As the New York Times recently reported, the Baby Boomer generation is alive, well and actively purchasing some of today’s hottest new household products, at full price nonetheless. Whereas many marketers once deemed Baby Boomers less willing to take risks on new products and brands, companies are now changing their tunes and realizing the benefits of targeting this demographic.
So what’s driving this attitude shift? According to experts, there are a few specific elements contributing to today’s perceptions of the Baby Boomer population.
First, as we reported a few weeks ago, studies prove that Boomers are among the savviest social networkers around, which is attractive to brand managers who are tasked with driving sales while simultaneously managing incredibly tight marketing budgets. The fact that social networking sites and internet-focused marketing efforts resonate with Baby Boomers is a huge benefit for marketers, and it is not going unnoticed.
Second, marketers are realizing that when it comes to purchasing products for their homes, Baby Boomers have more discretionary income to spend since their mortgages are typically either paid off or well on their way to being paid off. In a down economy, younger consumers are struggling to make ends meat and simply keep their jobs. While some younger consumers may be purchasing new homes and tackling remodeling projects, their Baby Boomer counterparts typically have more money saved and can therefore spend more freely than others.
Third, Baby Boomers’ willingness to try new things has taught marketers that as long as they make a product that can prove to be more user-friendly or lifestyle enhancing, Boomers are likely to give it a whirl.
In the years to come, it is safe (and smart) to assume that Baby Boomers will continue to stay on top of technology, new products and marketing strategies. As more Boomers retire, they will have more time to dedicate to learning about the brands, product offerings and services that are on the market.
