Baby Boomer Women are the Greatest Marketing Opportunity for Today and Well Into the 21st Century

The 50-plus age group is now 45% bigger than the 18-to-39 groups and will be 60% bigger by 2010. In 1989, adults 40 and older became the biggest adult segment for the first time in U.S. history, making them the new customer majority. The leading edge of the boomer (born between 1946 and 1964) is 62 now, and if past experience is any indicator, “the most self-important generation in history”.

Quite a large majority of Baby Boomers have money, and lots of it! They control more that one half of America discretionary income and three quarters of the country’s financial wealth. If you take a good look at what is happening you will see that by 2011, spending by people 55 years and older will be “a Trillion dollars greater than spending by people between the ages of 17 thru 43, $2.6 trillion versus $1.6 trillion.

I think that most people reading this article would like to believe that these individuals are men! An if you said that, you would have missed the boat. Boomer women have money to spend and make most purchasing decisions. Plus, it is well know that they will live 15 years longer than their husbands.

Women control or influence 80% of all purchases of both consumer and business goods and services. They have sole or joint ownership of 87% of homes and buy 61% of major home-improvement products. They account for 66% of all home-computer purchases and 80% of all health-care services. They carry 83 million credit cards, 8 million more than men. And just where are the Baby Boomers woman getting this money from? Boomer woman are entrepreneurs and are stepping away from the cooperate world and reinventing careers. Many women in their 40s, 50s and 60s are reaching the peak, or passed, their careers goals and earning potential. Retiring older boomers often do not stop working; they might instead be finally starting that consultancy they have always wanted. They start 70% if all new businesses and with that 73% last beyond the five year mark.

One of a number of areas that most people over look, that woman are the primary purchases of consumer electronics. The stereotype of the single 27-year old male consumer electronics nerd is no longer correct. Women play an increasing role in consumer electronic purchases. In America Boomer women spend more than $65 Billion on consumer electronics annually, out of a $101 billion total. Yet, Boomer women feel ignored when it comes and helping them to understand the product. Case at point: Call Best Buy and sound like you are a woman trying to buy an electronic piece of equipment and check the response. But, if you make it clear and easy for the woman to understand how your products help her or her grandchild, you have made a sale. Not only that, you have made follow-up sale with that family. When I say - make it clear and easy for the woman to understand - is to speak to her in relative items that apply to her world. As I say that I realize that many sales persons will have to improve on there skills to be effective communicators in this growing market area. It is quite possible that a older female worker would be excellent for this position.

If you think about it, these women are NOT a niche market for a specific industry, they are THE MARKET of all industries. The industries that are savvy enough to understand their needs and perceptions and desires for their transitions in life. Industries should remember that their lives are not only a journey but also a destination. Destination can be attached to a number areas in our lives and Travel would be one of the biggest ones.

Travel is not just about sitting on a beautiful beach; it serves as much more for the mature women. Travel is her way of reconnecting with herself, her loved ones and the world at large, which explains why Baby Boomer spend more per trip on travel than any other age group. For this woman, travel is about the adventure, learning and rejuvenation. Everyday routines of life are dropped, and this now becomes a chance to check out her life, to take stock of just where she is going or intends to go. She is often more likely to travel solo, with her girlfriends or with her niece, than with a spouse. Marketing to her key needs and concerns; and understanding the amenities she is looking for is the priority on this trip. Her needs will differ; depending on whose suitcase she is helping to pack. Often times her world may extend far beyond this trip. Please note, her ticket was purchased with an online Marketing Travel Agent or by direct contact with the marketing company.

The number of Baby Boomer women owned businesses have grown since the incident with Enron. Also, Grants for woman owned business have gone up even more than were projected. They have grown at twice the rate of all US firms. When asked about their motivation in starting there own Home Grown business, more than 50% indicate the desire for independence as the primary motivation. Even beyond that is the social responsibility that they feel for themselves, their family and the community. And is found to exceed any corporate social responsibility, because it has a very direct impact on the family unit.

If industry understands the major differences between women and men in entrepreneurial roles, they can reach a large share of this lucrative market businesses. In a nutshell, women are the ones spending the money, and boomer women have more money to spend.” But as I have said before about American Business “They ain’t seen to Football since the Kick-Off” and we are well into the Second Half of the Game.

Thank you for your time.

Paul Dangheart.

Help me improve by visiting my Blog. http://Baby-Boomers-Force.blogspot.com

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