MediaPost's Karl Greenberg put together a great article on Baby Boomers and how that market has segmented itself over the last couple of years with some stereotypes emerging that help marketers understand who they are talking to. Take a look at this chart on visiting video streaming sites for the Boomer demographics, well over 50% were online watching video, a suprising statistic to me, so what kind of Boomer are they?
According to Focalyst and Millward Brown Chief Strategist Chris Murphy, "70% of boomers are now struggling to make ends meet, are thinking short term, spending more on private label brands, and trading down."
He catagorizes the Boomers into 3 groups with some interesting characteristics:
"Murphy says Today types retain pre-meltdown optimism, spending and celebration of self. Murphy says these consumers--about 30% of the boomer population--have a higher stable income, feel accomplished and fortunate in life. "They feel they can do anything, are planning well for retirement but are still willing to pay for higher quality," he says. "They are still risk-tolerant and their health is good. And they have a vanity streak to which marketers can appeal," says Murphy.
He says Yesterday consumers--25% of the boomer population--are pessimistic, have lower incomes and health issues, and are "disconnected and disengaged. When you look at their spending patterns, it looks like the other two segments," he says. "If I'm P&G or Unilever, I should be paying a lot of attention to them, too. They buy with clout." He says the right advertising to these boomers should encompass reinforcing and validating messages that they aren't alone and that "most average Americans are just as concerned with making ends meet." And messages, per Murphy, should talk about price and value.
Tomorrows have lower and middle incomes, are "spiritual" with a generally up-tempo view of life, per Murphy. "They feel--even now--that tomorrow will be better than today," although one-third have suffered recent declines in health and are struggling financially, he says. Murphy adds that Tomorrows--some 45% of the boomer population--are community and volunteer-oriented and self-directed, particularly with regard to health care. "Three-quarters of this group go online for health information."
There are a lot of great insights into this market, to read the complete article click here