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Marketing Strategy for Retail Sales
Baby Boomers, the people born between 1946 and 1964 are one of the largest consumer groups in the U.S. This group, aged 45-63 years old,is characterized by big spenders and users of credit cards. Due to an inadequate social security system and a failure to save money, they are experiencing economic uncertainty. Many are supporting their aging parents.
Desire to Keep up with the Joneses
The economic crisis which began in 2008 is due largely to the Baby Boomers’ spending habits and to their lavish life styles. They resorted to credit cards and loans when they did not have credit cards. Wanting to live luxurious lives, they opted to spend money instead of saving it.
The Baby Boomers, liking the latest modern and innovative products, keep up with the latest trends. Adventurous, they love to travel and sport luxury cars and products. They seek to maintain their youth through health and beauty aids. Because they lead very busy lives and are pressed for time, they like to eat out and look for restaurants which serve home-cooked meals. Therefore, Baby Boomers would be a profitable market for anyone selling retail products.
Shopping Essentials
The women and men alike spend money on apparel and the women, in particular enjoy jewelry. Being highly educated people, they frequent bookstores, and enjoy high tech products like computers and digital televisions. They enjoy entertainment, such as music, as part of the retail experience.
Although the Baby Boomers failed to save, they will continue to spend money on the things that are important to them, such as health and beauty products, convenience foods, books and apparel, jewelry and luxury cars. This means they will probably stay in the job market longer than their parents because they will not have disposable income to support their lifestyles. They will use credit cards if they do not have cash.
Concern for Environmental Issues
Because of the educational experiences and their desire to be knowledgeable about the latest trends, the Baby Boomers are good prospects for the green products. They as a group have always been concerned about the environment and will be consciencious about seeking out green products, as they are very consumption oriented.
Prospecting for Customers
Lovers of high tech products and being highly educated, Baby Boomers are able to use computers and will surf the Internet for bargains. However, they will also respond to traditional forms of advertising, as this is where they received their information before the Digital Age. Therefore, a marketing campaign should incorporate both types of marketing.
In conclusion, the Baby Boomers are an important group to consider in marketing trendy, luxurious retail products over the Internet or through traditional forms of advertising..
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