The Greatest Share, Public Corporations

The baby boomer population explosion moves through markets like a pig that’s been swallowed by a python, inviting marketers to satisfy the needs, wants, and fantasies of 76 million people. Add to that the fact that many of them are still the primary purchasers, or at least primary payers, for a lot of children and grandchildren, and you begin to understand the need to connect with them. They not only affect the economy; they are the economy, representing the greatest share of the workforce, the greatest share of income, and the greatest share of voting power and political influence.

For public corporations, it’s not just profits that are important, but growth in revenues and profits. According to U.S. Census projections, the number of boomers age 45 to 54 is projected to increase 14 percent between 2001 and 2010, while the number of 55 to 64 year olds will grow by a whopping 44 percent. During the same decade, the number of consumers in the 25 to 34 and 35 to 44 year old groups are projected to decline. Public corporations faced with analysts who determine their P/E ratios by forecasting their growth potential can point to the baby boomer market for opportunities if they have the right mix of brands, services, and prices. The problem is that competitive firms have figured this out as well-hence the race to find something to connect with this vital market. Brands that evoke emotion (from nostalgia to sheer exuberance) may hold the key to customer loyalty in this market, assuming they deliver in the areas of quality, functionality, design, and value. Using classic rock in commercials aimed at boomers makes sense, as does using musical acts from the 1970s and 1980s to entertain at corporate events.