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How are the Baby Boomer Buyers Different? Benefit from the expertise of mature market expert Mark Goldstein as he discusses characteristics of the baby boomer generation. The baby boomer generation includes roughly 80 million Americans born between 1946 and 1960 – a huge, active and opinionated population. Their income and resources should make them desirable to companies and advertisers in many if not all industries. At the 2005 NAHB International Builders' Show in January, President of Impact Presentations Group Mark Goldstein gave an interview touching on some salient characteristics of baby boomer consumers. Mr. Goldstein is a co-founder of Age Wave, Inc. and a nationally-recognized mature market expert, who has been delivering talks and programs on this subject for the past quarter of a century. NAHB: How are boomer buyers different than buyers from other generations? MG: Boomers are different buyers because they are different people. What I mean by this is that each generation came of age during different times. As a result, they each have differing values. Boomers have been defined by the "generation gap" between them and the previous generations. So first and foremost, values must be considered when targeting different generations. Beyond generational values, boomers are more savvy, educated, wealthy and demanding than previous generations at the same stage of life. They prefer an educational/experiential approach to marketing. Especially after the stock market crash of 2000, these consumers are averse to traditional marketing. They are looking for straight talk and informational marketing. It is also important to remember that boomers are convenience driven consumers. They grew up in the era of fast food, ATM's and the microwave. Imagine trying to rent a car to this client without the remote check-in device that transformed the car rental business. Our research shows that the majority of baby boomers would prefer more time than money. This means that wasting this consumers' time is worse than wasting their money. This goes hand-in-hand with boomers appreciation for personalized service. They enjoy doing business with companies that have perfected their customer service and they know when it is missing. And finally, baby boomers are the most litigious of all consumers. Builders who align with boomers' quality standards will gain the big prize. For companies who become recognized by "cutting corners" and faulty follow-up, there will by significant lawsuits.NAHB: Do boomers want a different product than other consumers? If so, what are they looking for in terms of features and amenities? MG: Just as the auto industry was able to target boomers with a new product, the SUV, it is also possible for [other industries] to design the boomer version of a product. There are [for example,] home amenities that will appeal to boomers. Perhaps one of the most important will involve specialty rooms. These rooms were not a part of the previous retirement life stage. Many boomers will want home offices, or media rooms; some will want a fitness room. We will also see more high tech homes in the coming years. Currently, 34 percent of builders offer structured wiring packages as standard or optional amenities. It will also be important for later life homes to be able to transform with the changing physiographic needs of occupants. Aging in place will be the battle cry of the future. This will be one of the biggest challenges, as marketers will need to communicate these needed amenities without suggesting that their customers are becoming old. I suggest that this new product will not just be a house; it will be a lifestyle. This lifestyle will be reflected in the home and even more so in the community. When designing and marketing to an experientially driven consumer, always showcase the experience being offered. There will need to be plenty of opportunities for boomers to socialize with neighbors while maintaining privacy when they want solitude. Back To Mature Market News → Go To The GenerationTarget.com Mature Market Bookstore → |
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