Marketing to women baby boomers

Characteristics of baby boomers and baby boomer women

The women of the boomer generation (those born between 1946 and 1964) wield a huge amount of buying power! Baby boomer women, the authors of Boom: Marketing to the Ultimate Power Consumer, the Baby Boomer Woman note, influence as much as 80% of the $2.1 trillion baby boomers spend on consumer products and services.

They tend to be affluent, too. AARP reports that people over 50 own 79% of all financial assets, control 80% of all money in savings accounts, and 66% of all money in the stock market. Buying power surprising stats Women over 50 make 80% of buying decisions for households that have 80% of the nation's money.
(Sources: Boom and Why She Buys) Baby boomer women in particular, notes Bridget Brennan in Why She Buys: The New Strategy for Reaching the World's Most Powerful Consumers, stand to inherit money from both their parents and their husbands during the next 20 years.

Even during the Great Recession, women baby boomers were increasing their earnings—significantly. Even as median income slipped for other age groups, US Census data showed that from 2000 to 2008, women aged 55-64 enjoyed a 20.6% gain in income compared to a 2.3% loss by men the same age. All age groups aside from adults over 65 years reported a negative change in income. The next closest gain, held by women aged 65 to 74, was 8.7%.

And stereotypes of computer illiteracy aside, the baby boomer generation is online in force. At 56.7 million users, baby boomers make up the largest group of the US internet population, notes a December 2008 eMarketer report. Another statistic that should put this stereotype to rest: Facebook's fastest growing demographic is made up of women 55 and older—particulary married women, according to July 2010's What Women Want: The Global Market Turns Female Friendly.

Boomer women are as likely as Generation Xers to consult websites before making a purchase, according to the National Federation of Independent Business (NFIB)... and 70 percent of all online purchases are made by women, including baby boomers.

Last but not least, they're growing. Ad Age reported in July 2008 that the average US head of household is nearly 50 years old, and more than 80% of the growth in number of households by 2013 will be among those headed by adults 55 and older.

Women over 40 are newly fashionable in the popular media

Not surprisingly, marketing to baby boomers is becoming fashionable among successful businesses these days.

"Across American industry, companies that traditionally ignored people over 40 are now actively seeking their business," the LA Times reported in June 2006. The newspaper noted that AARP, a non-profit group for men and women over 50, had posted a 21% increase in advertising revenue from marketers interested in its demographic.

Women boomers aren't just showing up in advertising, either. Even fashion magazines and the movie industry, long considered allergic to age in women, have recognized both the appeal and the pocketbook of female baby boomers. The Today Show noted in August 2010 that a surprising number of fashion magazines had featured models over 40 in September, the most important month of the year for the industry.

"They're cool, fashionable, interesting, compelling—they have something to say," Laura Brown, projects/features director at Harper's Bazaar, says of the new over-40 appeal. "One of the things about getting older is you do grow into your sense of self."

The segment noted that at age 46 (at the edge of the boomer generation), Sandra Bullock is the highest-earning woman in Hollywood; according to Forbes; she made $56 million in 2009. Of the top five female earners in the film industry, three are in their 40s: Bullock, Jennifer Aniston, and Sarah Jessica Parker.

Advertising to women over 50: practical tips

If you're thinking of targeting the profitable baby boomer generation, take heed: baby boomer women may not be who you think they are.

Far from mourning their youth, grieving over empty nests, or moaning about stiffening joints, age 50 is a positive turning point for many women. "For most, it's a major life shift, from 'mom' mode to 'me' mode," says Barletta. "They use the added decade of life to go back to college or start new businesses. It's finally 'my time', and they make the most of it, pursuing old passions, exploring new ones, spending more time with their friends, and seeking out ways to give back. ... For women, 50 opens new doors, presenting vistas of endless possibility."

And they have the money to spend on their new adventures; Barletta notes that 85% of empty-nest parents see a boost in discretionary income, with one-third reporting a rise of $10,000 or more.

