Baby Boomers have less purchasing power than Millennials
Most baby boomers, born between 1946 and 1964, have already worked their way up the career ladder and hit their peak. They have significant purchasing power – in fact, in 2017 they accounted for 42 percent of spending in the United States. In Europe, they are the first consumers of fashion.
Baby Boomer market will see stagnant growth at some point
Especially in developed countries, with falling birth rates, increasing minimum retirement ages, increasingly better health conditions, and higher average life expectancy, the baby market -Boomers are expected to grow exponentially. And, unlike Millennials, they are less price-sensitive due to their higher incomes and are willing to pay more for premium products. While millennials influence their peers, their elders are the ones with the ability and power to decide whether or not to buy these products. All these characteristics make this market a lucrative market.
Baby Boomers are afraid of new technologies and change
The evolution of digital technology has prompted Baby Boomers to shatter their image as outdated technophobes. Contrary to popular belief, a large majority of them spend at least 15 hours a week online and share 20 percent more on Facebook (the social network of choice for this generation, which is admittedly much less grabbed by Instagram, Snapchat, etc) than any other generation. But Baby Boomers are e-shoppers. The difference is that for them, in-store customer service and traditional advertising remain preponderant in their purchasing decisions.
Baby Boomers are outdated
They would not be concerned with fashion, but with comfort above all. It’s a credo from another age, and that’s why the brands targeting them are currently trying to rejuvenate their image and their collections. According to strategy consultant AT Kearney, these consumers’ tastes and appetites for fashion are getting younger day by day. “Today, when you are 60, you often dress like you were 40 a generation ago. Today, a 60-year-old woman dresses more like her daughter than her grandmother when she was the same age.
In conclusion: companies must adopt a multi-generational approach to marketing and production to increase their market share and retain their customer.