Generations Z and Alpha may be the wave of the future, but Baby Boomers still have the most spending power of any generation. To connect with older consumers, retailers may want to check their preconceived notions at the door. Because, rather than sitting on the sidelines, adults in their late 50s to 70s are redefining what it means to age.
“Longer life expectancies and declining birth rates, particularly in advanced economies, are pushing the global population of people older than 65 to increase at a quicker rate than the population of people younger than that age,” reported McKinsey & Co in a recent article. “Yet for all the data relating to aging populations, older consumers are often misunderstood.”
What should home and housewares retailers know about older consumers today?
They’re Working Longer
Almost 40% of Baby Boomers are still employed full-time or self-employed, according to GWI. And that doesn’t count the many who are employed part-time or are taking up side hustles to stay busy, generate some extra income or pursue a passion project.
They’re Physically Active
Despite—or maybe because of—health issues that inevitably develop as people age, older consumers recognize the benefits of being physically active. That can mean participating in traditional sports or exercise, but they’re also likely to be active in the form of home improvement, building and gardening.
They’re DIYers
When something needs to be fixed or upgraded, Boomers are just as likely to tackle the project themselves than they are to hire an expert. When asked about what they shop for when at a home improvement store, 49% in a recent Numerator survey said they were there to purchase items for projects they’re planning to do on their own.
They’re Using Technology More
They’re not digital natives, but older consumers have a growing affinity for technology. Close to 90% of them use social media platforms at least once a day, according to Boston Consulting Group. What’s more, GWI says the amount of time Baby Boomers spent on social media has increased by 10 minutes over the last two years, while Gen Z’s time has actually decreased by 12 minutes.
They Don’t Relate to Most Advertising
Perhaps because older consumers are often overlooked, or advertisers continue to rely on outdated stereotypes, Baby Boomers don’t connect with a lot of advertising. They’re the generation least likely to feel advertising is representative of them, so it’s not surprising they’re also the least likely to buy from brands they see advertised, according to GWI.
They’re Big on Facts and Trust
Boomers over-index when it comes to wanting brands to be reliable and authentic, according to GWI. “Because mature consumers have a stronger preference for facts, brands should determine what those consumers truly value and relay targeted messages backed up with hard facts to engage them more effectively,” says Boston Consulting Group.
They Want to See Products That Suit Their Interests
According to Numerator, among the product categories Boomers over-index on are live plants, kitchen textiles, watering and pots and planters. With that said, they’ll likely appreciate products associated with indoor plants and gardening like this Cactus and Succulent Starter kit by Garden Republic. Retailers can also supply innovative tools and DIY kits to help with their home improvement projects, such as this kit from Character for designing and hanging up to 20 pictures in a gallery wall and the Easy Open tool for paint cans from KRS Corporation.