Baby Boomers are a Viable Market - Term Paper Example

Baby Boomers are a Viable Market Whether we choose to recognize it or not, the media plays a large role in how we define ourselves as men and women, whether we are active or inactive, happy, sad, successful, attractive or a dozen other questions regarding who and what we are. These definitions come from the images we are presented with in combination with subtle clues that both reflect and define the social culture of a given time period. Whether it is in the movies we watch, the TV programs that air nightly, the magazine stories or the advertisements that break up the spaces in between, we cannot avoid these images and cultural definitions. Because advertisers are trying to gain the attention of their target consumer group, they work hard to depict the ideals of the society. If young and slim is attractive, they will work that into their presentation in as many ways as they can. If macho and hard is the current fashion, this, too, will be reflected in the way a product is marketed. At the same time, by changing the way they combine different types of visual clues, these same media outlets can help to redefine a culture, to make it more tolerant of ecological issues, for example, or to change the way a society views gender roles. Studies are utilized by advertising agencies to identify potential buying demographics. This information is then used to target specific markets and to learn about public attitudes, why they buy specific products and what sort of promotions would most appeal to their desires to purchase. To some companies, marketing is about generating sales, period. It is therefore surprising to discover how little advertising is actually targeted toward the baby boom generation. Although our culture seems to worship youth above all else, the reality is that the baby boom generation, now entering retirement, remains a large and greatly viable market. Definition of Baby Boomers Baby Boomer is the term used to designate a specific age group in American society, generally defined as those who were born between the years 1946 and 1964. The generation is named this in recognition of the ‘boom’ of births that took place immediately following the return of soldiers home from World War II (Jones, 1981). These individuals shared a number of experiences during their generation that serves to unite them, including the murder of a president, the first footsteps on the moon, the ‘rebirth’ of the ‘60s and the large-scale introduction of psychedelic drugs into the marketplace. The Civil Rights Movement occurred during many baby boomers’ early adulthood or late teenage years as did the death of Martin Luther King, Jr. Women’s rights were a big issue as women moved from their traditional positions within the home into more socially active positions within the workplace. The controversial elements of the Vietnam War were in full swing during this same period, as well as the Watergate scandal, causing many Baby Boomers to develop a healthy suspicion of the government and its motives as well as to question their own individual values to determine just where they belonged in the social spectrum. For many, this led to a direct opposition with their parents, who typically held to more traditional values, liberating themselves and future generations from the shackles of expectation and opening the way for new exploration. The Baby Boom generation was also largely about self-gratification through the achievement of equal rights for those of color and of gender, knowing oneself and discovering ‘inner harmony’ as a means of fulfillment (Jones, 1981). This had the dual effect of increasing the divorce rate, making this practice more socially acceptable, as well as increasing the consumption rate of the average American, transforming the country into a market economy. According to the U.S. Census Bureau, the generation remains significant in today’s economy. As of 2005, there were an estimated 78.2 million Americans of the Baby Boom generation, approximately 50.8 percent of whom are women (U.S. Census Bureau, 2008). Within these numbers are approximately 9.1 million African American boomers and another 8 million of other races, predominantly Hispanic. Several states have large populations of boomers including Alaska, with 32 percent of the population falling into this generational category. New Hampshire, Vermont and Maine also report having 30 percent or more baby boomers on the last census. The only state to report having less that 25 percent of its population in this age bracket was Utah. This demographic currently represents approximately 25 percent of the American buying public and, with their energy and focus on remaining young for as long as possible, the generation is a viable market for products and services aimed at assisting them in these pursuits. However, the approach taken needs to be focused on the specific characteristics of the group as well. One of the defining characteristics of this age group is that it is more educated overall and a greater proportion of this demographic has been employed, remains employed or has managed to amass enough from employment to retire early without dependence on the government for their ‘nest egg.’ The U.S. Census Bureau indicates that while only 33 percent of the population had managed to achieve a high school diploma in 1947 and only 5 percent had succeeded as high as a bachelor’s degree, baby boomers had closer to an 85 percent achievement rating on receiving high school diplomas and 28 percent had attained bachelor’s degrees (U.S. Census Bureau, 2008). One of the primary characteristics of this generation is its adamant refusal to get ‘old’. They may be aging physically, but they refuse to give in to the stereotypical image of grandma and grandpa rocking on the porch from sunup to sundown. The Census indicated that baby boomers reported having memberships at gyms, fitness centers or recreation centers on the last census report, increasing the number of these types of facilities to 27,813 as of 2003. At the same time, female boomers have kept more than 11,938 cosmetics, beauty supply and perfume stores open in their continual pursuit to deny their age. Within this generation, the women have acquired much of the spending ability of the family. The redefining of gender roles that started in the 1960’s and has developed to a relatively equitable balance today owes much to ‘Rosie the Riveter.’ This fictional character changed the role of women in social thought which led to the enactment of legislation designed to reflect and protect this advancement of society. The war effort on the home-front during World War II improved women’s sense of self esteem which increased their desire to become financially and intellectually independent of men, ideas which would have great impact on their daughters. It was widely acknowledged that without the efforts of the men on the battlefield fighting the enemy or the women in the factories and munitions plants building the equipment necessary for battle, the war would have been lost. Women answered the needs of the nation by performing vacated traditional male jobs and did so to an equal degree of excellence as had the men (Woloch, 1991). This universal acknowledgement of women’s efforts finally gave women the credibility they had been seeking since before the founding of the country. It was increasingly socially acceptable for married women to enter and remain in the workforce as the business community discovered it needed increasing numbers of employees to meet the economic boom that followed the war. Businesses began ignoring previous preferences for hiring unmarried women only and began welcoming married women and mothers. By 1960, more than twice the percentage of married women worked than did in 1940 (Harrison, 1997). In 1964, a major piece of legislation, Title VII of the Civil Rights Act, greatly enhanced women’s rights in the workplace. This Act precludes employers engaging in discriminatory practices, “to fail or refuse to hire or to discharge any individual, or otherwise to discriminate against any individual with respect to his compensation, terms, conditions, or privileges of employment, because of such individual’s race, color, religion, sex, or national origin” (U.S. Equal Employment Opportunity Commission, 1964). Since this Act was passed, women and minorities have gained legal recourse against discrimination in the workplace with regards to promotions, hiring practices, dismissals, wages, training, working conditions and benefit compensation. Thus, the ability of the baby boom generation to earn money more than doubled, making them strongly viable targets for advertising campaigns. Baby Boomers as Viable Marketing group One of the contributing factors to the absence of marketing to baby boomers today is a general avoidance on the part of advertisers to market to older people. This is due to a combination of factors including the inability of previous generations to command much spending money, the perceived poverty of the old and the psychological characteristics of the aging individual. As people age, they pass through numerous important life stages that shape who they are and how they will develop in later years. Identities formed into adolescence and young adulthood are profoundly affected by the social definitions they receive. These messages are increasingly generated through the images seen in media channels. This vulnerability makes them a very attractive market for advertisers. Throughout this age bracket, girls and women especially struggle to bring themselves more closely into line with the ideal exterior appearance defined by the media outlets. In today’s world, this seems to apply to everyone while the ‘ideal’ seems to remain relatively similar – perfect hair, perfect nails, slim figure and current fashions – all of which makes them easy to market to. However, as these individuals approach middle age, it becomes increasingly difficult to match the other important requirement of the ideal, that one is youthful. While life patterns differ from one individual to another, middle adulthood is inevitably characterized by some decline in physical ability (Craig & Baucum, 2001). Natural elements of aging include greater difficulty in losing weight, difficulties with old injuries, slowing of motor skills, fading eyesight, encroaching grey hair and wrinkles and, for women, the beginning stages of menopause, thus signaling a decline into the stereotypical ‘old’ person. Still within the working age, these individuals are also considered viable markets for products aimed at addressing these issues while older people, nearing retirement, are perceived to have given up the battle. However, “with improved diet, physical fitness, public health, and health care, more adults are reaching age 65 in better physical and mental health than in the past. Trends show that the prevalence of chronic disability among older people is declining … While some disability is the result of more general losses of physiological functions with aging (i.e. normal aging), extreme disability in older persons, including that which stems from mental disorders, is not an inevitable part of aging” (Boeree 1999). Physical decline from one person to another varies greatly as does the order of the process. Bones become brittle and easily broken, circulation slows and the habits of a lifetime begin to tell on the body, but these do not necessarily indicate an inactive consumer group. Respected psychologist and theorist Erik Erikson characterizes the older adult as an individual who must resolve the ego integrity vs. despair crisis. This crisis is one in which the individual must either accept their failures and successes in life to develop a sense of wisdom or refuse to accept their disappointments and develop a sense of despair and dread regarding their eventual death (Erikson, 1980). According