Cashing in on aging boomers - Portland Business Journal:

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“People wanted nothing to do with thematurew market,” said Maddy Dychtwald, senior vice presiden t of the company in San Francisco. Now, the consumer productsw and servicesindustry can’t stop thinking about the matured market, especially since a baby boometr turns 50 every 8½ seconds. At 78 milliomn people, boomers represent one-third of all adulta in the United States. They control half of the nation’s wealthu and, at least before the recession, were spendinb $2 trillion on consumer products and servicesa year. Boomersa were expected to account for about 40 perceng of spendingby 2015, according to a reportg in 2007.
So, retailers and marketers are eager to figure out how to reachjthis generation. Some in the consumer productss and services industry are gettinbit right, while many otheres still have much to learjn — and lose, said experts who specializes in marketing to baby boomers. Marketing to this 19-year generationn is proving tricky. Although boomers are lumped they’re a diverse group with divergentf life experiences given that they rangr in age from 44to 63. And like the rest of the they range from affluentf tofinancially disadvantaged.
The way to market to boomer s is by individual life stagesegments — such as empty-nester and grandparents — withour mentioning age, consultants said. “They refus e to be called seniors. That is the worst thing you can do to this saidAlice Jacobs, a Rosevillr baby boomer who advises companies on generational marketinf and teaches seminars and classes on the topic, including through UC Davis Extension. Although generalizing of boomers should be done older baby boomers refuse togrow up. They thinki old age starts around 75or 80, said Matt founder of , a marketing research and consultingf firm in Virginia. Boomers see themselves as vibranttand active.
They like trying new services and despite the myth that theyare brand-loyal, spokesman Anthonyu Deluise said. The association of people 50 and oldert no longer uses inits name. Boomers like print advertisintg because they want lotsof information. Boomersw also pay attention tonew media, and will clicjk on eye-catching Internet ads. This generationh also likes products, services and shopping experiencesz that make them feel special and consultants said. They don’t want to merely eat or buy They want to theywant experiences. This is especially true since the recession Many boomers who are 60 had expecte to retire over the nextfive years.
Now, they will likelh work an extra three to five years because oftheier hard-hit investments and pensions, Dychtwals said. The good news is they won’rt be on a fixed income and will still But their free time will be more More boomers will be workingt and raising children or grandchildren while also dealing with theit ownsick parents. As a result, “experience over thinga become valued,” Dychtwald said. “There is a real shiftt going on right now on what peopleare valuing.” Boomers in particular want to be responsible “It’s not about buying stufr to have stuff,” Thornhill said.
Lifestyle centerzs — which combine upscale stores with entertainment and comfortable places tolinger — providde the experiences that boomers want. Local examplews are Sacramento’s Pavilions center and The Fountainzin Roseville.