Aging Baby Boomers still represent a major marketing opportunity but one that is generally being under-served, according to a study by Fung Business Intelligence Centre, New York.
“Blame a youth-obsessed culture and outmoded attitudes about aging,” Deborah Weinswig executive director of global retail and research for FBIC, said in a report entitled, “A Booming Opportunity: Profiting from a Graying America.”
“Boomers are redefining what it means to be old,” she wrote. “They are healthier, richer and more active than previous generations of older Americans … [and] will remain healthy spenders as they age.
“Given its sheer size and economic clout, the 50-and-older demographic will remain the dominant and most influential consumer group for years to come. Forward-minded companies are rethinking their tired presumptions about older customers and finding new and lucrative ways to reach them.
“We see an unprecedented competitive and profit-growth opportunity for companies that can provide the products, services and shopping experiences that meet this cohort’s changing life-stage needs.

"In terms of grocery spending, Weinswig cited research that indicates Boomers will control more than half the dollars spent on food in the U.S. this year.
“Given their preoccupation with health and wellness, older Americans are particularly responsive to food and beverage products that pack a nutritious punch,” she pointed out. “They also tend to gravitate to brands and organizations that offer medical and wellness mentorship and guidance.”
Among Weinswig’s other observations on the strength of Boomers:
• They dominate 119 of 123 CPG categories and account for close to half of CPG spending, “[yet] older Americans feel invisible to most marketers.”
• People age 55 and older control more than 75% of America’s household net worth of $81.5 trillion.
• Boomers between 55 and 64 outspend Millennials — by nearly $8,000 on average in 2013.
“Yet consumer-centric companies have been slow to respond to the demands of this powerful new consumer force,” Weinswig said.
Aging Boomers “don’t want to be approached in ways that remind them of their age,” she added. “Products that are overtly marketed to older Boomers risk alienating younger ones.”
However, because Boomers vary in health, personal finances and lifestyles, “a one-size-fits-all approach won’t work,” Weinswig said.