We’re in the middle of our discussion on marketing to affluent clients. Last Friday we hit on what the rich really want to buy, and what you need to do to attract them. Check out that blog post below. Today we’ll talk a little about the baby boomers attitudes towards aging, and how that affects their spending. I think this will be very insightful for you.
In a 2007 survey of leading edge boomers (born 1946-1950) by www.AgeWave.com, those responding defined “old age” as 82 years of age. So what does that mean to you? To put it simply, if you sell or offer products or services towards people who are “slowing down” you may want to rethink how you selling to these people because the idealized way they view growing old is far, far different than the current retired generation.
Their attitudes towards retirement are also vastly different than they were just a few years ago. In a Merrill Lynch survey 81% of boomers plan to work past 65. These boomers are not interested in the ‘classical retirement’ that has been romanticized by parents of the boomers.
Does that mean there’s no need for anything revolving around ‘retirement?’ Of course not! However you’ll want to redefine your business if it involves traditional ‘retirement’ as we currently see it.
These two little facts should give you an upper hand in reaching the affluent, especially the boomers who make up the largest single segment of the affluent. You’d be wise to start attracting them.
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