When the first boomers turn 70, there are still 18 years of the generation to follow, the vast majority of whom are wide open to new products and experiences in virtually every category---as long as marketers stay on top of the generations' rapidly changing ethos, researchers conclude.
A new study of 1,100 boomers by the Natural Marketing Institute and Fleishman-Hillard's FHBoom gives marketers a first glimpse of the boomer consumer at age 70. In brief, today's boomers predict that when they turn 70:
- 74% still won't be describing themselves as old
- 86% will be more practical and pragmatic in their purchases
- 76% will be using technology to stay connected with family and friends
- 93% will have more time to do things...like travel, dine out and pursue hobbies
- 63% will be making some kind of move
Note: The study shows that the turn to the pragmatic is highly correlated to the fact that only 41% of boomers state they have a secure, financially sound plan for retirement. Even so, boomers anticipate that after paying their basic living expenses, they will have an average of 22% of income left over to spend on discretionary purchases.
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