Baby Boomers vs. Echo Boomers
Baby Boomers vs. Echo Boomers
If you don’t understand these2 major markets, your operation is in trouble…
For the most part, businesses within the last fifty years have heard about and focused on the Baby Boomers (45-65) and their impact on our economy and our culture. Not undeservedly so, as the baby boomers have had more impact in the United States than any generation in the history of our country. However, the Echo Boomers (18‐34) are numerically are just as large as the baby boomers and have just as much impact on the economy – but they are largely being ignored!
STOP Ignoring Them!
Things are going to radically change for the baby boomers. You won’t be able to count on them like you may have before. They don’t need the McMansions anymore. Today they are looking toward retirement…looking to downsize and save. In many cases they are looking to financially help their echo boomer children survive these difficult economic times. When else have you seen so many “children” in their 20’s living at home?
What Do Echo Boomers Spend Their Money On?
The video above points out the echo boomers are in the stage of life where their earning and spending power is not at the height it will be in twenty years. However, they ARE spending. Generally speaking, because the echo boomers were coddled and spoiled in the view of many, they do not have the same attitudes toward achievement and earning large salaries. They do not strive to become president of a large corporation, as many baby boomers did. Instead, they are much more focused on lifestyle, unique personal values, and attaining certain specific “things” that satisfy them. If you as a retailer or business operator don’t understand this you will miss many profitable opportunities to keep your business relevant.
Generation X – The “Sweet Spot”
The hidden gem in this economy is Generation X, specifically 35-45 year olds. They are at the stage in life where they have solid financial stability. They are essentially in the same position that the baby boomers were at this stage in life!
We at Catalyst Analytics want to help you understand how you can make the necessary adjustments to keep your business successful and relevant to each of these “ignored” age cohorts…
You probably already have some demographic data for your city regarding Echo Boomers and Generation X. However, it can be dangerous to make “macro” assessments about your business’ city or county without understanding the “micro” of your specific location and how it has changed.
The smart decision makers go beyond demographic measurements. They are interested in the 2010 census, but only in understanding what has changed since it was taken… specifically the trends that have changed in the past business quarter. There can be major shifts in income, age, # of occupants, and significant differences in their lifestyles and spending patterns.
The market data and analysis paradigm is changing. If you want to stop playing catch-up and start getting ahead so you can make smart business decisions – business decisions backed by more recent data than the census and its updates.