To know what drives baby boomers could be your gateway to success
What drives baby boomers when making a purchase decision is occupying the whole marketing world. To find the correct answer could mean the entrance to a vast market with a lot of financial resources to push the purchase button.
Frequently the industry and the entire society analyze the market to really understand what drives baby boomers in their purchase process. All humans need to go through a process before bringing out a credit card.
There are many reasons why the baby boomer segment gets so much attention. It's a large group growing steadily. In 2019 it is estimated that 21.19% of the U.S. population belong to the baby boomer group.
To correctly understand the decision process marketers use to divide the people into the following six groups:
- GI Generation – born between 1901 and 1926
- Silent Generation – born between 1927 and 1945
- Baby Boomers – born between 1946 and 1964
- Generation X – born between 1965 and 1980
- The Y generation, also called the millennial generation – born between 1981 and 2000
- The young Z generation –born after 2001
A hidden powerful and profitable market segment
Two important reasons why baby boomers always are an attractive target group for marketers. One is the massive size of the segment, and the other the solid average purchase power.
The baby boomers also represent the first generation that uses the word "retirement" differently. With better health and an increase in longevity, they view retirement in a different way.
It's the period in life when the focus will be on life quality. Instead of passing the rest of their lives in a rocking chair, behaving according to the old "rules" of old people. They go scuba diving, exercise, practice their favorite hobbies, and travel the world.
The decision process for baby boomers is not only focused on their purchasing behavior but also on how to continue an active life working on personal projects and income streams....Continue reading>>