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Surveys Show Boomers Drive U.S. Consumer Confidence, Remain Nation's Wealthiest Consumer Group
New Book Also Released by Founders of the Boomer Project: Retailers Remain Focused on Younger Age Groups, Despite Boomer Wealth, Spending and Attitudes
RICHMOND, VA (Marketwire - July 17, 2007) -- The Baby Boom drives U.S. consumer confidence
more dramatically than any other generation, remains the most affluent
spending group, but is increasingly ignored by the nation's marketers and
retailers as it ages, according to two national surveys and the findings of
a new book released today by the Boomer Project.
According to the Department of Labor's Consumer Expenditure Survey,
America's 78 million Baby Boomers born between 1946 and 1964 outspend other
generations by an estimated $400 billion each year on consumer goods and
services. They remain the largest, wealthiest and most influential consumer
group in the United States. And, perhaps even more importantly, their
opinions and beliefs about the direction of the U.S. economy drive national
consumer confidence scores, according to the Boomer Project, the nation's
leading authority on marketing to today's Boomer Consumer, based on its new
analysis of research among more than 7,000 consumers.
This analysis represents the first major finding from a new strategic
partnership between the Boomer Project and BIGresearch, the Worthington,
Ohio-based consumer intelligence firm that helps companies from Wal-Mart to
Wall Street keep pace with changing consumer behaviors.
For each of the last nine months, according to the monthly BIGresearch
Consumer Intentions & Actions™ (CIA) study among more than 7,000 consumers,
Boomer Consumers report lower scores than both older and younger
generations when it comes to their confidence in the U.S. economy over the
next six months. In fact, Boomers so dominate the economic scene that when
their opinions fluctuate up or down, so does the national score. The CIA
survey studies economic and individual factors driving consumer purchase
decisions.
"This is hard proof that today's older Boomers still fuel the U.S. economic
engine," said Matt Thornhill, president of the Boomer Project. "Let's hope
this wakes up the remaining skeptics who think marketing and retailing is
all about the young -- it isn't. Boomers are still critically important
consumers."
Concurrent with the surveys, Thornhill and business partner John Martin
have released a new book, "Boomer Consumer, Ten New Rules for Marketing to
America's Largest, Wealthiest, and Most Influential Consumer" (LINX, July
2007). This easy-to-read book for companies and organizations trying to
figure out how to best connect with today's older Boomer Consumer is
already garnering attention and praise:
Ken Dychtwald, Ph.D., Founder and CEO of Age Wave, author of "Age Wave,"
"Age Power," "The Power Years" and "Workforce Crisis":
"For more than 30 years, through my writing and public speaking, I've been
attempting to wake businesses and organizations up to the enormous social,
political and marketplace power of the Boomer generation. I have found
'Boomer Consumer' to be an exceptional resource. Every page provides clear
thinking, fresh insights, imaginative suggestions and most importantly,
actionable advice regarding the steps to take immediately to seize the
enormous Boomer opportunity. Thornhill and Martin have done their homework.
These guys get it; and you will too once you read this book."
"Boomer Consumer" is on sale at Amazon.com and Barnes & Noble.com and
bookstores everywhere.
According to the Boomer Project's analysis of the BIG data, current
consumer confidence in the economy for the next six months is down
considerably from where it was six months ago, in January 2007.
| Percent "Very confident" or "Confident" in their feelings about chances for a strong economy in the next 6 months |
| |
January 2007 |
June 2007 |
Difference |
| All Respondents |
50.5% |
43.9% |
-6.6% |
| Boomers |
47.1% |
39.6% |
-7.5% |
"This suggests that retailers are in for a tough second half of 2007,
especially those retailers still ignoring any consumer over the age of 49,"
said Thornhill. "Things could be especially difficult in the Northeast,
where only 32.5% of Boomers tell us they are confident in the prospects for
the economy over the next six months."
"What's alarming is that Boomers are more negative about the economy's
prospects than the other generations, and usually Boomers are accused of
being overly optimistic and positive," said "Boomer Consumer" co-author
John Martin.
"This is exactly the type of insight we expected the Boomer Project would
uncover from our rich consumer intelligence when we partnered with them,"
said Gary Drenik, president of BIGresearch. "The generational trends
they've uncovered from our datasets should help marketers and retailers get
smarter about how to more effectively sell to consumers at any age."
More information at www.boomerproject.com and www.boomerconsumer.com.
Contact Matt Thornhill, 804-690-4837.
The Boomer Project is the leading national authority on marketing to
today's Baby Boomers. Its research and insights help marketers better
understand the mindset of America's largest and most important demographic
segment. The Boomer Project is an initiative by SIR Research, one of the
nation's oldest and most experienced marketing research companies.
BIGresearch is a market intelligence firm providing analysis of consumer
behavior in areas of retail, financial services, automotive, and media. The
syndicated Consumer Intentions and Actions Survey (CIA) monitors the pulse
of more than 7,000 consumers each month. The syndicated Simultaneous Media
Usage Survey (SIMM) monitors more than 15,000 consumers twice each year to
identify opportunities in a fragmented and changing marketplace including
the media.
BIGresearch's methodology provides the most accurate consumer information
in the industry with a margin of error of +/- 1 percent.
Contact
Matt Thornhill, 804-690-4837, or matt@boomerproject.com for more information.
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