Three sisters group

3 reasons why Baby Boomers are ignored

Right now approximately 15% of Australia’s population is over 65.

By 2050, the number of people over 65 is forecast to increase to over 20% of the total population.

Furthermore, Baby Boomers will be the single largest consumer of products and services in the future according to a report by the McKinsey Global Institute released last year (2016). In their report, McKinsey suggests that any organisation that ignored this consumer, did so at their peril.

In fact, compared to previous generations, Baby Boomers are …
– cashed up;
– technology literate;
– fitter and healthier.

They are also bigger spenders than Millenials.

Given these facts, why are Baby Boomers ignored?

 

3 Reasons Why Baby Boomers are Ignored

  1. Lack of understanding.Young people dominate marketing departments, advertising, and PR agencies. They generally don’t understand Baby Boomers and simply aren’t aware of the opportunity they represent.
  2. Lack of insights.Organisations don’t know what they don’t know. There is a severe lack of knowledge and understanding of people in this age range if age brackets in surveys finish at 55, 60 or 65 – as outlined in our white paper.
  3. Legacy approaches to marketing.Market growth has historically come from younger generations. The Baby Boomers were those younger generations. They were the post-war boom for baby products, then young family products and services, then older family products and services and so on.  Baby boomers are now over 50.  They became older.  Not old.  Simply older.  Organisations seem to have ignored this fact.

 

Understanding Baby Boomers

The first step to understanding Baby Boomers is to let go of assumptions.

For example, in one conversation with older people recently, a gentleman in his 60’s said that he knew younger people would see him walking down the street and think “there goes an old codger”.  His problem with the label was that it wasn’t how he felt and therefore didn’t consider it relevant.  He considered himself fit, healthy, and actively engaged with the world – despite his grey hair, wrinkles, and slower pace of walking. How we may perceive a person with these characteristics probably differs significantly to how they perceive themselves.

Looking to dive deeper? Download our White Paper to get a deeper sense of Boomers.

Filled with facts gathered from around the world, and sharing insights from our own proprietary research, this Paper reveals the impact of ageism and the basis of the opportunity available to astute businesses that embrace this ever-growing age group.

Click here to subscribe

 

What does this mean for business?

Organisations seeking to reach this market must:

  1. Undertake relevant research to gain insights into the needs and wants of Baby Boomers for the products and services offered.
  2. Question possible assumptions and stereotypes of the over 50’s by internal staff and external suppliers.
  3. Educate staff about this generation.  Education can occur in a number of ways including training, reverse mentoring employment programs, intergenerational design teams, or ongoing engagement with older people through community groups.

To explore the potential of the over 50’s it is vital that an organisation investigates the market for insights.  Doing so identifies opportunities providing the knowledge and basis to innovate for success. Investigative techniques include bespoke research; customer journey maps; and key stakeholder interviews, to name a few.

The gap between older and younger generations is not necessarily as enormous as labels would suggest. And, when younger people meet older people their perceptions of old change.

If you’d like to know more, please contact us.

Retirement: Recreation or Re-creation?

Around 500,000 Australians will retire this year. What are you looking forward to in retirement? Maybe some travel? Catching up on reading all those books you always planned to get through? More time on the golf course?

With lifespans longer than at any other time in history, the reality is, if we retire at 65, or even earlier at 55 or 60, travel, reading, and leisure doesn’t necessarily sustain us for a healthy, happy later life of up to 20+ years.

Recreation plays a big part in the hopes and dreams of the pre-retired. However, the aftermath of an extended European vacation or a move to the countryside, can present retirees with a host of new emotional challenges they hadn’t anticipated.

 

Post-retirement blues?

The unexpected loss of purpose that can strike retirees is often a challenge. The euphoria of the daily grind of work now replaced with the lack of stimulation, interaction with colleagues – of all ages, and relatively mundane routine with friends of the same age or older. A sense of emptiness that can ensue as a result of being an empty nester and simply remaining at home with you and your partner can be both confronting and testing.

Those who choose a sea change, tree change or downsize from a house to an apartment, or move to over 55’s living or a retirement village, have a new set of challenges associated with becoming established in a new community as this couple discovered.

So what’s retirement then if not travel, relaxation, and not working (yay!)?

Retirement is more than recreation.  It’s a time for re-creation.

 

The Third Phase

Whether lonely or bored or neither, retirement is a time for recreating ourselves and maximising this Third Phase of life.

Volunteering and being involved with community activities are essential for healthy ageing, as is physical exercise and healthy eating. Expanding existing interests such as joining a book club (from being a casual book-reader) and resurrecting past hobbies (I’m finally going to restore that old bike that’s been sitting in the garage…and go riding again) are a great place to start. However, discovering new interests (I’m going to take up French lessons), hobbies (tai-chi, University of the 3rd Age, piano playing, dancing), and even re-training (go back to uni as this 93-year-old did, or qualify as a personal trainer or yoga teacher) are all possibilities for our re-creation.

 

Re-creation & dementia

Dementia is the single greatest cause of disability in older Australians (aged 65 years or older)[1]. Throwing yourself into completely new hobbies, interests, and learning not only keeps you busy, but by forcing the brain to learn new things, it staves off cognitive decline. It is imperative that a concerted effort be made to keep the brain stimulated with active learning and ‘doing’, otherwise we raise our likelihood of becoming part of the dementia epidemic.

So … with potentially 20 or 30 years (or more) of life to live after retirement, how will you re-create yourself when you retire? What are your plans?

Let me know. I’d love to hear from you.

 

This article is part of a series by Three Sisters Group on changing attitudes to marketing to the over-50s. It calls attention to the need to challenge our stereotypes about getting older and seeks to build understanding about how attitudes to ageing impact all aspects of our lives – from research, to workplace practices, marketing activity, community services, planning and housing.

[1] 1 Australian Institute of Health and Welfare (2012) Dementia in Australia.

 
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