The Baby Boomers market is huge!

The Baby Boomers market for all types of goods and services is currently over $2.1 Trillion annually in the US alone. Boomers control more than $7 Trillion in wealth, and own 77 percent of all financial assets in America.

Boomers are at the peak of their earning power and we, and our families, are the largest consumer segment in the economy. We account for 50% of all discretionary spending in the US. The age of the group (in 2007) ranges from 42 to 61.

Demographics will shape the Baby Boomers market.
The current median age of the boomers is 52. The oldest of the group will reach 65 and begin to retire in large numbers starting about 2011. The disposable income and consumption of the group is projected to be 40% greater than the previous generation.

The Baby Boomers market is where the action is in retail for the next 15 to 20 years. We will account for roughly 40% of US income and spending by 2015. There will be a disproportionate demand for home furnishings, electronics, clothing, restaurants, and of course all types of health care products and services.

"Never trust anyone over 30" was our motto thirty some years ago, but times have changed. Now it is more like "never trust anyone one under 30" and that number will be revised upward in the coming years to age 40 and then 50.

The fact is that Boomers expect good service from knowledgeable staff. We appreciate the experience that older employees offer in selling more complex products and services and we are willing to pay more for good service and convenience, provided we receive good value for our money.

It is a big mistake to address the Baby Boomers market as "senior citizens". We Boomers do not consider ourselves old, or senior. A large percentage of the Boomer population look and feel at least 10 years younger than our age, and most of the rest are working on it! It is a big and diverse group with many niches, and it is a big mistake to view the Boomers as a single homogenous gray population.

Despite AARP's definition, age 50 is not a senior citizen these days. Adjectives like "prime, experienced, or mature" are much more appropriate. If we see an ad for "Seniors" we ignore it, because it is not our demographic.

That being said, thoughtful marketers will position their products appropriately for the market. Make certain that marketing materials, signs, nametags, and packaging are easy to read and in larger type sizes to minimize the need for glasses. Market-specific products should be thoughtfully designed. For example, a new line of cell phones targeting the over 50 market has larger letters and numbers to make them more user friendly.

Pay attention to customer areas to see they are well lighted inside and out, adequately heated, and tone down the background music. If space permits place a few chairs or benches in strategic locations to allow customers a place to sit and relax.

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