Booming Boomers

November 15, 2012  by in UnCategorized   

By Home Furnishings Business in on November 2012

Did you know there is an audience of buyers, roughly 78 million strong, controlling close to 40 percent of America€™s consumer demand? This is the single largest group in the United States. The Baby Boomers have more discretionary income than any group every before them. Their spending habits will certainly impact the economic change in America.

Born between the years of 1946-1964, the first wave has hit retirement, if the recent recession did not spoil that plan. Many will remain working because of need or desire, but this is a group that needs your attention if you want to tap the largest group of consumers we have ever seen.

Now, here is the tough question. How do you market to these boomers? This generation is experiencing many life changes. Some have children in college; some have grandchildren and many are helping care for aging parents. Never before have we seen a group of individuals at so many crossroads in life. Fact is, some are at all of these points in life. So how in the world do you create a plan to market to them?

Well if I had that answer I€™d be sitting on a tropical island, retired just like the first wave of boomers. But here are my thoughts on how to get the attention of this group.

Target them because of the crossroads they are experiencing, not because they are older or may be retiring. I mean really, how many financial, arthritis, scooter or Viagra commercials can this generation take? They are now considering purchases for parents, children and grandchildren. Make that your focus, and you could find the pot of gold.

Tell them you have products that will help make life easier for their parents, lift chairs and accent lighting. You also have durable products that can be used to set up the first apartment for those that have children going off to college; sofas, coffee and end tables, bedroom suites and such. Then, target them for the grandchildren. Let them know you have kid-sized and friendly designs for bedrooms.

Do you carry upholstered chairs for small children? Tell the boomers about these items and the €œage€ message is gone. You€™ve just shifted the focus from age to your products that will help family members have a better quality of life. These boomers have discretionary money, and they will spend it if you provide them a value for the dollar. By keeping it simple and staying away from the obvious message, you will be connecting to them in a way that becomes more about the lifestyle quality for family members. Not about the later years in life. Does anyone really need or want to be reminded about that?

This issue of Home Furnishings Business is all about the consumer with a detailed look into the Baby Boomer generation. We discuss the impact this group€™s buying habits can have. Please enjoy the read and learn what industry experts have to think and say about the largest generation of buyers we have ever known.