The Baby Boomer generation (those aged between 60 and 78 in 2024) continues to be of interest for several reasons, including:
- its size (9.7 million in Spain; 12.9 million in the UK; 13.6 million in Italy; 14.3 million in France; 18.3 million in Germany);
- its cultural influence over the last 50 years;
- the economic resources at their disposal (the over 55s control much of the wealth of the richest countries).
It follows that it is imperative for companies to continue to understand them, because the boomers are the first generation to have shown the world what it really means to innovate (learning to use first the fax machine, then the PC and again the smartphone), so much so that they have transformed the ‘senior’ segment into something that did not exist before.
In short, they are not the seniors they used to be: they live longer, they are richer than the young, they have more time on their hands, unless they decide to continue working, because recently they are also much sought after by companies.
What are the key trends that marketers need to keep in mind about boomers? We have identified eight.
1. Retirement? It can wait
While the Reconstruction generation (born between ’25 and ’45) tended to stop working after the age of 65, some boomers continue to do so. Often they continue to work to maintain their wellbeing and support their adult children, sometimes out of a need to remain active and feel included in social life, perhaps with a somewhat reduced commitment. At the same time, other projects are started or given more space.
2. Different projects = different consumption patterns
The decision to work or not to work has an impact on life and purchases: those who work continue to invest in transport, clothing, eating out or the latest technology; those who retire expand their leisure consumption: sport, culture, travel.
3. High investment in self-care, health and prevention
Well-being is becoming increasingly important for everyone; exercise and the right diet can stave off ageing, but not forever, so spending on self-care and health is increasing. People certainly want to feel good and live to the best of their ability, so they invest in prevention, care and cures, a kind of “empowerment”.
4. An “Army” of women becoming more empowered
For the first time, the ‘big’ generation brings us a large number of women who have worked outside the home and who now have more time and money to spend on themselves (on average) than in the past.
And, as we know, investment in culture and travel appeals to women more than the average.
But more and more, women will play a leading role in decisions to buy cars and furnish the home, without forgetting the evergreen role of being responsible for food, health and, in general, the family ménage.
5. Intergenerational influences
As we know, support for the family in the broadest sense (children and grandchildren) is an Italian custom that varies in intensity in large or small towns, in high or low status segments, but whatever form it takes (economic or direct aid), it is an important protective network (family welfare).
The other side of the coin is that grandparents and in-laws also influence and contribute to the purchasing decisions of their children’s families.
6. Investment strategies to preserve wealth
During the period of ‘zero’ inflation, savings were kept in current accounts or in protected products (e.g. first class). As inflation and interest rates have risen, there has been a twofold need: to protect assets and at the same time make them work to preserve wealth. Then there is the need to support children and grandchildren: what are the right products? And what about renovating the home (in the city or perhaps the holiday home that could become the main residence?)
7. A crash course in digital literacy
The pandemic has been a catalyst for a generation that has always been ignored by digital marketers.
This demographic has started to ‘frequent’ social networks, make purchases and make virtual payments that they had previously avoided. New forms of digital literacy have developed into new habits that are here to stay.
8. Eating habits: a synthesis of pleasure and well-being
We could say that these are not conflicting variables and that there is therefore no trade-off. However, with age, food choices are on average more precise and balanced between these two cases, and it is therefore interesting to monitor the balance point and the variations in targets.
However, seniors are exposed to new food stimuli (new fashions, supplementation with proteins, vitamins or others) and it will be interesting to monitor the level of attraction of these new proposals.
Eumetra has been monitoring this target group for several years through a syndicated research that is about to be launched. With this second edition, we will go beyond the borders of Italy to study this generation at a European level (Spain, France, Germany, UK).
The “Longevity Economy – Boomers” Observatory is an integrated system of marketing, communication and R&D research services dedicated to companies targeting the mature generation. It enables companies to fully understand the 60-78 year old target group (i.e. those born between 1946 and 1964), identify the directions to take in marketing and communication strategies and maximise their effectiveness.
