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 - PowerPoint PPT PresentationTRANSCRIPT
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
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”
EducationHave 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 educationWill 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
23.9 million households with 1.7 earners per household
Estimated annual spending power $1.1 Trillion
Annual average spending per household $45,149
Financial
Children are still the priority of younger boomer’s spendingThe 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.
Item THEN (1972) NOW (2004)
Gas $0.36 $1.70
Car $4,500 $21,000
House $40,000 $168,000
Life Experience1962 - 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.
Core ValuesBoomers 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
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
THEN
1 car per household; fell apart after 5 yrsMuch smaller, fuel efficient import carsSmoking allowed everywhere; no gymsWomen stayed home; look after kidsSundays were spent at home; picnicMuch 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 jobsIt’s Sunday: Let’s go to the mall! Stress is everywhere
Not technologically savvy
Lifestyle Now & Then
Product Need recognition
Nursing homes
Chasing youth and beauty
Traveling / Real estate in warmer climates
Luxury cars
Wealth preservation and distribution
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 productBaby boomers want to feel older, not oldAdventurous, not chill outTalk 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.
Companies In Touch With Boomers
Sony Harley DavidsonBMWBosePanasonic Royal CaribbeanPfizer
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 yetThey want to age gracefully
Healthcare Example
“Baby boomers value comfort, intimacy and spending time at home with family and
friends.”- Reed Fry
RealityLong hours at workStressLimited time to exerciseUnhealthy dietCan lead to health concerns Confidence issues
Ultimately, family life and intimate life suffers
The Answer in a Pill
Pfizer develops Viagra to treat EDED 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 humorInforms public on an important health issueEases feelings of shame, embarrassment Easier to ask a doctor for treatment
MessagePfizer facilitates relationships that are valuable to members of the boomer generation
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