Sensible luxury the key to new age of boomers

Baby boomers are defined as people born in the post-war years, between 1946 and 1964. As this generation has aged they have been regarded as an important target group for marketers - not just because they are the most numerous demographic group, but also because they have tended to have a high disposable income and demand high standards. Steve French, managing partner of the market research and consultancy firm, said: "While boomers will still be accountable for more than $2 trillion of consumer purchasing power, it appears there will be a fundamental shift in their buying patterns".​ The new survey, conducted by the Natural Marketing Institute, involved 1,100 people now in their 60s. It showed that they are seeking out products that can offer a combination of sense and luxury. He said that companies best poised to benefit are those that can combine pragmatism and luxury. For the food industry, for instance, he gave the example of restaurants offering "boomer specials"​ - smaller portions of organic, healthy food. The same rationale could, quite easily, apply to manufactured food products and prepared meals, for occasions when people want to eat well but healthily at home, but with the minimum of preparation. Underscoring this advice are two particular findings from the survey: Eighty-six per cent of respondents said that, when they turn 70, they will be more pragmatic and practical in their purchases, and less concerned about trendiness and indulgent. On the other hand, 93 per cent said they will have more time to engage in activities like travel, dining out, and hobbies. What is more, the first baby boomers to turn 70 will be followed by another 18 years of baby boomers behind them. While this market is described as "evolving"​, developing products to meet the needs of the first to enter a new phase could mean these products have a long life span. Previous market research into the baby boom generation has also identified them as being more prepared to spend money on foods and supplements that can help them stay healthy for longer. This has made them a prime target for marketers of functional foods, such as products with plant sterols to reduce cholesterol levels, and antioxidants like lutein and zeaxanthin to help maintain eye health. The survey findings are being made public today at the What's Next Boomer Summit, and will also be presented later this week at the annual meetings of the National Council on Aging and the American Society on Aging. The survey was conducted in cooperation with Fleishman Hillard, a global public relations firm that has an initiative solely dedicated to helping companies build relationships with baby boomers.