When I first started looking at aging demographics, I knew that as the Baby Boomers aged the pendulum would swing and businesses would finally pay attention to older adults as a major consumer segment. How could any logical person think otherwise?
Well, it appears that I was wrong. No one is talking about an explosive aging population; just about baby boomers, who evidently will never be anything else whether forty or ninety. The fastest growing cohort in America are those over age 80…and they still buy groceries, cars, cosmetics, travel, go to movies, eat at restaurants, invest, buy clothes and toys for the grandkids…not just medication.
Today I reviewed an article entitled “Omnibus Survey Allows Marketers to Ask Consumers Questions.” Of course, the company was only surveying adults age 45 to 65, at which point everyone becomes a nonperson. Why would marketers care what anyone over age 65 think? Of course, the media used to ignore anyone over age 40 so maybe this is progress.
In spite of the overwhelming data, nothing much has changed in the last 30 years. Even if the under age 40 crowd don’t have more money, assets or potential, marketers will search out some form of youth market…or Boomers. Consultants whose minds never left the 60’s have convinced media pundits that Boomers will be never grow older…they will redefine aging. Well, much like they led the boomers in the 60’s the Silent Generation has already extended the boundaries of aging…the American Association of Retired Person has become AARP, Elderhostel is now Exploritas, and Civic Ventures is shining the light on later life empowerment and purpose.
With the current economic crisis, people are working longer and retiring later. Age 65, as the age one becomes “old,” is a misnomer. For business to ignore the age 65 plus population is total insanity – unless they plan to shut down for the next 20 years or so. In 20ll, 76 million of those called baby boomers begin turning 65 at a rate of about 8,500 a day. Why would we not want to know what they are planning to buy, invest in, travel to or do?
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