Consumer goods companies should consider recalibrating their marketing priorities, and place at least equal emphasis on attracting and retaining baby boomers as they do on millennials. While millennials — the largest-ever cohort of the 18-34 demographic — are important, we would argue that baby boomers — the 50-70 demographic — are equally so, due to their number, wealth, longevity, evolving spending patterns and ongoing search for meaning through lifestyle choices and acquisitions (homes, cars, etc.).
The boomers’ “second coming of age” offers an enormous commercial opportunity for smart companies to capitalize on by creating and catering to new behaviors associated with entering later life — empty nesting, retirement and aging. Facing new challenges, fears and freedoms never experienced before in their lives, boomers are reconsidering the kinds of purchases they want to make and rethinking how they spend their time. Those behaviors require new models of marketing and thinking about approaching boomers, especially as they engage increasingly with technology at every step.