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Markets clue into baby boomers’ age, spending shifts
Marketing
By David L. Rawle
Every seven seconds, an American turns 50. The Baby Boomers are approaching 50, 55 and 60 in massive numbers. And marketers are beginning to respond to the seismic shift in our nation’s demographics.
The folks at Gap recently opened their first Forth & Towne store, featuring apparel designed for women ages 35 and over. They are wise to recognize the changing dynamics, as boomers spend more than twice as much on apparel as teenagers ($42.7 billion vs. $20 billion).
Chico’s has been a successful brand focusing on this same demographic. With sales of more than $1 billion, the Chico stores even created a set of sizes: 1, 2 and 3; a clever move, as aging shoppers are often embarrassed that their once size-6 bodies are now a 12.
In 2000, the 50-plus group accounted for 37% of the adult U.S. population. By 2010, it will be 43%. And the people in this segment own 77% of U.S. financial assets. Older consumers spend two and a half times as much per capita as the average American spends.
When targeting older women, marketing experts advise, “Go easy on ‘stats and facts,’ and go strong on ‘look and feel.’”
Lexus is doing a great job with their ad that shows a woman lying in a bed of white peanut-shaped pieces of Styrofoam packaging. Since women make or influence 85% of all car-buying decisions, Lexus is wise to target them.
That ad is especially appropriate as baby boomer women are moving from SUV’s (the kids are grown up now) to cars that give them what they really want: comfort and convenience.
Women also respond positively to advertising that shows people like them, as opposed to glamorous celebrities whose looks and lifestyle seem unattainable.
There has been lots of talk about the Dove campaign. They may not be professional models (and their dress sizes are assuredly larger than 4, 6 and 8), but the women in those ads are wonderfully charming, appealing and photogenic. The campaign is eye-catching, on target and successful.
Dove lotion sales have already increased 700% in Great Britain, 300% in Germany and 220% in the Netherlands.
Nike is following suit with its “real woman” ads with headlines like “My butt is big” and “I have thunder thighs.”
Caren Bell, a company spokeswoman, says that the campaign is attempting to portray “what is real” instead of what is “the ideal.” As women work out, their bodies develop and become more muscular, not waif-like. Nike is celebrating that fact rather than denying it.
A friend of mine with a teenage daughter was telling me how his daughter is hitting him up for a major clothes allowance. My wife said the problem is that the daughter hasn’t found her personal style, so she is too influenced by what others have, what is featured in magazines and what is trendy. And that highlights an important difference between younger and older consumers.
David Wolfe, an expert on marketing to older consumers, says the first half of our lives is focused on social actualization. As we age, our focus shifts to self-actualization.
Says Wolfe, “In self-actualization, we begin to become more who we are fundamentally. We become more focused on the real versus the charade. In the second half of life, authenticity becomes more important to us.”
The Dove and Nike campaigns are connecting with that need for authenticity. They say, “Hey, get real. We’re all a little older. Heck, we’re a lot older. And we can’t go around wearing kids clothes any more. We’ve got the money. We’ve got the taste. And we deserve to have the stores focusing on our needs.”
Smart marketers are going to follow suit. And tie. And shirt.
David L. Rawle is chairman of Charleston-based Rawle Murdy Associates Inc., a marketing, advertising and public relations firm. E-mail him at drawle@rawlemurdy.com or visit his blog at http://davidrawle.blogspot.com >
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