A report on the neglected baby boomers in marketing
A REPORT ON THE NEGLECTED BABY BOOMERS IN MARKETING
Baby boomers are significantly the highest population according to the demographic record of U.S. They sum up to an average of 45 percent of the U.S overall population. The U.S international council interested in shopping centers argue that baby boomers are the age cohort that controls the most of America wealth by spending approximately $400 billion annually. According to US government survey on consumer expenditure, women aged over 50 usually spend $21 billion on clothing yearly. Despite all the wealth that the boomers possess, retailers still focus on the millennials aged 18 to 33 in their marketing strategies. Retailers tend to focus on brands that fit the interest and expectation of younger population even though they don’t have disposable income.
Calkins believes that there should be various ways of passing marketing information for both the boomers and the younger generation. This strategy employs a market segmentation that differentiate the boomers fashion with the millennial.
Considering Led bury Research report in London, boomers who were brought up after world war two got attributed to increased financial well-being. Such is because they have high purchasing power as compared to the younger generation. This feature makes them potentially successful group in both fashion industry and high-end products like travel and accommodation as compared to the young that are price sensitive with low income.
This report realized that in Japanese countries, where most individual’s falls under boomers age of 65 and above, companies have resorted to exploiting them by engaging this cohort in campaigns and availing the shopping facilities that target them. Marshal Cohen added that neglecting the boomers by the retailers will render a poor future of their performance. He projected that boomers will have to continue living healthier while the younger will not increase in number.
In the report, Cohen advocated that brands should not be traded on old theories that only tend to focus on the younger but rather market the brands to all audience. This concept will make all the generation to get interested in the brands. An example of such company that embrace all generation in marketing their brands includes Saks Fifth Avenue. Ideally, retailers should consider that boomers will always look for designs that are fashionable and modern but not mature or traditional. Retailers should not neglect Boomers in marketing.