Marketers across a broad range of industries have figured out that women influence 80 percent of consumer purchases.
Not only that, but they constitute the majority of the largest generational cohort in history—rich in numbers, purchasing power and potential. Here’s a look at twelve tips gleaned from the overwhelmingly hot topic of marketing to Boomer women discussed at the recent Beyond the Numbers: The Boomer Marketing Summit, in Miami as reported by TheMatureMarket.com.
1. While Boomer women have greater discretionary income than any generation in U.S. history, they are more worried about their financial health than those who are already 60+.
2. On a related theme, according to Deborah Natansohn, President of Seabourn Cruises, with all the talk of Boomers inheriting wealth, in reality the average American may inherit only 25-50K—not the millions they wish they’d be getting.
3. AARP is rapidly becoming an organization of Boomers. With 11.5 million Boomer members, it is already the largest Boomer organization in the world.
4. Forget about the notion that Baby Boomers have long-established their brand preferences.
5. Chuck Hurst, Research Director for JWT Mature Market Group, reveals that in a study of 25 to 75 year olds, those 50 to 54 experienced more life changing events and transitions in the past five years than any other age group.
6. At this stage in their lives, Boomers are interested in experiences, not things for the sake of having things.
7. More magazine disclosed that in their recent study, women 40 to 59 spend more than women 21 to 39 on perfume, computers, jewelry and watches, home improvement and luxury autos.
8. Be wary of pushing the Boomer woman to “join” your community.
9. The majority of middle-aged Boomer women have more parents than children.
10. Half of the approximately 70 million grandparents in the U.S. are Baby Boomers. Fifty percent of these have five or more grandkids.
11. Older women with daughters are statistically shown to out-live older women who only have sons.
12. Finally, according to Mike Sullivan, President of 50+ Communications, when trying to sell something to a Boomer woman, remember: she's always going to think she's smarter than you.