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NOTE:To appreciate this presentation [and ensure that it is not a mess], you need Microsoft fonts:“Showcard Gothic,”“Ravie,”“Chiller”and“Verdana”
Tom Peters’ EXCELLENCE.Opportunity. Boomers.Geezers.Numbers. Many. Many.Many. Many. Many.Money. All.Time. Lots.Energy. High.Domination.Next 25 years.Unprecedented.North America.Western Europe.Japan.[Women. Especially.]05.02.08
Average # of cars purchased per household, “lifetime”: 13Average # of cars bought per household after the “head of household” reaches age 50: 7Source: Marti Barletta, PrimeTime Women
!!!!!!!!!!!!!!!!! “People turning 50 today have more thanhalf of their adult life ahead of them.”—Bill Novelli, 50+: Igniting a Revolution to Reinvent America
NOTE: In the next 20 years between 14 and 25 trillion dollars of wealth will be passed on to the current generation—a number never matched in history.
NOTE: U.S. demographics for the first decade of the 21st century.
We are the Aussies & Kiwis &Americans & Canadians. We are the Western Europeans & Japanese. We are the fastest growing, the biggest, the wealthiest, the boldest, the most (yes) ambitious, the most experimental & exploratory, the most different, the most indulgent, the most difficult &demanding, the most service & experience obsessed, the most vigorous, (the least vigorous,) the most health conscious, the most female,the most profoundly important commercial market in the history of the world —and we will be the Center of your universe for thenext twenty-fiveyears.We have arrived!
We are the Aussies & Kiwis & Americans & Canadians. We are the Western Europeans & Japanese. We are the fastest growing, the biggest, the wealthiest, the boldest, the most (yes) ambitious, the most experimental & exploratory, the most different, the most indulgent, the most difficult & demanding, the most service & experience obsessed, the most vigorous, (the least vigorous,) the most health conscious, the most female, the most profoundly important commercial market in the history of the world —and we will be the Center of your universe for the next twenty-five years.Wehavearrived!
Median Household Net Worth<35: $7K35-44: $44K45-54: $83K55-64: $112K65-69: $114K70-74: $120K>74: $100KSource: U.S. Census
BoomerBucks!Boomer turns 50: every 7 seconds. 2009: majority of U.S. households headed by someone over 50. 2006-2016: U.S. population up 22.9 million; 22.1 million in over-50 group. 2006: 1 in 5 adults is F, over 50. Women between 50-70 who are single: 35%. Age 45-54: highest average income, $59, 021 (national average is $42,209).FASTEST GROWING INCOME CATEGORY: WOMEN, 55-64 (4X men in same category). Women, age 60-64: 50% still in workforce. Highest net worth: families, 55-64 ($182,000). People over 50: 70% to 79% of all financial assets; 80% of all savings accounts; 62% of all large Wall Street asset accounts; 66% of $$ invested in the stock market. Age 50+: 29% of population, 40% of total consumer spending, 50% of discretionary spending. Next 2 decades: BOOMERS WILL INHERIT $14 TRILLION-$25 TRILLION (“largest intergenerational transfer of wealth in history”). —Marti Barletta, PrimeTime Women
55-64 vs 25-34E.g.: New cars & trucks: 20% more spending. Meals at full-service restaurants: +29%. Airfare: +38%. Sports equipment: +58%. Motorized recreational vehicles: +103%. Wine: 113%. Maintenance, repairs and home insurance: +127%. Vacation homes: +258%. Housekeeping & yard services: +250% to +500%. Source: Marti Barletta, PrimeTime Women
50+$7T wealth (70%)/ $2T annual income50% all discretionary spending79% own homes40M credit card users41% new cars/48% luxury cars$610B healthcare spending/74% prescription drugs5% of advertising targetsKen Dychtwald, Age Power: How the 21stCentury Will Be Ruled by the New Old
44-65:“New Customer Majority” **45% larger than 18-43; 60% larger by 2010Source: Ageless Marketing, David Wolfe & Robert Snyder
“The New Customer Majority is the only adult market with realistic prospects for significant sales growth in dozens of product lines for thousands of companies.”—David Wolfe & Robert Snyder, Ageless Marketing
“Marketers attempts at reaching those over 50 have been miserably unsuccessful.No market’s motivations and needs are so poorly understood.”—Peter Francese, founding publisher,American Demographics
“I just turned 50. People ask, ‘What do you want for your birthday?’ I don’t want more stuff. I want experiences. I travel. I explore. I eat. I read.” —Janet Prince (from “Meaningful Pursuits,” Newsweek, 0806.07 Prince just returned from 6 days volunteering in Ecuador)
“Fifty-four years of age has been the highest cutoff point for any marketing initiative I’ve ever been involved in. Which is pretty weird when you consider age 50 is right about when people who have worked all their lives start to have some money to spend.”—Marti Barletta, PrimeTime Women
“One particularly puzzling category of youth-obsession is the highly coveted target of men 18-34, and it’s always referred to as ‘highly coveted category.’ Marketers have been distracted by men age 18-34 because they are getting harder to reach. So what? Who wants to reach them? Beyond fast food and beer, they don’t buy much of anything. … The theory is that if you ‘get them while they’re young, they’re yours for life.’ What nonsense!”—Marti Barletta, PrimeTime Women
“The mature market cannot be dismissed as entrenched in its brand loyalties.”—Carol Morgan & Doran Levy, Marketing to the Mindset of Boomers and Their Elders
“Advertisers pay more to reach the kid because they think that once someone hits middle age he’s too set in his ways to be susceptible to advertising. … In fact, this notion of impressionable kids and hidebound geezers is little more than a fairy tale, a Madison Avenue gloss on Hollywood’s cult of youth.”—James Surowiecki (The New Yorker)
“Baby-boomer Women: The Sweetest of Sweet Spots for Marketers”—David Wolfe and Robert Snyder, Ageless Marketing
“Tap into a midlife woman’s renewed sense of self, and your cash registers are likely to start ringing”—Headline, Fast Company
“For today’s emancipated, educated, high-expectation women, the mid-forties to mid-fifties is the Age of Mastery.”—Gail Sheehy (in More)
“WOMAN of the Year: She’s the most powerful consumer in America. And as she starts to turn sixty this month, the affluent baby boomer is doing what she’s always done—redefining herself.”—Joan Hamilton, Town & Country, JAN06
Boomers’-Geezers’-Women’s Trifecta+*Buy/all *Wealth/all *time left/lots*Eclipse of males/retire-die
No: “Target Marketing”Yes:“Target Innovation” & “Target Delivery Systems”
NOTE: This entire discussion, to repeat myself, is not about “marketing ploys,” but about wholesale strategic change.
“‘Age Power’ will rule the 21st century, and we are woefully unprepared.”Ken Dychtwald, Age Power: How the 21st Century Will Be Ruled by the New Old
