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BABY BOOMERS II

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BABY BOOMERS II. Presented by: Jonathan Felix, Jeffery Shoykhet, Efe Yildirim, & Amanda Pinney ... What is a Baby Boomer II ? Younger boomers born 1956-1965 ... – PowerPoint PPT presentation

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Title: BABY BOOMERS II


1
BABY BOOMERS II
Presented by Jonathan Felix, Jeffery
Shoykhet, Efe Yildirim, Amanda Pinney
2
What is a Baby Boomer II ?
  • Younger boomers born 1956-1965
  • Presently 39 48 years old
  • 45 million people (16 population)
  • 50 male / 50 female
  • 16.9 are minorities
  • Over 50 of baby boomers live in the following
    states California, Texas, New York, Florida,
    Pennsylvania, Illinois, Ohio, Michigan, and New
    Jersey.

A Boomer turns 50 every 7 seconds
3
Education
  • Have the highest level of education of any
    generation
  • 88.8 of boomers completed high school
  • 28.5 have a Bachelors Degree or more
  • Increasing demand for continued education
  • Will previous models meet the desire of the
  • older learner?
  • Will online educational offerings be feasible
  • in the future?
  • Boomers are extremely concerned with their
    childrens education.
  • College administrators often see baby boomer
    parents as them as a necessary nuisance.
  • When we were college students we questioned the
    administration. Now we're getting a second
    chance. -Steve Peri

4
Financial
  • 23.9 million households with 1.7 earners per
    household
  • Estimated annual spending power 1.1 Trillion
  • Annual average spending per household 45,149
  • Children are still the priority of younger
    boomers spending
  • The group spends 11 more than average on pets,
    toys, and playground equipment.
  • 69 of households own their own homes instead of
    renting, so a larger share of budgets. 38 more
    than average is devoted to mortgage payments.
  • Younger boomers dont seemed so concerned with
    the future, as they spend 10 less than average
    on life and other personal insurances.

5
Life Experience
  • 1962 - The United States and the Union of Soviet
    Socialist Republics narrowly avoided war during
    the Cuban Missile Crisis.
  • 1963-1964 - Important civil rights reforms were
    passed by Congress.
  • 1965-1973 - U.S. forces fought in the Vietnam
    War, which sparked widespread protests in the
    United States.
  • 1969 - U.S. astronauts became the first people to
    land on the moon.
  • 1972- Watergate Scandal
  • 1974 - In the wake of the Watergate scandal,
    Richard M. Nixon became the first U.S. president
    to resign from office.
  • 1980s - The U.S. economy emerged from a recession
    but was faced with increasing federal and foreign
    trade deficits.

6
Core Values
  • Boomers on average
  • See themselves as forever young
  • Want to have fun
  • Demand immediate gratification
  • Are not passive.
  • They like creature comforts.
  • Are time deprived
  • Will pay for luxury, expertise and convenience.
  • Are skeptical of institutions and individuals
  • Like to associate with people like themselves

7
Motivators Goals
  • Children are still the priority of younger
    boomers spending
  • Retire early and comfortably monetarily
  • Dont rely on social security as much as past
  • Want to live long, healthy lives

8
Lifestyle Now Then
  • THEN
  • 1 car per household fell apart after 5 yrs
  • Much smaller, fuel efficient import cars
  • Smoking allowed everywhere no gyms
  • Women stayed home look after kids
  • Sundays were spent at home picnic
  • Much less stress
  • Technology??
  • NOW
  • Average of 3 cars per household luxury
  • Bigger cars, bigger engines SUVs, Vans
  • Health obsessed society
  • Women work full time jobs
  • Its Sunday Lets go to the mall!
  • Stress is everywhere
  • Not technologically savvy

9
Product Need recognition
  • Nursing homes
  • Chasing youth and beauty
  • Traveling / Real estate in warmer climates
  • Luxury cars
  • Wealth preservation and distribution

10
Ad response
  • They have spent their lives being overexposed to
    blatant advertising and therefore advertisers
    need to use different methods.
  • What ads appeal, what ads dont?
  • Focus on the prospect, not on the product
  • Baby boomers want to feel older, not old
  • Adventurous, not chill out
  • Talk to my lifestyle, not to my age
  • Preferred Media?
  • They have historically relied on newspaper and
    print but are quickly turning to the internet as
    a source of consumer information.

11
Companies In Touch With Boomers
  • Sony
  • Harley Davidson
  • BMW
  • Bose
  • Panasonic
  • Royal Caribbean
  • Pfizer
  • In general, luxury products and healthcare
    products are most
  • often targeted toward baby boomers.
  • Why luxury products?
  • Baby boomers II are the most affluent consumers
  • Feel-good purchases-they like a comfortable
    lifestyle which
  • they feel they have earned
  • Why healthcare products?
  • Boomers are not ready to give up and grow old
    just yet

12
Healthcare Example
  • Baby boomers value comfort, intimacy and
    spending time at home with family and friends.
  • - Reed Fry
  • Reality
  • Long hours at work
  • Stress
  • Limited time to exercise
  • Unhealthy diet
  • Can lead to health concerns
  • Confidence issues
  • Ultimately, family life and intimate life suffers

13
The Answer in a Pill
  • Pfizer develops Viagra to treat ED
  • ED affects millions of menmore than half of all
    men
  • between 40 and 70 years old
  • Viagra was the fastest launch in drug
  • history, earning 411 million in sales the
  • first three months
  • Pfizer advertises Viagra using humor
  • Informs public on an important health issue
  • Eases feelings of shame, embarrassment
  • Easier to ask a doctor for treatment
  • Message
  • Pfizer facilitates relationships that are
    valuable to members
  • of the boomer generation

14
Conclusion
  • The core of their consumerism is not about
    owning-its about lifestyle and living. They
    make no apology for what they desire. They are
    entitled to it. They work hard for it. Theyve
    earned it.
  • -Reed Fry
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