Consuming Fashion Issues - Essay Example

Consuming Fashion Introduction Baby boomers are a group of individuals who were born between the years 1945 and 1964. The group has brought considerable changes in the consumption area of the world. Baby boomers have come under intense analysis because the public thinks that they will put more pressure on the public and financial services (Leach et al. 2007, p1). In terms of demographics, the age distribution patterns in the United Kingdom indicate that the population is already aging. This age distribution patterns have affected the capability of the government to support the baby boomers (Mimick, Smith, and Thompson 2005, p11). Psychographic information indicates that the baby boomers grew with the idea that they could perform anything and that life should be considered a voyage of discovery (Nichols 2007, p1). The lifestyle of the baby boomers is unique, they like saving less and consuming more of what they get (Macunovich 2004, p4). In other words, the spending power of the baby boomer generation is considerable compared to the other generation. Baby boomers choice and spending on fashion in the future are largely influenced by their demographics, psychographic and their lifestyle behavior. Retailers have more opportunities in relation to the baby boomer generation, because they are high consumers than the other generations. Baby boomers Baby boomers (post-war baby boomers) were born between 1945 and 1954, and they have brought considerable social change in Britain especially in the consumption area (Leach et al. 2007, p1). Macunovich 2000 (1) defines baby boomers as those individuals born between the years 1946 and 1964 in the United States. The group has come under intense scrutiny because of the public perceptions that they will put more pressure on financial and public services. They are also under intense scrutiny because they are thought to be a radical and liberal generation who are transforming everything in the society that comes their way. Baby boomers generation is considered to be the first teenagers; this is because they represent the affluent consumer society (Leach et al. 2007, p1). Baby boomers are very diverse in nature\, and since they have some degree of experiences in social change, they differ greatly on education, class, and wealth. The status of their education and the fact people view them as boomers affect their spending patterns. Others sources of diversity include marital status, employment, and health. Their attitude towards inheritance differs considerably and they believe in spending their accumulated wealth rather passing it on to the future generations or even saving it. Baby boomers who were more interested in fashion, music, or books have carried on the habit in mid-life (Leach et al. 2007, p1). The British population age structure is in the state of flux. In the year 2000, there were more than 19.6 million aged over 50 years in Britain. In 2010, the figure was expected to be 21.9, and in 2025, the figure is anticipated to be 26.7 million. According to the statistics produced by the Employers Forum on Age (EFA), it is expected that in the next 25 years that those individuals aged 50 years and above to increase by more than 6 million (Harkin and Huber 2004, p11). Current estimates indicate that individuals who are over 45 years in the United Kingdom are responsible for approximately 80% of all the financial wealth. These individuals are also responsible for nearly 30% of the entire consumer spending (Harkin and Huber 2004, p12). Demographics & Psychographics of Baby Boomers Demographics are sets of features about individuals that narrate their behaviors as consumers. The parameters frequently used include race, education, income, marital status, sex, and age. Demographic data offer an understanding of the larger-scale similarities and trends (Nichols 2007, p1). United Kingdom age distribution indicates that the population is already aging. This aging phenomenon will affect the capability of the government to offer support to this long-term venture. The baby boomer generation, for instance, has a significant impact on the marketplace, the generation will affect trends in the marketplace, opportunities available for business, and how the business will manage risks associated with these societal changes (Mimick, Smith, and Thompson 2005, p11). Psychographics are measures of values, lifestyles, or attitudes. They are the overall collection of an individual’s beliefs, fears, needs, aspirations, desires, prejudices, hopes, opinions, and attitudes that, when taken together, they govern how the individuals behave. Thus, it finds a holistic expression of the individual’s lifestyle. By incorporating psychographics into demographics, more information can be added to a certain group of people. This is mainly done through surveys and research (Nichols 2007, p1). Psychographics are also defined as the lifestyle, behavioral, and psychological factors that affect the purchasing patterns. These factors include green products, unstable international situations, time poor well off people, skepticism about the political leaders’ effectiveness, and environmental concerns (Mimick, Smith, and Thompson 2005, p11). For instance, they may be “two Baby Boomers, one who is wholeheartedly acquisitive of whatever may be in vogue, while the other purposefully rejects it” (Nichols 2007, p1). The approach taken by psychographic recognizes the individuals’ concerns, personal style, self-image, and needs. The society’s adult idealists (famously known as baby boomers) have been very difficult for the universe to swallow. Boomers grew with the notion that they