Abstract
When it comes to the mature market, one of the greatest mistakes marketers can
make is to assume that once consumers step across the threshold of 55 years,
they plunge into some great vat where they are boiled, stirred, then poured
out again to quietly gel and fade away. Sure, by age 55 gray hair approaches
ubiquity, and certain unpleasant physical realities announce their presence-
but to assume homogeneity among this cohort of 68 million people is hardly an
effective strategy. Though racially and culturally less diverse than younger
generations, the mature mark spans 40 or more years and embraces generations
of socio-cultural, political, and technological revolutions, not to mention a
vast array of lifestyles, financial situations, health concerns, career
choices, education levels, and family dynamics: In the mature market, parents
and children suddenly become peers; retirees rub shoulders with full-time
workers; marathon running professionals care for frail, housebound relatives.
The eldest in this cohort remember when a live piano provided the only film
soundtrack; the youngest can' t remember a time before Bugs Bunny. Thanks to
the proclivities of that latter contingent, or leading edge baby boomers,
entrenched notions of what it means to grow older no longer apply. People are
living about 30 years longer and enjoying a better quality of life than ever
before; cliches involving a rocking chair, two cats, and a flickering light
bulb are quickly giving way to images of a yoga mat, tennis partners, and a
large-button cell phone.
Still, as boomers gallop through their 60th birthdays with hardly a backward
glance, the market simply has not spent enough effort in meeting or even
imagining the wants and needs of those already in their 60s, 70s, and beyond-
while the ranks of these mature adults are swelling into unheard-of numbers.
As of Spring 2006, nearly 68 million people had blown out at least 55 candles
on their last birthday, and various estimates show the 50+ crowd to be sitting
on $20 trillion in resources, to control over 70% of disposable income, and to
wield $1.6 trillion in spending power. By 2030, people age 65 and over are
expected to number over 70 million; an even greater wave is sweeping the 85
and over age bracket, who are projected to surge from 4 million in 2000 to an
amazing 20 million by 2050.
To help marketers prepare for this silver tsunami, Packaged Facts presents The
Mature Market: Consumer Trends and U.S. Retail Markets, an all-new report on
the attitudes, preferences, and shopping behaviors of mature market consumers.
Drawing on uniquely cross-tabulated Simmons Market Research Bureau survey
data, along with government and private sector data sources, this report
explores the many reasons that marketers should be scrambling to accommodate
this cohort.
Following an overview of mature market attitudes and spending trends are five focus chapters:
- Mature Market Demographics. Mature segments can be delineated by
age, but successful marketing will require careful research into specific,
overlapping segments, many defined by life stage. Besides boomers and seniors,
there are pre-seniors, young seniors, early retirees, grandparents, fully
retired, older married couples, singles and/or widowed, and most recently,
parents of seniors. Regional, economic, and educational differences add even
more dimensions.
- Mature Market Lifestyles, Health, and Wellness. Exercise is crucial
to maintaining good physical and emotional health at any age, and even elderly
or frail adults who have never exercised before can benefit. This chapter
takes an in-depth look at the growing health and fitness industry in mature
sectors, and how preventive wellness and exercise can help reduce burgeoning
medical costs.
- Mature Market Personal Finance and Home Ownership. This cohort runs
the gamut in how they have prepared (or neglected to prepare) to support
themselves and their loved ones over the long term. This chapter examines work
habits, consumer debt, and personal financial strategies like long-term care
insurance and reverse mortgages.
- Mature Market Internet and Telecommunications. The 65+ segment may
be somewhat less open than younger generations to Web surfing or text
messaging, but mature adults are gaining in every digital activity from
medical research to social networking. In computing, wireless communications,
and even television, larger print capabilities and technologies that assist
hearing- or sight-impaired consumers will help marketers to reach their target
audiences.
- Mature Market Travel, Transportation, and Entertainment. While the
needs of a 55-year-old can be very different from those of an 85-year-old, a
common bond will almost certainly be desire for independence, mobility, and
new experiences. Fertile opportunities abound for industries that cater to
mature adults who, like many of the younger generations, are more interested
in doing than acquiring. Leisure and travel activities, often in the company
of grandchildren, will become increasingly important as mature adults reward
themselves for years of hard work.
Report Methodology
The information in The Mature Market is based on both primary and secondary
research. Primary research involved interviews with experts, public relations
and industry analysts in firms that specialize in boomer market research. The
report features unique analysis based on the Simmons Market Research Bureau
spring 2006 National Consumer Survey. Secondary research entailed
data-gathering from relevant trade, business, and government sources,
including company literature.
How You Will Benefit from this Report
If your company is interested in understanding and reaching the mature market,
you will find this report invaluable, as it provides a comprehensive package
of information and insight about mature consumers not offered in any other
single source. You will gain a thorough understanding of the current
demographic profile of the boomer population. Contributing to that
understanding will be a complete analysis of data from published and trade
sources, and in-depth examinations of the economic and societal trends that
influence the consumer behaviors of this large and influential segment of the
population. Plus, you' ll benefit from extensive data, presented in
easy-to-read and practical charts, tables and graphs.
This report will help:
- Marketing Managers identify market opportunities and develop targeted
promotion plans for products of interest to mature consumers.
- Research and development professionals stay on top of competitor
initiatives and explore demand for products targeting the mature population.
- Advertising agencies to develop messages and images that compel mature
consumers to purchase these products.
- Business development executives understand the dynamics of the market and
identify possible partnerships.
- Information and research center librarians provide market researchers,
brand and product managers and other colleagues with the vital information
they need to do their jobs more effectively.
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