BABY BOOMERS II
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BABY BOOMERS II. Presented by: Jonathan Felix, Jeffery Shoykhet, Efe Yildirim, & Amanda Pinney. What is a Baby Boomer II ?. Younger boomers born 1956-1965 Presently 39 – 48 years old 45 million people (16% population) 50% male / 50% female 16.9% are minorities

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BABY BOOMERS II

Presented by:

Jonathan Felix, Jeffery Shoykhet,

Efe Yildirim, & Amanda Pinney


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What is a Baby Boomer II ?

  • Younger boomers born 1956-1965

  • Presently 39 – 48 years old

  • 45 million people (16% population)

  • 50% male / 50% female

  • 16.9% are minorities

  • Over 50% of baby boomers live in the following states: California, Texas, New York, Florida, Pennsylvania, Illinois, Ohio, Michigan, and New Jersey.

“A Boomer turns 50 every 7 seconds”


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Education

  • Have the highest level of education of any generation

  • 88.8% of boomers completed high school

  • 28.5% have a Bachelor’s Degree or more

  • Increasing demand for continued education

    • Will previous models meet the desire of the

      older learner?

    • Will online educational offerings be feasible

      in the future?

  • Boomers are extremely concerned with their children’s education.

    • College administrators often see baby boomer parents as them as a necessary nuisance.

    • “When we were college students we questioned the administration. Now we're getting a second chance.” -Steve Peri


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Financial

  • 23.9 million households with 1.7 earners per household

  • Estimated annual spending power $1.1 Trillion

  • Annual average spending per household $45,149

  • Children are still the priority of younger boomer’s spending

    • The group spends 11% more than average on pets, toys, and playground equipment.

  • 69% of households own their own homes instead of renting, so a larger share of budgets. 38% more than average is devoted to mortgage payments.

  • Younger boomers don’t seemed so concerned with the future, as they spend 10% less than average on life and other personal insurances.


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Life Experience

  • 1962 - The United States and the Union of Soviet Socialist Republics narrowly avoided war during the Cuban Missile Crisis.

  • 1963-1964 - Important civil rights reforms were passed by Congress.

  • 1965-1973 - U.S. forces fought in the Vietnam War, which sparked widespread protests in the United States.

  • 1969 - U.S. astronauts became the first people to land on the moon.

  • 1972- Watergate Scandal

  • 1974 - In the wake of the Watergate scandal, Richard M. Nixon became the first U.S. president to resign from office.

  • 1980s - The U.S. economy emerged from a recession but was faced with increasing federal and foreign trade deficits.


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Core Values

Boomers on average

  • See themselves as forever young

  • Want to have fun

  • Demand immediate gratification

  • Are not passive.

  • They like creature comforts.

  • Are time deprived

  • Will pay for luxury, expertise and convenience.

  • Are skeptical of institutions and individuals

  • Like to associate with people like themselves


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Motivators & Goals

  • Children are still the priority of younger boomer’s spending

  • Retire early and comfortably monetarily

  • Don’t rely on social security as much as past

  • Want to live long, healthy lives


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THEN

1 car per household; fell apart after 5 yrs

Much smaller, fuel efficient import cars

Smoking allowed everywhere; no gyms

Women stayed home; look after kids

Sundays were spent at home; picnic

Much less stress

Technology??

NOW

Average of 3 cars per household; luxury

Bigger cars, bigger engines; SUV’s, Vans

Health obsessed society

Women work full time jobs

It’s Sunday: Let’s go to the mall!

Stress is everywhere

Not technologically savvy

Lifestyle Now & Then


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Product Need recognition

  • Nursing homes

  • Chasing youth and beauty

  • Traveling / Real estate in warmer climates

  • Luxury cars

  • Wealth preservation and distribution


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Ad response

  • They have spent their lives being overexposed to blatant advertising and therefore advertisers need to use different methods.

  • What ads appeal, what ads don’t?

    Focus on the prospect, not on the product

    Baby boomers want to feel older, not old

    Adventurous, not chill out

    Talk to my lifestyle, not to my age

  • Preferred Media?

    They have historically relied on newspaper and print but are quickly turning to the internet as a source of consumer information.


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Companies In Touch With Boomers

  • Sony

  • Harley Davidson

  • BMW

  • Bose

  • Panasonic

  • Royal Caribbean

  • Pfizer

    In general, luxury products and healthcare products are most

    often targeted toward baby boomers.

    Why luxury products?

  • Baby boomers II are the most affluent consumers

  • Feel-good purchases-they like a comfortable lifestyle which

    they feel they have earned

    Why healthcare products?

  • Boomers are not ready to give up and grow old just yet

  • They want to age gracefully


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Healthcare Example

“Baby boomers value comfort, intimacy and spending time at home with family and friends.”

- Reed Fry

Reality

  • Long hours at work

  • Stress

  • Limited time to exercise

  • Unhealthy diet

  • Can lead to health concerns

  • Confidence issues

    Ultimately, family life and intimate life suffers


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The Answer in a Pill

Pfizer develops Viagra to treat ED

  • ED affects millions of men—more than half of all men

    between 40 and 70 years old

  • Viagra was the fastest launch in drug

    history, earning $411 million in sales the

    first three months

    Pfizer advertises Viagra using humor

  • Informs public on an important health issue

  • Eases feelings of shame, embarrassment

  • Easier to ask a doctor for treatment

    Message

    Pfizer facilitates relationships that are valuable to members

    of the boomer generation


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Conclusion

“The core of their consumerism is not about owning-it’s about lifestyle and living. They make no apology for what they desire. They are entitled to it. They work hard for it. They’ve earned it.”

-Reed Fry


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