could do anything and that life was a journey of discovery. Baby boomers show a bent towards individual self-esteem, perfectionism, and inner absorption. They have been taught that since their birth they were special and they believe in transforming the world, not transforming to fit it (Nichols 2007, p1). They exhibit a high level of optimism and the sense that the world is their home. In midlife, Baby Boomers will see the virtue of a healthy ordered inner life and austerity. Baby Boomers will also demand new inclusion of community values over the personal wants. They are most likely to be challenging, more open and perhaps more cynical in their afterward life. Their preferred message style is principled and meditative with a pessimism undertone. They financial style is unique because they have a special understanding of money. Financial planning is seen as a sign of status in their own right. However, baby boomers are emerging out of free spending characteristic of the 1980s, to focus on the non-materialistic things. They have a tendency of buying first, paying later, and they like credit cards and monthly payment plans (Nichols 2007, p1). Lifestyle Behavior of Baby Boomers Low fertility is not the only feature that distinguishes baby boomers from the cohort parents. Female contribution to the labor force increased among the baby boomers, and young women started moving into professional positions that were previously dominated by male. On the other hand, divorce and cohabitation rates increased significantly, and the marriage rates decreased. A section of social scientists is of the opinion that these transformations were as a result of the demographic adjustments mainly due to low relative income response. Despite the fact that the average male earnings for the baby boomers declined (particularly in relative terms), a term (Young Urban Professional “Yuppie”) was coined to define the low savings style and high consumption of the many baby boomers (Macunovich 2004, p4). Baby boomers were the initial generation of teenagers and children with considerable spending power, and that linked with their numbers instigated the development of massive marketing campaigns and the launch of new products. New terminologies such as Hippie and pop group targeted the baby boomers at the present stage in their life cycle. The needs of the baby boomers were followed by fashion (that is, bell-bottoms, relaxed fit jeans, and mini-skirts) (Macunovich 2004, p4). It is worth noting that baby boomers consume with opinion. One probable reason for the expansion of the success of web shopping and TV is the fact that direct shopping has catered the requirements of the baby boomers. Web shopping is offering extremely private niche shopping experiences such as oversized footwear, Italian silk ties, and exotic, fetish undergarments. Baby boomers make up an active and affluent consuming section of the society’s information elite. Suddenly, baby boomers are consuming based on opinion. They decline to purchase items that they will not see themselves be wearing. Just because a store stocks certain items, it is the mandate of the buyer to see what is fashionable (Weston 2008, p1). They reject being pegged as middle-aged individuals. They have the feeling that they are capable of self-decoding what they need in relation to fashion. They are aware of what they are searching for when going through stores, but in most cases, the item is not available. Currently, they browse the Internet, become self-directed and the buyer rather than shopping in stores for items pre-chosen and bought in by the merchandiser. Self-selection from a wide range of products will develop new autonomous fashion selections. Baby boomers want to be youthful, comfortable, “they want to feel and be sophisticated, they want to be casual and show they still have a finger on the pulse” (Weston 2008, p1). The intention of these 60’s teenagers is to be heard. Majority of the main chain stores is not getting it the right way. Survival in the 21st century means that the apparel stores should be aware that ignoring 40 to 64 years old would be a huge mistake. By the 2010, it was expected that baby boomers would be the largest demographic group (Weston 2008, p1). Key Motivations and Buying Behavior The first wave of close to 77 million baby boomers (born around 1946 and 1964) is starting to experience the truth of moving into the next stage of life. The first wave boomers (about 37 million born between 1946 and 1955) are currently between the ages of 50 and 59 years. They are presently experiencing transformations in health, how they experience their surrounding (that is, the world surrounding them), and transformations in family priorities. Baby boomers view the world in a different manner from the other generations. Baby boomers control most of the wealth found in the United States. These characteristics, changes in the consumer needs, demographic shifts, the buying power, and the huge numbers of this generation may lead to key transformations in retail spending patterns in the future (Klaessy 2005, p1). Marketers have recognized that it is difficult to predict the purchasing behavior of any group (particularly those as huge as the baby boomer generation). Insight can be attained into the attitudes, preferences, and motivations, however, by recognizing values that drive their belief. These values indicate the beliefs that eventually shape an individual’s attitude towards life. It is important to note that all generations have exceptional experiences and values that individuals in these groups use to develop a sense for their lives and to define themselves. For the marketers, these