Cashing in on aging boomers - New Mexico Business Weekly:

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“People wanted nothing to do with the mature saidMaddy Dychtwald, senior vice president of the company in San Now, the consumer products and services industrgy can’t stop thinking about the mature especially since a baby boomer turns 50 everg 8½ seconds. At 78 million boomers represent one-third of all adults in the United States. They control half of the nation’s wealt and, at least before the recession, were spendingb $2 trillion on consumer products and servicesa year. Boomers were expected to account for abou t 40 percent of spendingby 2015, accordingy to a report in 2007.
So, retailer and marketers are eager to figurer out how to reach this Some in the consumer products and services industry are gettinfit right, while many others still have much to learnn — and lose, said experts who specializer in marketing to baby boomers. Marketingb to this 19-year generation is proving Although boomers arelumped together, they’re a diversw group with divergent life experiences given that they range in age from 44 to 63. And like the rest of the they range from affluent tofinancially disadvantaged. The way to markety to boomers is by individua life stagesegments — such as empty-nesters and grandparents without mentioning age, consultants said.
“They refusd to be called seniors. That is the worst thing you can do to this saidAlice Jacobs, a Roseville baby boomer who advises companies on generational marketing and teachesx seminars and classes on the topic, including throughj UC Davis Extension. Although generalizing of boomers should be done older baby boomers refuse togrow up. They thinok old age starts around 75or 80, said Matt Thornhill, foundee of , a marketing research and consulting firm in Boomers see themselves as vibrant and active. They like tryinv new services and products, despite the myth that they are spokesman AnthonyDeluise said. The associationb of people 50 and older no longer uses inits name.
Boomersd like print advertising because they want lots of Boomers also pay attention to new and will clickon eye-catching Internet ads. This generatiom also likes products, services and shoppin experiences that make them feel specia land pampered, consultants said. They don’tf want to merely eat or buy They want to theywant experiences. This is especiallyh true since therecession started. Many boomers who are 60 had expecte to retire over the nextfive Now, they will likely work an extra three to five yearz because of their hard-hitr investments and pensions, Dychtwald said. The good news is they won’t be on a fixed incomwe and willstill spend.
But theidr free time will be more limited. More boomerd will be working and raising childrenm or grandchildren while also dealing with thei ownsick parents. As a result, “experienc over things become valued,” Dychtwald said. “There is a real shiftr going on right now on what people are Boomers in particular want to beresponsible “It’s not about buying stuff to have stuff,” Thornhill Lifestyle centers — which combine upscale stores with restaurants, entertainmenty and comfortable places to linger — provide the experiencews that boomers want.
Local examplea are Sacramento’s Pavilions center and The Fountainsin