55+ years old
Today, this generation is looking towards retirement characterized by youthful vigor, prosperity, and personal fulfillment. They define themselves based on their values and attitudes giving marketers opportunities in the areas of financial, hospitality, and wellness products and services. Two key trends describe a change in consumption patterns and priorities of adults in this market segment: “Aging Process” and “Transition to Empty Nest”. The aging process trend can be capitalized on through the sale of “healthier” and personal care products that offer an age-defying promise. Products that will “keep them going” are in high demand.
Though this segment was likely to have benefited from higher educational opportunities, careers, and real-estate investments, there is still a sense of apprehension about future security due to the possibility of having to accept either children or parents back into the home in the future. Therefore, the transition to an “empty nest” may not be achieved. Due to this uncertainty, many in this generation are simply concerned with catching happiness while they can. They are focused on making purchases that will make them happy on a daily basis.
Each of these market segments demonstrates different purchasing habits due to varying life experiences, increased knowledge of new technology, and hope or uncertainty for the future. This wide array of consumer habits requires different marketing techniques. In order for companies to successfully market to each of these generations, it is necessary for them to understand how to most effectively appeal to people of all ages through the selection of products and advertising methods.
Source: Dobrow, Larry “Birth-12 Lifecycle” and “13-17 Lifecycle”, Hanas, Jim “18-34 Lifecycle”, and Tenser, James “35-54 Lifecycle” and “55+ Lifecycle”. American Demographics Advertising Age January 2, 2006 pp. 12-21.