Presentation on theme: "What do baby boomers value and want? Woodstock Poster."— Presentation transcript:
What do baby boomers value and want? Woodstock Poster
Background A baby boomer is a certain demographic that was born between the years 1946(61) and 1960(47) following WWII. A large part of the baby boom after the WWII is attributed to the economic growth in North America. Exporting goods to foreign countries who were rebuilding there economies which had been demolished. This provided the necessary resources and stability for parents to have more kids.
Maslow's Hierarchy of Needs Pyramid Baby Boomers University Students
Marketability Baby boomers are the most powerful age segment because of the segment's size and economic clout. No other generation in history has been more intensely watched than Baby Boomers. Anything "boomer" makes headlines. And for good reason, with an estimated annual spending in the $2 trillion range.
A study in 1985 by Schuman and Scott asked a wide range of adults "What world events over the past 50 years were especially important to them? For the baby boomers the results were: Baby Boomer cohort #1 (born 1946 to 1954) Memorable events: Assainations of JFK, Robert Kennedy, and Martin Luther King. First man to Walk on the Moon. Vietnam War, Anti-war protests. Sexual freedom, civil rights movements, womens rights, environmental movements, protests and riots. Experimentation with various intoxicating recreational substances. Baby Boomer cohort #2 (born 1955 to 1964) Memorable events: Watergate – politcal scandals Nixon resigns The cold war The oil embargo against US Raging inflation Gasoline shortages
Values and Wants The needs and desires of baby boomers affect demands for housing, child care, automobiles, clothing and financial services. Traditionally many marketors ignored this age segment due to the stereotype that they were inactive and spend to little. This stereotype is no longer accurate as many older adults are healthy, vigorous and interested in new products and experiences- and they have the income to purchase them. In 2004, the UK baby boomers held 80% of the UK's wealth and bought 80% of all top of the range cars, 80% of cruises and 50% of skincare products.
Marketing Approach Identify Values - Experimental, individualism, free spirited, social cause oriented, less optimistic, distrust of government, general cynicism. Identify Wants – Security, Luxury, Good health, Value added, Quality products.
Baby Boomers Era Celebrity icons include: Slyvestor Stallone Gene Simmons Magic Johnson David Bowe Jerry Seinfeld Madonna George Clooney Films: Jaws Jurassic Parks Indiana Jones Rocky Rambo Popeye
Chart The population of pre-retirees and retirees is projected to increase by 30 million by 2020, and to account for about half of the US population, compared to 44 percent in 2002.
Conclusion Marketers should focus there scope on the values and needs of the baby boomers demographic in tailoring there marketing campaigns. If a marketer can tailor there campaign around the values and needs of this demographic the potential for a successful million or billion dollar company is attainable. Ex. Jewelry, Tourism, Fashion, and assisted living.