Boomers: The Age of Opportunityhttps://www.chutegerdeman.com/wp-content/uploads/2021/05/Boomer-HeaderImage-1440x428-7.jpg1440428Chute GerdemanChute Gerdemanhttps://secure.gravatar.com/avatar/27b8b1d5d4480e694e1d763231b8e868?s=96&d=mm&r=g
It’s time to throw out the assumptions on baby boomers. As a whole, they’ve laid the groundwork for the “Silver Economy,” a consumer base worth $2.6tn globally. Even still, this demographic is plagued by ageism, media attitudes, and a lack of inclusivity. As these consumers open the curtains on their third act in life, it’s imperative that brands don’t miss their opportunity with the new boomer.
The great migration from physical to digital experience continues to build popularity in retail. Some brands are even testing digital-only concepts, taking the human element out altogether. To accommodate, consumers are adopting new technology and shopping habits. In 2020, shoppers aged 50 and above saw a 49% increase in tech adoption, the most out of any demographic. As a whole, they are the largest growing e-commerce shopper, spending roughly $1,615 online January through September of 2020. Boomers as a whole are showing unrivaled consumer resilience, which enables brands to continue innovating without leaving this key demographic out of the mix.
Pursuit of Purpose
Now in their “third act,” the time for living their best life is just beginning. On a search for purpose, consumers are getting back in the habit of travel/world exploration. Boomers are leading the travel rebound across the globe as vaccines make their way through countries. The Bristol Hotel reported a 179% revenue bump from guests 65+ in January 2021 and expects a busy year ahead.
Others are retiring for re-hire. Working for well-being, boomers are finding solace in new creative outlets regardless of pay specifics. Over 56% of Americans find purpose in working for well-being, and companies see this as an opportunity. Advertising agency, Thinkerbell hosts paid internships solely for applicants 55 and beyond, seeing the value in this demographic’s perspective.
Health is Wealth
With tech, adoption comes the newfound sense of health management. It’s projected that the average 60-year-old still has an entire third of their life to live, hence the term “a third act.” As it stands, almost 70% of adults ages 50-65 manage their health routine and keep track of a healthy lifestyle. This is to not only helping this demographic live longer but also positioning them as a target health and wellness consumer.
Fitness is no longer a necessity but an escape for many today. Last year fitness ambitions grew by 59% for baby boomers, creating a workout renaissance across the globe. UK studies found that Brits in their 60’s and 70’s are just as likely to state that fitness is a coping mechanism in life rather than a chore.
Consumers have much more similarities than differences, and boomers are showing their ability to not just keep up but trailblaze shopping trends in their own way. The new age of opportunity is now, and for many brands, it’s time to take a deeper look at who their target consumer really is.
Satisfying appetites of all generations, check out our Times Square Flagship for Krispy Kreme. Recently nominated for a 2021 Shop! Global Design Award, the space brings to life the brand’s doughnut theatre in a grand way.