Where have you not seen products or services targeted to baby boomers? This month’s trendwatching.com briefing is about such “forever trends” and these ginormous niche markets: Women, GLBT, Boomers! Here’s a brief overview:
Women
Here’s a good point — Women make 80+% of consumer purchasing decisions in the US. Maybe you’ve noticed plenty of adverts targeted to the female species (Female Fever, it’s called). “Why should boys have all the fun?” says an Indian ad for a Honda scooter made for women. Sales jumped. Also, while alcoholic beverages for women is nothing new, beer-sellers are introducing specific brands for women.
Almost every industry is touching this important niche: Investing, retail, food and beverage, clothing, shoes.
Gays
Quite a market indeed: trendwatching.com states that the buying power of the GLBT community will exceed $835 billion by 2011. There are websites devoted to marketing in this market. Lots of companies have taken a positive first step in gay-friendly advertising and it’s been shown that this has created a powerful new sales-driving segment.
And it’s not just the young. Elderly gay communities have opened up all over. Bank of America introduced The Rainbow Card which helps organizations devoted to the issues of the gay community. You will find also that lots of travel and vacation opportunities have cropped up for gays.
Boomers
This category barely needs an explanation. Baby boomers are probably the largest consumer market segment today; and it’s growing.
The world’s population is aging at a staggering rate. The 50+ population is the fastest growing segment worldwide and predicted life expectancies are at a historical high. An American turns 50 once every seven seconds. Within the next few years, 50% of the European Union’s population will be 65+. By 2030, in Italy, retirees will outnumber active workers. By 2050, the median age in Thailand will rise to 50. (Source: MIT AgeLab.) - From trendbriefing.com
Frightening. With that, you see oodles of “over 50″ social networks, dating sites, travel services, and tons of other online companies focusing on this profitable population. Medicines? Health care? You bet! The industry has a worsening strain on it, but drug advertisements and fitness products are very present.
You also find that in regards to travel, boomers are being bombarded with marketing for luxury homes, retirement locations and communities, vacations, and healthy frozen culinary delights.
All in all, these market segments are key to consumer industries. They remain solid and profitable.
>> Download the entire report from trendbriefing.com
Boomer photo from Flickr user playerOne
1 Comment
2 Aug 2007 at 10:58
There may be a great many boomer “social networking” sites out there, but there is a lack of evidence that boomers are actually using them in any significant way.
I encourage my boomer women clients to use online dating sites, and more of them are doing so. There’s still a reluctance to do so, because they don’t like so much attention from men they aren’t interested in dating.
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