Did you know that every 8.5 seconds, a baby boomer turns 50 years old? With 78 million members strong, the boomer market represents nearly a third of all adults in the county and is a market that cannot be missed.
Studies show the boomer market controls half of the nation’s wealth and spends nearly $2 trillion on consumer products and services every year. According to a McKinsey Quarterly report in 2007, boomers will account for about 40 percent of all spending by 2015.
The age group — 44 to 63 — is quite diverse and ranges from the affluent to the financially disadvantaged, but what they look for in products and services is very similar. Make sure you’re adhering to the following guidelines when getting your message out to this group:
• Calling this generation “seniors” can be construed as an insult.
• Boomers refuse to grow up. According to The Boomer Project, a marketing research and consulting firm in Virginia, boomers think old age starts between 75 and 80.
• Boomers see themselves as vibrant and active. They like trying new services and products (this counters the myth that they’re brand-loyal).
• This generation is very curious and like print advertising because they want a wealth of information; however, they also pay attention to new media (like social media) and will click on eye-catching Internet ads.
• Many boomers respond extremely well to experiential. They are attracted to products, services and experiences that make them feel special and pampered. This is especially so because many of them are likely to work an extra three to five years due to their hard-hit investments and pensions.
As a tourism entity, it’s important to keep up with this ever-growing generation. Boomers are redefining age and expectations in the travel industry, and it’s up to us to listen to them.
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