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Still banking on the Boomers?

May 25, 2011

Marketers have a knack for conducting consumer research to identify trends and demographic groupings that share similar shopping attitudes and behaviors. The Baby Boomers (born between 1942 and 1965) were the “Holy Grail” of consumer groups and have been the most focused upon and analyzed group for the last 20 years. New service categories that focused on luxury, special attention, relaxation and tranquility were created specifically to meet their needs.

time-retirement Boomers were expected to retire at 55 and live for another 20 to 30 years in a  well-deserved post career nirvana, shopping, relaxing at the spa, golfing,    cruising  the high seas and travelling to Europe and Asia’s high-end hedonistic  destinations. Instead, their RRSP value crashed, their job security became  endangered, the value of their property dropped or stagnated, and their children  and grandchildren now require financial assistance. Suddenly, their future is not  so bright and care-free. “Freedom 55” has now been pushed to 65 or possibly  later. For many high-end salons and spas, the Baby Boomers represented their  bread and butter and business owners were banking on this group to drive their  business for the next 20 years. Now they are wondering if they need to re-evaluate their business model, positioning or service offering.

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From → Positioning

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