Lois Brayfield, CEO
Millennial Schmillennial! Why is everyone rushing to grab this elusive customer group when we are about to experience the largest wave of spending power to ever hit the market? I’m talking about the aging Baby Boomers who have become empty nesters, are retiring and are more mobile than ever.
Consider the silver lining:
- There are 78 million Baby Boomers turning 65 and over in the next 10 to 20 years. And, according to the National Consumer Expenditure Surveys, senior households wielded $1.43 billion in spending power last year, outpacing total consumer spending.
- According to Pew Research Center, the Baby Boomer generation is tech-savvy, and contrary to conventional wisdom, more and more of them are adopting technology. Of the folks 65 and older, 71% go online daily, and around one third of them use social media.
- Medical advances are changing the face of retirement. Simply put, we are living longer. The average age when mental and physical health begins to decline is edging towards 80. Instead of sitting back and watching the world go by, “retirement” is packed with new meaning, new careers and new experiences.
At least once a month, I have a conversation with someone sitting in the C-Suite, asking how they might evolve their brand to appeal to Millennials. And it’s a valid question. But instead, should we be concentrating our efforts and asking, “Are we REALLY doing everything we can to appeal to our own changing demographic?” You know, the older customers? The ones who have been loyal to your brand for decades and already know what your brand stands for?
Time for full disclosure. I’m on the very tail-end of the Baby Boomer generation, staring down the face of the big 6-0. It’s a little frustrating when brands tell me I’m their demographic, yet I wouldn’t be caught dead wearing or using what they are peddling. And many of my friends feel the same. Assuming that Baby Boomers share the same aesthetic that our parents did is erroneous thinking. We appreciate brands that market to us knowing we aren’t sitting around in rocking chairs, sporting smocks. We live an active lifestyle, travel, seek adventures and sometimes even have a second home. Heck, next month I’ll be in Iceland, paragliding off a volcanic mountaintop. Don’t count us down and out!
Are you ignoring this incredible opportunity? Are you prepared for empty nesters who are ready to spend their money with you? Have you evolved your brand to appeal to this active generation? Has your merchandise concept shifted to appeal to a new aesthetic? If not, I highly recommend doing your research. Talk with your own aging (hate that word) customer and find out what appeals to them, how they spend their time, what they love about your brand and what they don’t love. And, instead of letting your past performance guide your product and creative development, begin testing so you are ready for this new wave of spending.
Interested in evolving your brand to make way for the Silver Tsunami? Email loisb@jschmid.com or call 913-236-8988, even if it’s to find out about my paragliding adventure!