values are significant in knowing what motivates certain individuals to purchase (Klaessy 2005, p1). Social unrests in the 1960s made most baby boomers question the significance of morals, intellectual conclusions, and institutions of the time. Thus, the main generational values for the baby boomers are mostly within their focus on individuality and self. Other common values for the baby boomers include questioning, instant remedies, acceptance, flexibility, enthusiasm for causes, and lack of commitment, informality, participation, and relevance. Baby boomers also value autonomy, have high expectations, and they are driven, nostalgic, and non-traditional (Klaessy 2005, p1). The expression of principles can have a significant impact on brand loyalty, entire reasons for purchasing goods and services, and receiving of advertising messages. Through a thorough understanding of what drives the baby boomer generation, the marketers can very well predict and understand the variables that may influence future buying decisions. There are many factors to consider when integrating values with the purchasing behavior. For instance, recognizing that baby boomers are self-focused, they like instant remedies, and have high expectations should motivate marketers to rethink what it means to have customer services to this group (Klaessy 2005, p1). Future Opportunities and Challenges from a Marketing and Promotional Aspect In 2005, close to 56 percent of all the people in Britain were of the age 35 years and above. By 2010, the number of individuals aged between 45 and 54 years was expected to rise quickly than any other group (Manoj 2008, p46). In the past, individuals in this bracket of age would have been categorized with older consumers who conventionally spent less on clothing (especially men) than customers did in their late thirties, teens, and twenties. This group of people (the baby boomers) bought a small quantity of garments and usually spent less on each garment than the younger people spend. However, rising from this group (baby boomers) is the new middle youth market, which has a greater interest in fashion, shopping, and health. The members of this new group especially the women are a potential, lucrative market for retailers who can provide the correct formula (Manoj 2008, p47). Going against the tradition/custom “of being the lowest spenders on clothing, in recent years, the spending of the 55-64 year olds has risen dramatically, particularly that of women” (Manoj 2008, p47). This increase is projected to go on as the group benefits from inheritance from the older relatives. Majority of the individuals in the older group (especially those who are very old) is not very much interested in fashion as in quality and comfort of the clothes. They purchase low priced items than the younger individuals; they also purchase fewer items. However, service levels are becoming more important, and the price is becoming less significant. More magazines are being printed that aim this group (Manoj 2008, p47). Within the shops, there is a considerable improvement in the choice of merchandise. The fashion attitudes of such individuals are influenced by their increasing affluence\, and they are more knowledgeable of various styles. This is attributed to the fact that they were brought up in the boom years of the post-war period. Retailers planning to serve this category of the market (the baby boomers market) are responding with modernized classic variations, especially for women. However, there are still more opportunities to encourage more menswear sales to the older consumers through the update of the ranges and retail presentation (Manoj 2008, p47). As stated before, the baby boomer generation will have a considerable effect on the marketplace. The generation is also thought that it will influence trends in the marketplace and opportunities available for business in the marketing world (Mimick, Smith and Thompson 2005, p11). Conclusion Baby boomers have had a considerable impact on the consumption area of the world. The group is said to be putting a lot of pressure on the public and financial services. The ability of the government to cater for this generation has become a bit difficult because of their preferences and lifestyle. Baby boomers are huge consumers\, and they save less from what they earn. A remarkable feature about the baby boomers generation is that their consumption is based on opinion. They will less likely to purchase an item that they see themselves not wearing in the future. The future for the businesses is full of opportunities, but they will have care for the various needs of the baby boomers generation. References Harkin, J. & Huber, J. (2004) Eternal youths: How the baby boomers are having their time again, London, UK: Demos. Klaessy, S. (2005) Research and trends: Baby boomer values give insight into buying decisions. Management-Marketing-Leasing Today, pp1-2. Leach, R., Biggs, S., Phillipson, C. & Money, A. (2007) Boomers and beyond: Intergenerational consumption and the mature imagination [online]. Available from: [Accessed 17 March 2012]. Macunovich, D. J. (2000) The baby boomers. Macmillan Encyclopedia of Aging, pp1-14. Manoj, K. N. (2008) Fashion marketing, Hoboken, NJ: John Wiley and Sons. Mimick, R., Smith, W. E. & Thompson, M. (2005) Business diagnostics: Evaluate and grow your business, Cheshire, UK: Trafford Publishing. Nichols, J. (2007) Back to basics: Understanding demographics and psychographics [online], causeplanet. Available from: [Accessed 17 March 2012]. Weston, P. (2008) Technology and fashion industry [online], Fashion-Era. Available from: [Accessed 17 March 2012]. Read More