For Boomers, many of life’s little luxuries are basic necessities. One of Our 65 Reasons Why Marketers Still Need to Target Boomers

Internet connections. Birthday gifts. Family vacations. Pets. What once might have been considered luxury items are now viewed as basic necessities by Boomers.

According to a recent survey by MainStay Investments of 1,049 consumers aged 45 to 65, 84 percent of those surveyed said having an Internet connection is a basic need, and 66 percent said shopping for birthdays and special occasions is. 51% percent said pet care is a basic need, and 50% said taking a family vacation once a year is a need, not a luxury,

How do Boomers plan to maintain this “luxurious” lifestyle in retirement? The Boomers surveyed told researchers they’re willing to work longer or alter the way they save. About three in four said they would rather spend less now so they can invest in a more comfortable retirement. And 47% said they would downsize their home in retirement to be able to afford their lifestyle expenses. Sounds like an opportunity not just for financial planners, but for luxury marketers as well.
Source:  Catherine Carlock, MarketWatch

(On January 1, 2011, the first of the Baby Boom generation begins to turn 65. While marketers have traditionally viewed anyone over 49 as over the hill, there are compelling reasons why overlooking Boomers isn’t smart for business. During the course of the next few weeks, we’ll be highlighting 65 of those reasons.)