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Wednesday, March 9, 2011

Very often, yesterday's "upper demo" is today's affluent consumer

In the Audience DNA workshops we deliver, we often refer to folks in their sixties as “New Age Seniors.” The reason: Life expectancies are longer, people are staying healthy longer, and there is more wealth available to this cohort than there was just a few decades ago. A story from today’s Marketing Daily seems to concur.

Citing data from Scarborough Research, the article illustrates some of the financial strength and purchasing power of older consumers. Click here to see it.

Implications: Significant wealth has followed the boomer generation as it ages. Are you following the money? And have you made adjustments to your product, service or messaging so as to make them even more appealing to this cohort?

I think of this generation as a group that is growing older, but at time, refuses to grow up. They might be listening to jazz and visiting symphony hall, but they’re also still listening to country and rock and roll. They’re showing up at Chuck E. Cheese’s… with the grand kids. They’re wearing no-lines so their bi-focals are less apparent. And while they’re still more than physically capable of playing a variety of sports… their knees and elbows might hurt afterwards.

Again… how does your product or service fit comfortably into the life stage of this consumer? Are your displays within convenient reach? Does the font size on your menu or packaging make for a comfortable read? Does your venue help create memories for a grandparent outing? You’ll win with this crowd the same way you will with any other generational cohort: Empathize with their needs and the satisfy benefits they seek.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

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