Baby Boomers Are the New Millennials

While shopper marketing professionals seem obsessed with finding new ways of reaching tech-savvy Millennials, they might want to redirect their attention to another Internet-proficient generation: baby boomers.In a session at the Shopper Marketing Conference & Expo last September titled "The Coming Age Wave of Shoppers: So Many Seniors, So Little Insight," Catapult Marketing group account director Alysia Ross discussed the importance of targeting a cohort that was only recently surpassed by Millennials as the country's largest generation.“Why are marketers so preoccupied with Millennials?” Ross asked. "The boomers outspend Millennials two to one in online purchases. This is not a group that should be ignored.”Despite the buying power of those over the age of 65 — who will make up half of the U.S.'s population by 2017 — only 10% of advertising dollars is spent on boomers. Part of the problem is that marketers are often working off flawed assumptions about the generation.“There’s this pervasive idea that you think about a baby boomer as someone who’s retired, they’re an empty nester and they’ve been devastated by the economy," said Beth Craig, Catapult director, insights. "Quite honestly, when you talk to boomer shoppers this isn’t how they perceive themselves at all. Whether they are retired or not their lives are busier today than they’ve ever been.”Catapult conducted proprietary research and focus groups with baby boomers to better understand their needs and found plenty of diversity among the demographic. On the younger end of the cohort, 44% had a full time job. Some had part time jobs and devoted other time to art projects. Even retirees kept busy with travel, golf or acting as caregivers. Whether because they had children later in life or were caring for their grandchildren, 25% of boomers surveyed had kids ages 6-12 in their household and 59% were sharing the house with kids under age 21."You better believe that’s going to impact the products they buy and the types of retailers they shop at,” Craig said.Many boomers prefer local stores that they can walk to, with 32% of boomers shopping two or more times each week and some saying they're in a store every day. That's partially because they have smaller houses, so they're unlikely to buy in bulk even when shopping for multigenerational households. While the retailers surveyed assumed that boomers would be very loyal to the stores they'd shopped at for years, the fact is that the demographic is willing to experiment and an increasing number of boomers are spending money at alternative grocers such as Whole Foods Market and Trader Joe's.Catapult also found that 45% of boomers felt that they were "somewhat" or "very" financially stable, ranking better in that area than Millennials. Boomers also had higher household incomes on average than Millennials.“Why should we continue to care about the boomer shopper?" Craig asked. "They still have very busy and active lives. Their lives have changed, so they’re looking for something a little more convenient. They’re shopping for themselves, for their grandchildren and, in those cases where they still have elderly parents, they’re shopping for them as well. They have the money to spend and they’re not afraid to spend it.”That desire for convenience has led many boomers to use the Internet or smartphones to shop, primarily through Amazon or Walmart. They also use smartphones to inform their store trips, with 43% turning to mobile to find specials, sales and coupons.One of the categories that would be best served by appealing to baby boomers is OTC. While 71% of boomers rate their health as "good" or "excellent," even the healthiest and most proactive among them suffered from five conditions on average. The demographic wants to feel good while living better and longer, and are often treating their health issues with OTC products.Within the cohort, there are two categories that are most significant to OTC brands. "Successful Solution Seekers" are eager to explore medical innovations while "Busy, Determined Survivors" skew younger and female and are stressed, tired or worn out from caring for others.Both groups are more driven by results than a SKU's price. They want to be sure stores have their preferred OTC product in stock and that it'll be easy for them to buy other items on the same trip. They also value knowledgeable pharmacists, friendly and courteous salespeople, well-organized stores and short checkout lines. Unfortunately, retailers are often too focused on what they incorrectly assume boomers want out of an in-store experience, namely larger font sizes on signage and more personalized attention from employees.“They don’t need you to make things easier for them to read, thank you very much," Craig said. "Stop thinking of them as old. Yes, they wear glasses, but that’s not going to make the shopping experience any easier for them. What they really do want, what really would make shopping easier for them, is basic common courtesy."

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