Baby Boomers have become such a lucrative market because their spending has increased to reach around $3 trillion in buying power. Baby Boomers want to have a variety of products that are available to them. Almost twenty percent of the U.S.’s population is estimated to be 65 years old or older by the year 2030, that means the spending potential will continue to grow. The marketing research process has been used to understand Baby Boomers shopping in stores. The research duplicated how a Baby Boomer gets their merchandise. The design involved equipping a person with gloves, neck braces, helmets, blurry goggles, and other equipment to simulate a customer with arthritis. This research was used to show how someone’s physical conditions impacted their lives and buying decisions. Stores have since used marketing research findings to tailor their stores and products to appeal to Baby Boomers by creating a retail environment better suited to their demographic. Businesses have also used the information to redesign some products. Some companies were able to develop brand new products that would appeal to Baby Boomers.
Pride, William M., and O. C. Ferrell. Foundations of Marketing. Cengage Learning, 2017.
Patel, Neil. “Forget Millennials. 7 Reasons Why Baby Boomers Are the Ideal Target Market.”Quick Sprout, 26 Apr. 2017, www.quicksprout.com/2017/04/26/forget-millennials-7-reasons-why-baby-boomers-are-the-ideal-target-market/.
The video that I found that I really liked for this comparison is “How to Advertise to Baby Boomers: Marketing & Advertising Strategies”. I actually had to search for about 30 minutes in order to find a video I thought was suitable. The video is approximately a minute and thirty seconds long and it talks about how to use marketing to advertise to the older crowd. The video teaches you about audience demographics and keeping the audience in mind.
eHow. 2012, (December 28). eHOW How to Advertise to Baby Boomers: Marketing & Advertising Strategies. Video File. Retrieved from https://www.youtube.com/watch?v=E0xg8rulj5g