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New Baby Boomer Market Research
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Mar 14, 2009 by Mark MaierWhat do Baby Boomers react to in today's economy? MediaPost's "Boomers Can Be Targeted By Economic Outlook" reminds us that changes are underway with this important demographic, looking at their desires for consumer electronics compared to other segments can help you target clients...|
Interest in Future Ownership of Selected Consumer Electronics (% of Age Group) | |||||
|
CE Product |
Age 18-34 |
35-49 |
50-59 |
60-69 |
70+ |
|
HDTV |
23% |
24% |
27% |
27% |
21% |
|
Laptop Computer |
18% |
21% |
21% |
14% |
11% |
|
Digital Camera |
18% |
12% |
11% |
9% |
8% |
|
Cell Phone |
17% |
14% |
14% |
11% |
11% |
|
Video Game Console |
15% |
10% |
5% |
3% |
1% |
|
Desktop Computer |
14% |
8% |
11% |
9% |
8% |
|
Digital Camcorder |
11% |
6% |
6% |
4% |
2% |
|
MP3 Player |
10% |
8% |
4% |
3% |
1% |
|
Smartphone |
9% |
6% |
5% |
4% |
2% |
|
GPS |
9% |
7% |
7% |
5% |
8% |
|
Digital Photo Frame |
9% |
5% |
6% |
5% |
1% |
|
Portable Gaming Device |
8% |
3% |
1% |
0% |
0% |
|
Home Theater System |
8% |
5% |
6% |
3% |
0% |
|
Digital Video Recorder |
7% |
5% |
4% |
5% |
2% |
|
iPhone |
6% |
3% |
1% |
1% |
1% |
|
Source: Source: TNS Compete, January 2009 | |||||
The Baby Boomer segment is made up of 3 distinct "mindsets"...
"One-quarter of boomers surveyed fall into the "yesterday" attitudinal bucket, summed up by the statement, "Life was better in the '50s." These individuals have been most affected by the economic downturn, and are concerned about an uncertain future. They tend to long for a simpler life, feel that they have not accomplished much, and are relatively detached and "disconnected from the grid." Few express aspirational goals. Many (about 40%) report a decline in health.
About 30% of boomers are categorized as having a "today" outlook, represented by the statement: "We live in exciting times." These individuals are confident, healthy, and satisfied with their lives and accomplishments. They have higher income levels, have planned well, and feel they have earned the right to an indulgent retirement.
The "tomorrow" segment (45%) lives by the philosophy "tomorrow will be better than today." These individuals are "spirited and spiritual," and remain extremely optimistic despite recent financial or health setbacks. (About one in three has experienced a decline in health, but is "managing through it proactively.") They have strong values and are highly connected to the community and to information. They feel young for their age, and eight in 10 are pursuing a life of challenge, novelty and change."
Helping your clients market to these 3 segments can be a critical piece to add to the bottom line.
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