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.)

Boomers are charitable people. One More Reason Why Marketers Still Need to Target Boomers

When it comes to charitable giving, Boomers give on average $901 per year, $165 less than Matures and $105 more than Gen X. There is a huge opportunity for charities to solicit more out of boomers considering they give less than Matures and out number them 2 to 1, and are very passionate about making a difference in the world. The question is what is the best way to reach them? The answer might be integrating multiple channels with direct mail still a viable option.

Source: Joint study by Convio, Edge Research and Sea Change Strategies

(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.)

Boomers: the New Social Networking Mavens – One of Our 65 Reasons Why Marketers Still Need to Target Boomers

According to the good folks at the Pew Research Center, social networking use among internet users ages 50 and older has nearly doubled—from 22% to 42% over the past year. In fact, almost half (47%) of internet users ages 50-64 and one in four (26%) users age 65 and older now use social networking platforms to help manage their daily communications—sharing links, photos, videos, news, and status updates with a growing network of contacts.

The growth rate of younger users pales in comparison with that of Boomers and seniors.
Between April 2009 and May 2010, internet users ages 50-64 who said they use a social networking site like MySpace, Facebook or LinkedIn grew 88% and those ages 65 and older grew 100% in their adoption of the sites. That compares with a growth rate of 13% for those ages 18-29.

So much for those who say Boomers won’t try new things!

Source: Pew Research Center

For Boomers, eating out is still in. – One More Reason Why Marketers Still Need to Target Boomers

People 55 to 64 are the highest restaurant spenders, at $1,294 annually per capita, according to the National Restaurant Association, followed by those 45 to 54, who spend $1,175 a year on average.

If you’re a restaurant, what’s the best way to appeal to this hungry market? The National Restaurant Association’s Top Chef Survey identified the hottest restaurant trends of 2010 – most are sure to tempt Boomer appetites.

1. Locally grown produce
2. Locally sourced meats and seafood
3. Sustainability
4. Bite-size/mini desserts
5. Locally-produced wine and beer
6. Nutritionally balanced children’s dishes
7. Half-portions/smaller portion for a smaller price
8. Farm/estate-branded ingredients
9. Gluten-free/food allergy conscious
10. Sustainable seafood
Sources: National Restaurant Association
Boston Globe

 (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.)

Boomers: There’s No Place Like Home – One More Reason Why Marketers Still Need to Target Boomers

According to a study by Opinion Research Corporation for AARP, nearly 80 percent of Baby Boomers say they would like to continue to live at home for so long as they can. However, that same study showed that might not necessarily be the same home they live in now. A majority reported they intend to stay in a one-level home, relocate to one, and/or downsize. Homebuilders, home remodelers and realtors, take note.

Source: Asheville Real Estate Journal

(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.)

Caregiving means Boomers’ own needs come second. One of our 65 reasons why marketers still need to target Boomers.

Almost half of all Baby Boomers say tending to their own health and well-being comes second to caring for the health needs of loved ones, according to a new survey commissioned by Humana. While 81 percent of the baby boomers surveyed feel appreciated for the care they provide, the vast majority say they also feel stressed and exhausted. In fact, more than one in three of those surveyed say they often feel helpless.

As the number of Boomers providing care – and needing care themselves – increases, there will be big opportunities for businesses that provide information and services that help offer relief from the stresses associated with caregiving. These can range from medical to housekeeping to referral services, and can even include stress-reducing massage and exercise programs.

Source: Business Wire

(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.)

Boomer Women: looking for financial security & independence. One More of our 65 Reasons Why Marketers Still Need to Target Boomers

Though told at an early age that a husband would take care of them, very few Boomer women agree with that today. They don't want to depend on others as they age and want to plan for their own future. The biggest complaint is that most financial service firms are showing ads with women with "their man". 78% of Boomer women don't respond to that. They prefer images of families, with no clear image of hierarchy and want to be addressed as decision makers.
Source: MediaPost Publications, Engage:Boomers 11/1/10 by Stephen Reily of Vibrantnation.com

(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.)