Boomers' appetite for experience and story-based brands comes to the forefront
Trend - Despite stereotypes, Boomers and Millennials have a lot in common. Both generations have a large representation in North America, making them popular marketing targets. There are parallels between social media and hippie movements–preferences for activism and a focus on relationships. With this in mind, Boomers will begin gravitating toward products typically associated with Millennials.
Insight - Because the aging Boomer demographic will have free time and resources in retirement, they'll acquire the freedom to reconnect with old tendencies from their youth. These tendencies mirror what is observed with the Millennial demographic, and the modern ways in which they're manifested mimic the Millennial methods in a more literal way.
Insight - Because the aging Boomer demographic will have free time and resources in retirement, they'll acquire the freedom to reconnect with old tendencies from their youth. These tendencies mirror what is observed with the Millennial demographic, and the modern ways in which they're manifested mimic the Millennial methods in a more literal way.
Workshop Question - What is one tactic you've seen or used to target Millennials that would suit your ageing customer well?
Trend Themes
1. Boomerlennials - Boomers will begin gravitating toward products typically associated with Millennials.
2. Home Sharing Retirement Opportunities - Home sharing has found its way into the category of retirement opportunities and the experience has a few benefits over the traditional retirement home, offering a level of independence.
3. Plant-based Boomer Beverages - Established brands and start-ups alike are creating vegan-friendly products specifically for this demographic, using a combination of plant proteins, vitamins and fiber.
Industry Implications
1. Health and Wellness - The Boomer generation's growing interest in health and wellness is leading to innovative products and services geared towards improving their quality of life.
2. Retirement - Boomers are seeking affordable alternatives to traditional retirement homes, leading to the rise of home-sharing and co-housing arrangements.
3. Entrepreneurship - Boomers are proving to be a driving force in entrepreneurship as they look to continue working and creating post-retirement, presenting a market for innovative products and services aimed at this demographic.
