The Homa Files

For many Boomers “aging is not about the inevitable end, but rather about the evolving self.”

It seems this age group is redefining retirement as “a time of growth when identity is broadened, expressed, and completed through consumption.”

Researchers scoured the current literature on aging and lifestyle, observed seniors in a wide range of communities and life situations, and concluded that a boomer retirement is:

• A dynamic life stage full of self-evolution and identity work.
  Marketing hint: Emphasize making a mark, leaving a legacy (take heed, nonprofits).
• A culture in which “identity experimentation” is increasingly acceptable and common.
  Hint: Keep it in mind as you market that those in this age group are rediscovering their true selves. “It’s finally time for me!”
• A culture that emphasizes staying busy and traveling.
  Hint: Forget frailty. Assume they’re tough and ready to explore!
• A time when consumers favor consumption.
  Hint: Don’t rule out any product as not fitting this generation. They’re ready to buy—once they’re shown a little respect.

Don’t treat today’s seniors like they’re old and frail. Instead, market to them as the vital, active individuals they think are.

Extracted from: Marketing Profs, Now Is the Time for Me, Baby!, July 29, 2009

Source: “Consumer Identity Renaissance: The Resurgence of Identity-Inspired Consumption in Retirement,” by Hope Jensen Schau, Mary C. Gilly and Mary Wolfinbarger. Journal of Consumer Research, 2009.

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