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| Mature Market News - Thought Leaders and Noteworthy Events |
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Competing for the Lucrative Baby Boomer Market The mature market represents an ever more significant business opportunity for industries across the board. For years, business and advertising has directed its most intense efforts towards a youthful market, striving to put forth images and messages geared to resonate with people under 30. Belatedly, however, marketers are realizing this tactic is based on an outdated version of the all-important baby boomer market. To succeed and thrive, they will need to switch gears: the greatest discretionary income will rest with an older demographic. Over the next three decades or so, America's senior population will double. What's more, the 60+ population will be our most affluent ever. Numerous surveys have suggested tomorrow's mature market will live longer, more actively, and more luxuriously than seniors have tended to do in the past. Baby boomers are on the lookout for what will enhance their lives, in all types of industries – from home furnishings to travel packages to specialized health care. From big corporations to small entrepreneurs, businesspeople with an eye for opportunity are going out of their way to attract today's top target market.In some cases this is a relatively simple matter of reconfiguring marketing strategy and strengthening lines of communication with mature market consumers. In others, present and projected future needs of the baby boomer target market inform the development of entire product lines. For example, a young graduate of the Wharton School of Business recently started a company that ranks disabled accessibility of hotels and restaurants in various major metropolitan areas. As the population ages, this service will prove useful to growing numbers of consumers. In an acknowledgement of the mutually beneficial relationship business can have with an aging population, the American Society on Aging recently ran a $10,000 competition for the best business plan designed for a mature target market. The Boomer Business Plan Challenge highlights some of the peculiar difficulties mature market consumers face, but also the golden opportunity this growing market represents. Households headed by persons 55-64 spend a hefty 52% more on hotel and motel rooms than the average consumer. They also spend 48% more on gifts, 34% more on ladies' clothing, and 28% more on healthcare. And there's no reason to expect these patterns will change much as the 50+ population expands. Today a dramatic power shift is in evidence in the U.S. marketplace. Power goes to the baby boomer, but it's also in the hands of businesses that give mature market consumers what they want. Back To Mature Market News → Go To The GenerationTarget.com Mature Market Bookstore → |
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