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1-Page Summary of Boom
The Stats Are Overwhelming
Boomer women have a lot of buying power. They are responsible for most household purchasing decisions, spending $10,000 more than the average man every year. They’re also the new sweet spot demographic group that marketers should target since they wield such influence over their families’ purchases.
The Sacred Seven
Women are a powerful group in today’s society. They will have the most buying power by 2015, and baby-boomer women will make up the largest percentage of that demographic. Boomers also expect to work longer than previous generations do, and many of them plan to inherit large sums of money.
Women make more than 50% of the buying decisions in home improvement. They also surf the Web more than any other demographic.
Women own or operate 30% of small businesses in the U.S. In previous generations, women over the age of 35 were considered old and stopped trying new things. However, today’s 50-year-olds are redefining aging by challenging existing labels and taking pride in being older than they used to be. One way that they’re doing this is through entertainment (for example, a musical about menopause).
Who Are You?
Boomer women vary in many ways. They also have common characteristics that are influenced by events from the past. The older leading-edge boomers were born between 1946 and 1954, while younger trailing-edge boomers were born between 1955 and 1964. Each generation has a slightly different attitude toward life, but they share similar beliefs and values. Trailing-edge boomers tend to be more status conscious than their older counterparts because of the time period when they grew up; however, both generations are idealistic about what can be accomplished in society today.
Doing It Right
Some companies have been successful at marketing to women of a certain age. Appleseed’s, Coldwater Creek, Garnet Hill and Yzza are one example. L.L Bean has also done well with this demographic by understanding their needs and wants. For instance, they’ve created products that appeal to boomer women without making the product “shrink it and pink it.” For example, they’ve created smaller backpacks for women called Celia Day Packs that are popular among customers in this group because of how practical and comfortable they are.
“Life-Stage Marketing”
Boomer women don’t think of themselves as old, so they should be marketed to based on their life circumstances.
Life-stage events like caring for aging parents are not age specific. Women who take on this responsibility in their fifties have something in common with those who do it at 45.
A woman is likely to be in multiple life stages at the same time. She might also revisit those different life stages many times during her lifetime.
“Life-Stage Portraits”
In order to create a “life-stage portrait” for boomer women, marketers should take a closer look at this group. Boomer women are embracing different types of exercise and fitness regimens because they’re looking for more than just physical renewal; rather, they want spiritual renewal as well. Marketers who appeal to these consumers include Title 9 Sports, Nuala yoga wear, Terry Bicycles and Curves fitness centers (for women only).
“Work and Money” – Boomers are more financially savvy than their parents. They research bargains online, and thoroughly investigate investment opportunities.
Women in the boomer generation travel more than any other demographic group. They often arrange family vacations, doing research online before going on their trip.
Today’s older women are more likely to do things themselves. They initiate most home improvement projects, and they’re the majority of Internet users. Among these online users, 35- to 45-year-old women make up a large portion of the group, so your website should be attractive and user friendly for this group.