Smart marketers will acknowledge this new freedom and spirited attitude. One tip from the NFIB: don't refer to baby boomer women as golden, mature, seniors, or even middle-aged. "Most boomer women see themselves as a decade younger than they are," the organization says. "Boomer women are looking for products and services that appeal to their sense of adventure, curiosity, renegade energy and continuous development." Implying they might be ready to toddle off into the sunset would be a misstep, to put it lightly.

Authentic marketing and business practices are even more crucial for this age group. The NFIB notes that the women of the baby boomer generation pay special attention to a company's practices, especially in terms of giving back to the community, social responsibility, and how respectful and understanding it has been to her in the past. "She wants a relationship with the company—and she wants it to be sincere," says Carol Osborne, co-author of Boom: Marketing to the Ultimate Power Consumer, the Baby Boomer Woman. Communicate this to boomer women on behalf of your firm, and make sure you're carrying it out every day.

For companies marketing to baby boomers on the cusp of retirement and beyond, meanwhile, Ad Age suggests using the words guarantee, safety, and/or experience. "The increasing number of such consumers suggest we will see greater use in advertising of warranties, prominent displays of long corporate histories, exhibits of financial strength and testimonials," the publication predicted in July 2008.

The images used on a website or in marketing materials plays a significant role in conveying a feeling of authenticity. It's human nature to feel more comfortable when surrounded by people similar to oneself, but baby boomer women seldom experience this pleasure while interacting with companies, even those seeking their business. According to Why She Buys author Bridget Brennan, in a global study conducted by Unilever in 2006, women aged 50 to 64 made their feelings known—loud and clear. "Nearly 60 percent of the women felt that if magazines were reflective of a population, a reader could likely believe that women over fifty do not exist," she says.

Authenticity is especially key

Susan Boyle's audition video and subsequent career (a female boomer herself) beautifully displays the hunger that even jaded consumers feel for authenticity. USA Today quoted Entertainment Weekly's Ken Tucker as saying Boyle clearly hadn't been groomed as a pop star, so she was perceived as the real deal: "People want their idols to be authentic."

Authenticity is especially key for baby boomer women. Carol Osborne, co-author of Boom: Marketing to the Ultimate Power Consumer, the Baby Boomer Woman, notes that female boomers in particular want a sincere relationship with the companies they patronize.

They—and others—want the companies with whom they do business to truly be authentic. "Authenticity in business is a distinctly 21st century concept made relevant by a confluence of factors," writes How to Stand Out? Try Authenticity author Sohrab Vossoughi. "The public's trust of businesses and institutions is in steep decline. Consumers' media savvy has pulled back the wizard's curtain on insincere marketing ploys that are only surface-sexy. ... [Today's] consumers seek meaning and a brand they can trust."

Economic psychographics of baby boomers

Of interest to many is a two-part Focalyst survey, publicized in March 2009, that found baby boomers had fallen into three camps during the US recession starting in December 2007.

Surveyers found that 25% of respondents felt life was better in the past. These older adults had been most affected by the down economy and were worried about the future; 40% reported a decline in health. Focalyst recommended targeting ads to this group with messages emphasizing they're not alone and recognizing their long years of hard work.

About 30% of boomers, on the other hand, were confident, healthy, and satisfied with their lives; these older adults had higher income levels and had planned well. Focalyst suggested appealing to this group's sense of success with themes like living the good life, embracing the moment, and well-deserved indulgence.

Even more encouragingly, 45% of baby boomer respondents were very optimistic even in the face of financial or medical setbacks. (About one-third of these respondents had declined in health, but were proactively managing through the situation.) They tended to be spirited and connected to their communities, with strong values, a sense of youthfulness, and the intent to pursue a live of novelty and change. Focalyst recommended advertising messages with a focus on hopefulness, connecting with others, giving back, buying locally, and aspiring to a stable future rather than one of wealth.

Want to learn more about marketing to boomer women? Check out our list of the marketing to women books we recommend.

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