Cashing in on aging boomers - Puget Sound Business Journal (Seattle):

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“People wanted nothing to do with the mature saidMaddy Dychtwald, senior vice president of the company in San Now, the consumer products and services industry can’y stop thinking about the mature market, especiallyt since a baby boomer turns 50 evergy 8½ seconds. At 78 million people, boomers representt one-third of all adults in the Uniter States. They control half of the nation’s wealthn and, at least before the were spending $2 trillion on consumer products and servicesa year. Boomers were expectefd to account for about 40 percent of spending by according to a reportin 2007.
So, retailers and marketer are eager to figure out how to reach this Some in the consumer products and servicees industry are gettingit right, while many othersz still have much to learn and lose, said experts who specializr in marketing to baby boomers. Marketing to this 19-yea generation is proving tricky. Althoughg boomers are lumped together, they’re a diversew group with divergent life experiences given that they range in age from 44to 63. And like the rest of the they range from affluenr tofinancially disadvantaged.
The way to marke t to boomers is by individual life stagesegmentsd — such as empty-nesters and grandparents — without mentioning age, consultant s said. “They refuse to be called That is the worst thing you can do tothis group,” said Alicre Jacobs, a Roseville baby boomer who advisess companies on generational marketing and teacheas seminars and classes on the topic, includinb through UC Davis Extension. Although generalizinhg of boomers should bedone sparingly, older baby boomers refuse to grow up. They thini old age starts arouned 75or 80, said Matt Thornhill, foundere of , a marketing research and consulting firm in Boomers see themselves as vibrantr and active.
They like trying new services and despite the myth that they are spokesman AnthonyDeluise said. The association of peopld 50 and older no longer uses inits name. Boomers like print advertising becauser they want lots of Boomers also pay attention tonew media, and will click on eye-catchinvg Internet ads. This generation also likew products, services and shopping experiences that make them feel special and consultants said. They don’t want to merely eat or buy They wantto dine; they want experiences. This is especiallg true since therecession started.
Many boomer s who are 60 had expected to retire over the nextfive Now, they will likely work an extra thre e to five years because of theire hard-hit investments and pensions, Dychtwald said. The good news is they won’f be on a fixed income and willstill spend. But theit free time will be more More boomers will be working and raising childrejn or grandchildren while also dealingt with their ownsick parents. As a “experience over things become valued,” Dychtwaled said. “There is a real shift going on righty now on what peoplare valuing.” Boomers in particula r want to be responsibls consumers. “It’s not about buying stuff to have Thornhill said.
Lifestyle centers which combine upscale stores with entertainment and comfortable places tolinger — provide the experiencese that boomers want. Local examples are Sacramento’s Pavilions centefr and The Fountainsin Roseville.