This past week I found myself researching trends that will define the human race over the next generation. Many of the expected prognostications are there, including world population shifts, a heightened focus on the environment, and wireless everything.
Buried in the many blogs and reports is one obvious but critical expectation: We are going to live longer – much, much longer.
You’ve probably read the recent stories. Researchers at Boston University have identified 150 genetic markers that can predict if someone will live to be 100. A recent USAToday report indicates that about one-third of middle-income U.S. citizens will run out of money 20 years after they retire. Twenty years! You don’t have to be a mathematician to figure out how old that would make us.
So it got me to wondering about customer segmentation, and whether a new group of consumers – the ultra-mature – should be examined and defined. After all, if one-third of Baby Boomers lives to be 100, that’s roughly 25 million people. How will they act as consumers? Where will they shop? What will influence their purchases?
A few things are certain. For one, you can expect them to be online. According to research by Deloitte, 47 percent of Baby Boomers maintained a profile on a social website in 2009. The ultra-mature also are likely to be active longer, and will work full-time or part-time, sometimes changing careers. This means a good selection of running shoes for the octogenarian, and stylish but appropriate lines of professional apparel. Small, efficient homes and apartments may become in vogue as the number of empty-nesters climbs.
But so much more needs to be determined. Stores might have to modify their layout to suit the purchase behavior and needs of the ultra-mature. New products – and possibly micro-industries – will be developed to address diet, beauty and health. Loyalty marketers will need to stay in close touch with these consumers, adjusting their recognition and rewards as demands change. A 90-year-old might not hesitate to take a trip to Italy, for example.
It is a fascinating prospect. So much of consumerism focuses on the young, but in 40 years this nation could be nearly dominated by the old.
I wonder how many miles I’ll have by then?
