Lifestyle. Itâ€™s all about lifestyle.
Research proves 100 percent of all people will die.
Research also supports the vast majority of us will hit the dreaded â€śsenior citizenâ€ť status before dying.
Finally, research indicates the 50+ demographic is growing at a furious pace thanks to the Boomers â€“ a group now ready to spend the savings theyâ€™ve accumulated after years of keeping their noses tight to the grindstone.
Those believing the future of 50+ marketing is only Medicare Part D prescriptions and assisted living facilities are as antiquated as my grandmotherâ€™s pocketbook. And just about as promising, financially.
According to Neilson, in 2017, those 50+ will have 70 percent of the nationâ€™s disposable income, and theyâ€™ll also stand to inherit $15 trillion in the next 20 years. They are cash rich and time poor. They long to spend their cash on brands that listen to them and truly understand their desires to experience a fulfilling lifestyle.
The problem is very few brands actually are talking to them as anything other than â€śsenior citizens.â€ť Boomers are not aging like their parents before them. Just as Boomers consistently broke centuries-old taboos, they also are not going to go quietly into the night.
Thus, 50+ marketing is in dire need of a rebrand. Less than 10 percent of marketing dollars currently are directed to this surging group. Whether itâ€™s cars, clothing, vacation destinations, retirement services, restaurants or building products â€“ there is a glaring lack of niche marketing to this group.
The potential for success here is all about economics and demographics. The winners in 2017 and beyond (this boom will last for 30+ more years) will be companies that realize the vast financial opportunities that exist for those catering to the Boomer lifestyle. A lifestyle that explores new products and experiences. Boomers arenâ€™t lifelong-loyal to specific brands like their parents. They are looking for brands that speak to them, not their children; and definitely not their parents.
Companies interested in a piece of the Boomer pie â€“ and itâ€™s a very large pie â€“ must face the need to (seriously) rebrand themselves and their products for the 50+ market.