For the past few months we have concentrated our writing on the sense and sensibility of focusing marketing and communication efforts on the Boomer generation. In support of this argument we have cited quantitative and qualitative evidence that indicated these are the people with the money and they are not afraid to spend it. However, in thinking through our arguments, their supporting evidence—and reality in the world today—it occurred to us that perhaps we might have been somewhat misleading!!!
So, we went back to the drawing board. And, here is where we came out.
Gender aside, there really are two almost separate and distinct segments to the Boomer cohort. What demographers define as the first wave, those born between 1946 and 1954—and the second wave, those born 1955–1964. The logic is simple—and it strongly suggests that those of us who have been crying in the wilderness are really talking about the first wave.
Why? Because those in the second wave—today age 41–50—are still basically in their child-rearing years, including sending one or more children to college. Their needs—and the demands upon their financial resources—are focused in, on, and around the home, and are indeed quite different from those of the first wave.
On the other hand, those in the first wave—today age 51-59—are either free of, or freeing themselves from, the shackles chaining their younger Boomer brethren. They have increasing amounts of disposable income as each year passes (until, that is, the first grandchild appears). As such they are thinking travel, vacation homes, new cars, new electronic gadgets, the theatre, fine restaurants, “dress-up” clothing—and trying the new products that are constantly to be seen in advertising., etc.
Yes there are overlaps (like why do cosmetic makers focus their advertising on younger women who do not need the help), but for the most part the “pot of gold” for marketers lies with the first wave.
The next few issues of The Boomer Report will focus on the first wave, their wants, needs, motivations—and what it may take to motivate them towards specific brands (not products, because they already want them!).
Comments