On average, 76 percent of boomers listen to the
radio – more than any other demographic; morning
drive-time is when most (49 percent) are tuned
in. What they listen to varies widely, from
oldies to country to talk formats. Consistent
with their proclivity for experimenting with new
media, 6 percent subscribe to satellite radio.
Proving that newspaper reading can be a hard
habit to break, 57 percent of boomers say they
read their local daily newspaper regularly; 68
percent read their weekly community paper. But
it will surprise some to learn that 87 percent
surf the Internet, spending an average of 123
minutes online daily.
What are they doing online? Ninety-three percent
regularly or occasionally use the Internet to
research products prior to purchase. Almost half
(46 percent) say searches are triggered by
traditional advertising or an article they’ve
read; nearly as many (45 percent) are prompted
by television or other broadcast media.
Boomer Project Buzz: Boomers are using
all forms of information gathering available to
them, and so should marketers. Those that
discount new media – assuming that boomers fail
to use it – are making a big blunder.
4. Grandparents Are Nana From Heaven
Grandma and Grandpa don’t look the way they
used to. It’s no wonder. The average age of a
boomer grandparent is 53.4 years old, which by
today’s age standard – 50 is the new 40 – means
they’re young and hip, not to mention well off
and doting.
Data shows 38.4 percent of boomers are
grandparents. In real numbers, that translates
to roughly 28 million, with another two million
set to join the ranks for the first time in
2008.
More than three-quarters (76.5 percent) of
boomer grandparents own their homes, and 46.4
percent generate more than $50,000 in household
income. Still, they tend to be a frugal bunch;
more than a third belong to Sam’s Club, compared
with 27 percent of all adults. Nearly four in 10
eat at a fast-food restaurant four or more times
a month, and 24 percent say McDonald’s is where
they eat most often.
There’s nothing sedentary about boomer
grandparents’ lifestyle. Thirty-five percent say
they exercise three times a week, and 10.6
percent plan a major home renovation in the next
six months. Half say that in the face of rising
gas prices they plan to drive less – yet among
boomer grandparents looking to buy a new car, 20
percent are considering a truck and 25 percent
have their eyes on an SUV.
Over one-quarter of boomer grandparents plan to
spend more money online over the next three
months than they did at this time last year.
Whether they shop online or in stores, boomer
grandparents scoop up plenty of toys. When the
grandkids get older, grandparents opt for gift
cards. Prior to the 2007 holiday shopping
season, 81 percent were planning to buy gift
cards, compared with 78 percent of all adults.
Boomer Project Buzz: Grandparents are
active and involved with their grandkids, and
marketers need to appreciate their role. Why
hasn’t anyone created a grandparent/grandchild
menu or designated a “grandparent’s night?” How
about a grandparent pass to kid-friendly events?
They may not want to ride the rollercoaster, but
they do want to see the kids’ smiles.
5. Target the Pepsi-Turned-Pepcid Generation
Sandwiched between 10 million well-to-do
mature Americans and some 11 million
disadvantaged households are 24 million baby
boomers that are largely ignored by marketers.
This segment is described by consultants at
McKinsey as “financially unprepared” yet
undaunted and uncompromising in its desire for
consumer products and services.
McKinsey researchers coined the phrase
“U-Boomers” to describe this segment and say few
companies are gearing up to meet their needs.
That’s a big mistake. While they can’t match the
Mercedes lifestyle of their wealthier
counterparts, U-Boomers will account for almost
25 percent of total U.S. consumption by 2015:
That’s a massive untapped market for products
and services that meet discriminating tastes and
budgets.
An article about U-Boomers in Forbes makes this
key point for marketers: “As the economic clout
of the cash-constrained, highly discriminating
U-Boomers grows, companies will need to rethink
how they deliver services while keeping prices
down. Web-based tools that lower delivery costs
while retaining a sense of personalization and
high-end service are part of the solution. One
of the fastest-growing usage segments for
Skype's Internet videoconferencing is
grandparents talking to their grandchildren.”
The McKinsey research calls for ditching the
idea that older people prefer smaller specialty
stores. Two-thirds of U-Boomers prefer to shop
at bigger stores with lower prices, it says, and
roughly half prefer doing all their shopping at
one store.
Boomer Project Buzz: U-Boomers value good
experiences and good pricing. Take a peek inside
a cooking class: guess who you’ll see.? Such
classes provide opportunities to learn, to
socialize . . . and to buy. And it may be time
to remind sales associates that being over 45
doesn’t mean customers have one foot in the
grave.
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