will be over 50 (in fact,
the last Boomer hits 50 on December 31, 2014).
We think even the bean counters running companies
can see those numbers and realize it's time to
change the aim of marketing from 18-49 exclusively
to the 50+ segment.
But hey, that's just our thinking.
The Greater Generation?
Leonard Steinhorn's new book, The Greater
Generation, which came out
in January, is drawing the attention it deserves.
You can get the jist of his theory by reading this short piece he wrote for The
Washington Post.
The elevator version: Boomers have changed society
and culture for the better -- something their parents
never did. Boomers embraced Civil Rights, gave
women rights and opportunities, became tolerant of
gays and other races and religions, changed business
and industry from authoritative to democratic
structures, and became stewards of the environment.
We contacted Professor Steinhorn to see what the
feedback has been -- anticipating that those GI
Generation proponents and Baby Boomer opponents
would take him to task. Here's what he told us:
"Most gratifying to me is how positive the reaction
has been. I've gotten hundreds of e-mails and
letters, and a good three-fourths say that the book
speaks to them both culturally and personally. Some -
- particularly those working in nonprofits or other
social change work -- say that my book puts their
lives and pursuits in a larger generational
perspective, that they're not so alone in what
they've done. Some -- mostly women and minorities -
- share their own stories of braving the old attitudes
and being thankful for the new.
"Some even say that I've helped them better
understand their relationship with their parents.
Some are members of the Greatest Generation who
thank me for saying what life was really like back
then -- and who praise me for crediting boomers for
making it better. Some are from Gen X and Y, who
have only good things to say about their boomer
elders or parents. And some simply enjoy how I
capture the generational zeitgeist.
"What unifies these messages is gratitude that
someone is finally giving boomers credit for the
accomplishments we've made -- accomplishments
that are too often taken for granted, as if the world
were alway this way. Most boomers are simply tired
of the popular caricature that we're no more than a
bunch of selfish narcissists.
"On the whole, the response has been quite
affirming -- from all age groups, backgrounds,
perspectives. I've even had former Republican
speechwriters and World War II veterans thanking
me. I expected some controversy, and sure enough
it's come. But I don't let the shrill minority bother me
because the critical mass has been grateful that I've
articulated something that many felt but didn't really
know how to express."
The only negatives we've seen about the book are
postings on Amazon's site -- which read like an
organized smear effort by conservatives -- Professor
Steinhorn does take the current Administration to
task.
Read the article, buy the book, decide for yourself.
What we're happiest about is that it's a Boomer story
out there stirring the pot. Instead of just smoking it.
Boomers and Cars
A press release about a new
study from AutoPacific
Research should get the attention of a marketer or
two in Detroit or Japan or Germany.
The release says that the typical Boomer consumer
will buy 13 cars in their lifetime, with 7 of those
purchases taking place after they reach the age
of 50 [emphasis added].
With half of all Boomer households already owning
three cars, we hope auto marketers won't follow the
lead of Lexus and ignore Boomers as a
growing market opportunity.
Please, someone, anyone, tell Detroit the 18-49
segment will be stagnant for 10 years while the 50+
segment will grow 25%. Over 20 years the growth of
18-49 will be a tiny 5% and 50+ will grow 42%.
Oh, nevermind, let them find out for themselves.
What's Good for the Heart is
Good for the
Brain
Here's some news to make that trip to the gym to
exercise twice as important.
It seems that a healthy lifestyle can help your brain
health, too. According to this article, taking care of your
heart actually helps your brain's cognitive functions.
Cognitive function refers to a person's ability to
learn, reason and remember, for example, and these
skills commonly decline with age.
So now you won't just feel guilty about not
exercising regularly, you'll think it too.
Join the Marketing Pulse :30 Survey
We're still recruiting marketing professionals to join
our panel. Participants invest :30 seconds twice a
month to share their opinions on a topic related to
marketing to Boomers.
It's delivered by email and online, so it's a snap to
participate. Participants get instant access to the
findings among their peers, and an email with the full
results once the survey closes.
Join up by telling us your name, job title and
company name:
Sign Me
Up
The Boomer
Project continues to give speeches and
presentations, as well as lead seminars to share our
research findings and insights at various
events.
Recent and upcoming events include the Newspaper
Association of America, UBS "Insurance Academy,"
Media General Corporation Marketing Conference,
Memphis Convention & Visitor's Bureau seminar,
Pennsylvania Home Care Association annual
conference, and others.
If you know of a company or organization
that would benefit from being enlightened on how to
effectively market and reach older Boomers, please
contact us at
speaking@boomerproject.com.
Of course, if you have a comment on any of
these stories, let us
know.
Matt Thornhill
The Boomer Project
