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Surprising Facts About the Female Baby Boomer Market Baby boomer women control the bulk of spending in today's market, so it's worth taking time to understand little-appreciated facts about their habits and spending patterns. Knowing the score could even give you a leg up on competitors. As a demographic, female baby boomers are responsible for an enormous proportion of consumer spending. Baby boomers in general control trillions of market dollars. And since females make up to 80% of all spending decisions in baby boomer households – in areas from finance to food to travel – their importance to the average marketer can hardly be overstated. Yet there is ample evidence to suggest that marketers understand startlingly little about this demographic that yields such remarkable market influence.When we think "baby boomer women," for example, how quickly do we draw a connection with entrepreneurial undertakings and start-up businesses? The number of female-owned businesses is in fact growing at a rate double that of U.S. firms overall. And baby boomer women are leading their generation's charge to make "retirement" a period of productivity, launching new businesses and finally becoming their own bosses. Almost half of female business owners indicated in surveys that independence was a motivating factor in branching out on their own. Many of these women will use the internet as a resource for building their customer base, and 86% of female entrepreneurs say they use the same products in their homes and in their businesses. Win the respect of female consumers and you tend to win their loyalty – but don't overlook the importance of innovative forums like the internet.Which brings us to the next key fact about female baby boomers: they are avid and savvy users of the internet. Last year, women between the ages of 35 and 54 represented the demographic most inclined to surf the web, with their internet savvy far outstripping that of male baby boomers. Contrary to stereotypes that see women as browsers and ditherers, this demographic is characterized by businesslike determination online. Baby boomer women use the internet as a tool to make life more convenient. Sites that minimize distractions and present information clearly to match the user's needs prove big hits with these smart shoppers. Expert advice and easy-to-digest recommendations score points. Streamlining information and utility is the key. Some supermarket chains, for example, have supplemented online shopping with recipes that show online buyers what they must purchase to prepare appealing meals. Convenience is added to convenience in a pattern that has yet to backfire. And don't imagine baby boomer women are only interested in the economics of earning and spending. An eye towards retirement, along with the prospect of one day being widowed (for those who are not already single), has most baby boomer women giving a lot of thought to financial planning. Financial service providers who understand the multifaceted nature of these women's concerns – encompassing family, friends, and community as well as quality of life – will be able to shape the most sensitive, effective offerings. Finally, it's important to realize that life stages are at least as important as generational characteristics in determining what a person wants at any given time. Female baby boomers, like any demographic, have experienced – and will continue to undergo – shifts in their feelings, motivations, and demands as they move from child-rearing to empty nests to retirement and beyond. Smart marketers will do their research, listen to consumers and look beyond the stereotypes to reach out to boomer women with messages that resonate. Back To Mature Market News → Go To The GenerationTarget.com Mature Market Bookstore → |
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