marketing to the new 50+ population: it’s not your parents’ 50+ population american marketing...
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Marketing to The New 50+ Population:
It’s Not Your Parents’ 50+ Population
American Marketing Association Marketing Research Conference
September 27, 2005
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2AMA Marketing Research Conference
Does this look familiar to you?
Which group includes your age? 18-24 25-34 35-49 50+
What’s wrong with this picture?
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The 50+ market is NOT monolithic
As complex and diverse as younger groups Includes three distinct generations!
GI Generation (Before 1925) Silent Generation (1925-1945) Leading Edge Baby Boomers (1946-1955)
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A word about demographics
82 million are 50 or older -- 28% of the population
By 2020, 116 million will be 50 or older -- 36% of the population
When the Boomers begin turning 65 between 2010 and 2020 the 65+ population will grow 35%, while the under-65 population will increase just 4%
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Beyond Demographics
It’s even more important to understand where they are “coming from”
Cohort groups are most influenced by events in their formative years -- from 8 -18
Core values are established The pull of the cohort group is redefining age
50 just isn’t what it used to be
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GI Generation
Born into a world without television Grew up during the Depression,
fought in WW II and were defined by both
Created the world we live in today -- consumerism, suburbia, discount shopping, fast food, highways
Believed in “the future” and the American Dream, fueled by the GI bill
First generation to live long enough to enjoy life after work
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The Silent Generation
Came of age during the Cold War, years of conformity
Women were encouraged to marry, discouraged from having careers
Defined more by what they weren’t than what they were--neither war veterans nor boomers—like the proverbial middle child
When the turmoil of the 60s caught up with them, there was a huge backlash
Levittown, NY 1948
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The Boomers
Leading Edge Boomers (born ‘46-‘55) are all over 50 Came of age during the first child-centric era, the first mass
consumers The 1950s was a time of unprecedented growth and
prosperity The Woodstock generation, the protest generation
Formative years were the turbulent 60s Cold War, assassinations, Vietnam Civil Rights movement, Women’s
movement, student protests
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The Boomers
Have always embraced the new and unknown, maybe because they felt so safe and secure
Their numbers alone would be enough to change the world of aging, but it is their expectation that business and industry should meet their needs that is redefining everything “age rebelliously” “60 is the new 30” “the new middle age”
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GI Generation - 10 million, 80 and older Optimistic Patriotic, sense of history Entrepreneurial Can-do spirit Outer-directed Traditional values, family
oriented First “senior citizens”
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Silent Generation - 42 million, 60-79 More cautious Little sense of their place in
history Corporate rather than
entrepreneurial Outer-directed, mediators Highest rate of divorce Never felt “young” till they were
middle aged First beneficiaries of the
Women’s and Civil Rights Movements
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Leading Edge Boomers – 40 million, 50-59 Rebellious and self-confident Connected to the times in which
they grew up Best educated, professionals Made up their own rules Inner directed, individualistic Redefined gender roles and
relationships Married later or not at all Re-inventing aging and
“retirement”
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Communications Implications
GI Generation Watch more television Patriotic, traditional values Respond to messages showing them as independent
Silent Generation Still read newspapers regularly Value opinions of experts Respond to images of extended families, groups of friends
Baby Boomers Use the Internet for information and shopping Anti-authority, less likely to respond to testimonials Respond to nostalgic settings, especially from the sixties
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Learning more about the 50+ Market
Opinion 50+ Omnibus study from TMR, Inc. among a projectable
sample of 500 people per month, or 6,000 per year Quick, cost-effective way to size a market, identify
behaviors, test purchase intent, or learn about attitudes
Studying retirement and home furnishings this month
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Redefining Retirement—Age
8%
32% 30%
15%
7%
Before 60 60-64 65 66-70 71+
Expected Age of Retirement Among Baby Boomers Who Haven't Retired Yet
More than 1 in 5 Boomers expect to retire after the age of 65
Source: Opinion 50+, July 2005 Base=113
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Redefining Retirement—Work
6%
3%
14%
32%
46%46%
6%
28%26%
50%
46%44%
29%30%
17%
28%
Work FT Work PT Family Volunteer Travel Reading Hobbies Gardening
Activities in RetirementAmong Boomers
Retired Not yet retiredSource: Opinion 50+, July 2005 Base=501
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Affluence Over 50
13%12%
10%
4%
12% 12%
16% 16%
Total GI Silent Boomers
Second Home/Pleasure Boat Ownership
by Generation
Own Second Home Own Pleasure Boat
Source: Opinion 50+, July/August 2005 Base=1002
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Home Furnishings
30%
17%
25%
13%
28%
15%
37%
24%
Total GI Silent Boomers
Refurnishing or Remodeling Primary Residences
Past year Next year
Source: Opinion 50+, July 2005 Base=501
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Healthy Self-Image
12%
17%
19%23%
26%
36% 37% 37%
30%
24%
15%
12%
5% 5%4%
Excellent Very good Good Fair Poor
How would you describe your health?
GI Silent BoomerSource: Opinion 50+, July/August 2005 Base=1002
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Healthcare treatments
94%
83%
65%
48% 47%53%
48%42%
38%
12%17%
31%
Taking Rx Taking OTC Taking Supplements Using AlternativeTreatments
What kinds of medications are you taking/alternative treatments are you using?
GI Silent Boomer
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Presence of Children Under 18
12%
3% 4%
23%
Total GI Silent Boomers
Children Under 18 Living In Household
Source: Opinion 50+, July/August 2005 Base=724
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Internet Usage
63%
34%
51%
83%
Total GI Silent Boomers
Access To The Internet
Source: Opinion 50+, July/August 2005 Base=1002
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Internet Activities
64% 64%
57%
17%
27%31%
14%
22%26% 25%23% 26%
14%
19%
28%25%21%
27%
47%
54%57%
E-mailing Readingnews
Bookingtravel
Playinggames
Othershopping
Healthcareinformation
Financialinformation
Main Activities On The Internet
GI Silent Boomers
Source: Opinion 50+, July 2005 Base=635
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Learning more about the 50+ Market
Traditional research Surveys—phone, central location, online Focus groups
Seminars and workshops Product-specific, category-specific New product development, positioning,
communications
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Main Take-Aways
Three segments in the 50+ population GI Generation (80+) Silent Generation (60-79) Baby Boomers (50-59)
They are not as different from younger generations as you might think Internet usage Presence of children Affluent, and will spend on themselves
Communications strategies and executions should be tailored to the segments’ “personalities.”