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• W278968456 abstract "Reaching America's aging marketplace What a drag it is getting old ... The authors of this classic rock music refrain, Mick Jagger and Keith Richards of The Rolling Stones, are rapidly approaching the age of 50. In an industry dominated by teens, their band's recent U.S. tour was a resounding success, due in large measure to the support of concertgoers in their 30s, 40s and 50s. Are young people losing their influence over pop culture? Are older people really still listening to rock 'n' roll in record numbers? Can Mick and Keith still be cool after all these years? The answers to these questions might have a lot to do with a phenomenon often referred to as the graying of America. The United States is rapidly shifting from a youth-focused marketplace to one increasingly dominated by middle-aged baby boomers and people in the 50-plus age bracket. This age shift represents an unprecedented reallocation of spending power and corresponding changes in consumer attitudes, purchasing habits and priorities. While the age shift has been widely chronicled over the past few years, a few statistics will help put the trend into perspective. According to Age Wave, Inc., a California-based consultancy specializing in the strategic implications of our aging society, we can look forward to the following major demographic shifts between now and the year 2000: * The 35 to 44 age group will increase by six million; * The 45 to 54 age group will increase by 11 million; * The number of 55- to 64-year-olds will grow by nearly three million; * The 65 to 74 age group will remain stable, although those 75 years and older will increase by four million. The financial implications of these shifts are equally dramatic: * By the year 2000, baby boomers alone will spend an estimated $280 billion more annually than they do today. * The 50-plus age group already accounts for more than one-half of the discretionary income and the majority of personal assets in the United States and for 70 percent of the net worth of U.S. households. These assets total a stagering $7 trillion. * During the next 10 years, income growth for those aged 35 to 50 will account for 70 percent of all national growth. The implications of these shifts will impact marketers significantly. They're certain to influence virtually every aspect of the marketing mix, including product positioning and packaging, selection of media and distribution channels, merchandising and display strategies, and even pricing. For public relations practitioners involved in product and service marketing or any other enterprise, these changes will have profound implications. In an environment dominated by the concerns and aspirations of an aging population, we must redirect our thinking to incorporate communications strategies that are tailored specifically to aging America's lifestyle and behavioral attributes. Defining the subsegments In reality, the so-called senior market encompasses several market segments. At the youngest end of the scale are the oldest baby boomers - those consumers in their 40s who will reach age 50 during the next decade. While they are not yet in the 50-plus group, it's important to keep this bracket in mind as a means of building groundwork for future relationships. It should be emphasized that this group enjoys the greatest concentration of wealth among any market segment, so it's important not to alienate them. For purposes of this discussion, however, the mature market is defined as those consumers who are currently 50-plus years of age. Within this age range are at least three subsegments. The first is the 50- to 64-year-old segment, which might be referred to as active seniors. The second is the 65- to 74-year-old group, which, while comparatively less active, will be an increasingly viable segment as medical advances continue to enhance longevity. …" @default.
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• W278968456 date "1990-02-01" @default.
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• W278968456 title "Reaching America's Aging Marketplace" @default.
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