Baby Boomers: Consumers in Their Golden Years

Strategy Briefing

About This Report

Mar 2019

Global Baby Boomers form a diverse group of consumers, given the different socio-economic situations they experienced as they grew up. Yet, as boomers are transitioning into a new life stage through retirement, they all prioritise health and relationships and increasingly adopt technology. Brands that can offer boomers quality products and services - which help them celebrate their age and stay healthy – should enjoy vast opportunities among this influential and brand-loyal consumer segment.

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Baby Boomers: Consumers in Their Golden Years

Key Findings

An affluent and large demographic

Baby Boomers’ income (global average gross income of Baby Boomers is forecast to be the highest across all age groups by 2030) and size (it is the largest demographic in many developed markets) make it an important consumer segment. Globally, Baby Boomers will live longer than their predecessors, meaning their influence will continue to remain strong in the coming years.

Differences in social settings, health and wellbeing require a granular strategy

Growing up in different socio-economic environments, Baby Boomers in developed and developing countries are not the same in their attitudes and preferences. Also, Baby Boomers in developing markets are often lagging significantly behind their western counterparts in terms of incomes, health and life expectancy. This means businesses need to have granular approaches when targeting Baby Boomers globally.

Baby Boomers share some common traits, backed by technology and globalisation

Health, family and relationships are important priorities for Baby Boomers. Age does not stop them from enjoying life and experiencing new things, while they also become increasingly comfortable with technology. Baby Boomers adopt healthy lifestyles and tend to seek activities, products and services that help them stay healthy and active for longer. Technologies that help boomer consumers to connect and make their lives easier appeal to them.

Focusing on quality, services and a mixed marketing strategy

Baby Boomers are mature consumers who want to spend their money wisely and brands need to focus on quality, value and customer services to gain their trust. Marketing to Baby Boomers should be simple and concise, while e-commerce sites need to be friendly to elderly users. Social media is witnessing a growing importance among Baby Boomers, making it an effective platform for marketers to reach out to this consumer segment.

Introduction

Scope
Key findings
Baby Boomers: facts & figures
Baby Boomer household types
An affluent generation

Demographics and Key Markets

Baby Boomers regional distribution and dynamics
Large regional divide in boomers’ income
Countries with the largest Baby Boomer population
China: mixed fortunes for the 55+ age cohort
India: Baby Boomers are a small generation
USA: Baby Boomers dominate affluent households
Russia: boomers facing economic and health challenges
Western Europe: a large share of boomer households

Key Traits and Market Impact

Boomers are not the same: developed vs developing markets
But they do share a few common values and traits
Health is wealth: staying healthy and active
Vertex: gardening tools for older boomers
Age agnostic: feeling and behaving younger
Athleta: inspiring female boomer athletes
Tech-savvier: growing adoption of technology
Taobao: friendly app for shoppers aged 60+
Traditional: family-oriented, cautious and brand-loyal consumers
T-Mobile: affordable services for consumers aged 55+

Conclusion

How to win Baby Boomer consumers
Sectors with greatest potential
What businesses also need to know
Generations in brief