One of the most significant demographic, cultural, social and economic changes in society over the past 50 years has been the emergence of the Baby Boomers.
This generation, which was born during post WWII to mid 1960’s (now aged between 50 and 70 years), has been through many societal changes, often being the catalyst for change itself as a result of the causes they championed during their youth:– resistance to the Vietnam War, the breakdown of racial in-equalities, the liberation and fight for equal pay for women, the emergence of popular culture in music, art, movies, literature and more.
Today’s Baby Boomers represent 24% of the Australian population and account for 40% of its wealth.
Unlike their counterparts in times gone past, Baby Boomers today:
- Have a longer life expectancy
- Are more active physically and socially
- Financially are better off (asset wise at least)
- Travel widely
- Readily take up technology
At the moment, many Baby-Boomers are at a cross road, deciding on whether to enjoy the freedom which life presents, plan for their retirement, work past retirement or even plan for future stages where support services may be more important.
And with so many Baby Boomers getting ready for retirement significant challenges are created for employers in restructuring workforces and retaining the knowledge and experience which Baby Boomers possess.
Tapping into this sector of the Australian population is vital to many product and service providers across a wide range of industries as well as for all levels of government in policy making and service planning.
Whether it be in: residential dwelling type or developments; health and well-being services; wining and dining; travel; banking, wealth management and insurance; pharmaceuticals; education; technology; home goods and home services, and more, it’s important to understand the opportunities and challenges that this sector brings .
The challenge however, is that Baby Boomers are not a homogenous group and many different substrates of Baby Boomers exist. These subgroups may be defined by many factors, including their age and work status, financial capacity, health, family structures and social networks, their geographic location and their personal attitudes, values and outlook for the future.
In addition, different segments of Baby Boomers are impacted differently by external forces, be they economic, political or technological.
As marketers, and as researchers, we need to understand how the Baby Boomer market is segmented, determine which Baby Boomer segment(s) best fit the profile of desired target group, and have the insight to understand how internal and external forces impact their attitudes, preferences and behaviours.
This is where newfocus can help, to explore the baby boomer market, define the characteristics of the Baby boomer segments, investigate the forces that impact their decision making to provide insight on the Baby Boomers of today and of the opportunities they present to marketers.
Using established and effective research methodologies to capture relevant information, whilst leveraging on our experience and expertise in understanding consumers, newfocus can provide the insight and strategic solutions to help marketers maximise their returns from targeting the Baby Boomers today and into the future.