Unifying Baby Boomers and Millennials
Key Takeaways
While it is true that millennials represent a massive amount of both spend and influence in the market, they are more reluctant to engage brands (especially luxury brands) than previous generations. Due in part to a weakened economy, and also shifts in priorities among young adults, brands like American Express, Tiffany & Co., and Harley Davidson are struggling to find new customers among millennials. In planning for the future, however, many premium brands are neglecting a huge opportunity in front of them: the still-viable baby boomer generation.
The Longevity Economy
The “longevity economy” refers to the sum of all economic activity serving the needs of Americans over 50, and currently stands at $7.1 trillion, which is larger than any other country’s total economy on Earth with the exception of China. As the majority of millennials are still five to 10 years away from peak spending power, engaging baby boomers can act as a bridge; a short-term strategy to stay solvent while the brand prepares for the future.
Bridging the Generation Gap
Business decisions are made with a bias toward an “either/or” mentality. Brands assume they either need to cling to the past and rely on existing boomer customers, or move full-force into the future and build a new core customer base of millennials. In reality, brands can achieve more by taking an “and/and” approach to the generation gap.
Source
"Unifying Baby Boomers and Millennials." Peter Hubbell, CEO of BoomAgers. The Internationalist 1000 Think Tank Breakfast, 10/27/15.