Despite what many marketers believe, the baby boomer market is far from dead – yet. Sure many boomers are now reaching retirement age and have become much more selective about what they buy. And yes, maybe they are not open to new products the way Millennials and GenXers are. But, that doesn’t mean baby boomers will not spend money. They will, if what they are buying is something they really enjoy.
A great example of what attracts baby boomers’ money can be seen with music. Not newer music, but the music they loved when they grew up, especially rock music from the 60s and 70s. It is quite remarkable that some of the top selling touring artists are those who first broke through 40 or 50 years ago. Artists such as The Rolling Stones, Paul McCartney, and Bruce Springsteen are all over 65 years old, but they still draw huge crowds to their concerts.
Some younger marketers have begun to recognize the impact and purchasing power older consumers possess, and have started paying more attention to this older group. For instance, marketers of the Coachella music festival, a yearly spring event that traditional tilts toward a younger audience, is launching a fall concert event, called Desert Trip, that is targeting boomers. As discussed in this New York Times story, the concert, which has booked The Rolling Stones, McCartney, Bob Dylan, The Who, Neil Young and Pink Floyd’s Roger Waters, has resulted in sales of tickets, food and camping fees that are estimated to double what Coachella obtains from their spring concert.
The lesson to be learned here is that marketers may want to take a step back and see what value their products may have to the boomer market. As demonstrated with Desert Trip, if boomers see a product they like, they have the money and they will spend it.
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