Silver lining

Entrepreneur, June, 1997 by J. Walker Smith, Ann Clurman

As they age, satisfied and secure, Matures will begin to spend more money on themselves. But they won't turn into profligate spendthrifts in the mold of their Boomer children. Our research shows that consumers 65 years old and older are the least likely to be cutting back on food purchases, shopping less, or adhering more strictly to a budget. They are also less likely to buy large, economy sizes or cut back on eating out. Part of this, of course, reflects older consumers with less flexibility in their lives. But it mostly shows that Matures have reached a level of financial comfort.

Nevertheless, [Matures'] interest in pleasurable or exciting experiences for their own sake is low. They are not now and never have been as hedonistic as Boomers. They want to enjoy life, but they don't want to go overboard. The overriding attitude here is that they have enough money to enjoy their retirement, and they plan to do so - wisely and responsibly.

Travel and leisure opportunities will grow as well. Matures have [always] thought of leisure as a reward for hard work. After a lifetime of work, now is the time for these rewards. Consumers who restricted their vacations to two-week car trips every summer are suddenly willing to pay $500 for a titanium golf club or $2,000 for a Caribbean cruise.

* ALL IN THE ATTITUDE

Advertising and marketing campaigns should emphasize the value of experience and wisdom. Turn a youth-oriented medium on its head by aiming for older customers and giving them recognition for the contributions that their counsel can make. Tie your product or service to their ability to know the best value. Get your message into the unique channels that they rely upon to make a purchase decision. For example, while [Generation] Xers rely on their peers for guidance about new products, Matures are more likely to turn to established institutions and authority figures. Celebrities like Jimmy Stewart and Katharine Hepburn have a strong influence among older consumers.

Don't assume, however, that they will simply swallow anything they hear or read. Even Matures are tired of being taken advantage of. The key here is to make sure you design your message to fit the core values of this generation, especially values like frugality, responsibility and caution.

Some products and services won't make it even with a generationally appropriate message. Without [a broader appeal], Matures won't feel comfortable enough to buy them. So be on the lookout for ways to expand your focus and emphasize benefits that cross over all generations. This will let Matures respond to those benefits without feeling like they are stigmatizing themselves.

For example, large-type books have never been big sellers because they carry the stigma of being for old people. Just put bigger letters on your packaging. Don't market it as packaging for old people. Matures will recognize the benefits without being told, and they can respond to your product without having to link themselves to an old person's product.