It’s little things I’ve been noticing the last few years. The young lady that modifies the few thinning strands of hair on my big head helps with with my coat and gives me a gentle hug as I pay for my haircut. Women now open doors for me. Cars slow down as I walk in the shopping center parking lot instead of hitting the accelerator. The only thing missing is the Boy Scout helping me cross the road.
I also have noticed that I hear better in one ear than the other and I slow my car in order I don’t misread a road sign.
My eating habits have changed. No triple omelet and bacon, cheeseburger or (sigh) double chili dogs with extra onions. It’s counting calories, checking for Trans Fats and making sure I get my daily dose of veggies and fruits. I’m doing what I used to make fun of and read food labels and use substitutes for butter and salt.
There are millions of us near sighted poops who creak with every step, cock heads to one side to hear better and wear trifocals. We also avoid bending or squatting since it would involve us spending the better part of the day trying to get back up.
Don’t think all this is being ignored by those marketing folks with stuff to sell us. There are 76 million of us oatmeal eating trans fat avoiding Boomers and we account for half of the total U.S. consumer spending. And while mama and papa may think they are as hot at Britney and Justin (and they may be) we spend on different stuff than the younger generation. We may be getting slower but not dimwitted as we should take advantage of investing in those companies that are catering to us.
Boomers differentiate between themselves and old people. Someone who’s in his or her eighties Boomer’s consider old. A Boomer believes they’re in mature middle age. Today’s 65 year old doesn’t want to spend three decades in a chair reading books or watching the tube. A Boomer wants to travel, volunteer, work out, play golf, bowl or stomp around a tennis court and is active in something. Boomers also want to look well and dress well. David Cohen, VP of the home-care division of Church & Dwight Co., said, ‘Our research shows that 60% of boomers who are near 65 claim to feel much younger than their actual age.’
At the Aging in America Conference held in Chicago March 2010 there was a diverse list of sponsors from Wal-Mart to Southwest Airlines.
There are companies that are changing some of their marketing to cater directly to Boomers. While this is incomplete the list includes:
- Walgreen Company
- CVS Caremark
- Kimberly-Clark
- Diamond Foods
- Sherwin-Williams
- Kohler Company
At the ‘Center for Mature Consumer Studies’, their studies found that the stigma associated with being old is disappearing. Marketing organizations are breaking down Boomers in groups that include Ailing outgoers, Frail recluses and Healthy indulgers. Each demographic has specific needs and can be marketed to using direct mail, cross selling or the internet.
There is and will be opportunities with home builders who will create downsized mini-mansions. Travel companies and cruise lines. The home health care business. The life insurance companies that offer Long Term Care and annuities. Hospital and nursing home groups. Surgical appliance companies. Don’t forget funds that invest in consumer goods and ETFs. As investors and Boomers we should invest in and take advantage of those organizations that provide and adapt the best to our needs.
Questions call Paul @ 877 783 7080 or write him at pstanley@westminsterfinancial.com. Share this blog with someone who cares about their money.
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