to Troll (1984), social expectations hold that the older a person becomes, the more restricted in abilities and capabilities he or she will be. While younger people might be perceived as having a wide variety of potential characteristics and attitudes to exploit, the older person is associated with only a few possible identities. “The most detrimental aspect of bias is that the objects of that bias share the attitudes of the other members of their society, tending to stereotype, distort and look down upon themselves” (Troll, 1984, p. 1). Stereotypes of the elderly, meaning beyond retirement age, have remained relatively constant over the past 15 years, characterizing the older person as poor, stupid, boring and unattractive. However, people who have actually reached this stage of life successfully tend to no longer base their identity upon the external definitions provided for them by marketing groups, perhaps because the definitions offered remain out of date. “Cohen points out … that most people fare well in retirement. They have the opportunity to explore new interests, activities, and relationships due to retirement’s liberating qualities. … In short, the liberating experience of having more time and an increased sense of freedom can be the springboard for creativity in later life. Creative achievement by older people can change the course of an individual, family, community or culture” (Boeree 1999). As the baby boom generation ages, older people are no longer associating themselves with the retiring biddy on the front porch but still see themselves as active, contributing members of the community. The typical stance taken by advertisers and the media in general regarding older people has been to de-emphasize their role in daily living, turning back to the youth as a viable market. Throughout most of marketing history, old age has been seen in negative terms, as a time of life dominated by decline, frugality and isolation from greater social spheres, thus not a viable market. One study analyzed depictions of older people in documentaries and discovered that most cases presented a negative impression of the realities of aging, even when this was not the intention. “The usual public affairs special about old people in the community is likely to focus on the visible elderly who have multiple health losses” (Davis & Davis, 1985). In contrast, 90 percent of the fictional representations of older people produced by the boomers themselves were found by the same study to be healthy, economically active and adventurous – particularly when compared to their younger counterparts. This representation has not seemed to communicate to the greater public because of a tremendous under-representation of older people as compared with younger people in the media. Impressions are also strongly influenced by the severity of real social issues that affect a small percentage of this generation as well as previous generations who are actually poor, ill and/or disabled. However, with their internal focus on remaining healthy, active and occupied as well as with their increased ability to spend money, baby boomers remain an active, if untapped, marketing group. Conclusion The Baby Boomers are a generation of Americans who represent one of the largest segments of the population, comprising at least 25 percent of the population. Although they are now beginning to reach retirement age, they refuse to be characterized as the typical retiree – strapped for cash, living in poverty and generally uninteresting in their daily lives. Today’s baby boomers are active and dedicated to exploring their interests now that they have the time through early retirement or greater financial resources. Having grown up in a world where marketing was commonly geared toward them as the youth generation, these boomers are still responsive to the messages of the media, but many marketers have stopped targeting them under the false impression that this age bracket is not a viable market for future development. However, the opposite remains the case. Boomers are as interested in being perceived as active and essential as they ever were and would respond favorably to marketing campaigns addressed to meet their needs. They have the money to spend thanks to their increased ability to work throughout their lifetimes. Advertisers wise enough to realize this would thus do well to focus attention on the needs and desires of this age group. References Boeree, C. (1999). Mental Health: A Report from the Surgeon General. US Public Health Service. Craig, G & Baucum, D. (2001). Human Development (9th Ed.). Englewood Cliffs, NJ: Prentice Hall, Inc. Davis, Richard H. & James A. Davis. (1985). “Television’s Image of Age.” TV’s Image of the Elderly: A Practical Guide for Change. Lexington, MA: Lexington Books. Erikson, Erik. (1980). Identity and the Life Cycle. New York: W.W. Norton and Company. Harrison, Cynthia. (June 1997). “From the Home to the House: The Changing Role of Women in American Society.” USIA Electronic Journal. Vol. 2, N. 2, (June 1997). Jones, Landon Y. (1981). Great Expectations. New York: Ballantine Books. Niolon, R. (2006). “Erikson’s Psychosocial Stages of Development.” Resources for Students and Professionals [online]. PsychPages. Available March 13, 2009 from Troll, Lillian E. (August 1984). “Poor, Dumb and Ugly: The Older Women in Contemporary Society.” Annual Convention of the American Psychological Association. U.S. Equal Employment Opportunity Commission. (1964). “Title VII.” Civil Rights Act. Available March 13, 2009 from U.S. Census Bureau. (November 17, 2008). “Oldest Baby Boomers turn 60.” Facts for Features. Available March 13, 2009 from < http://www.census.gov/Press-Release/www/releases/archives/facts_for_features_special_editions/006105.html> Woloch, Nancy. (1991). “Feminist Movement: From its Origins to 1960.” Reader’s Companion to American History. John A. Garraty & Eric Foner (Eds.). New York: Houghton Mifflin, 1991). Read More