AARP Services and Focalyst Release Third Quarterly Boomer Report: How Well Do
You Know Boomers?
WASHINGTON, April 14 /PRNewswire-USNewswire/ -- AARP Services and Focalyst
exposed a number of common myths about the Baby Boomer generation in the third
Quarterly Boomer Report released today. The report, "How Well Do You Know
Boomers? Counting Down the Top 10 Boomer Myths," identified and investigated
the top myths associated with Boomers in order to separate fact from fiction.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070209/NYF043LOGO )
"Boomers are redefining age and changing the way business is done," said
Howard Byck, VP Corporate Development for AARP Services. "Contrary to many
common assumptions, Boomers are making retirement obsolete, are very savvy
about advertising, and are experimenting with new products."
"It's very convenient to group Boomers together but doing so misses the mark,"
according to Jack Lett, Executive Director of Focalyst. "Within this
generation are diverse segments that must be recognized and addressed
differently."
The report revealed the following myths to be untrue:
Myth #10 - Boomers are retiring early
Contrary to much of the attention given to the first Boomers turning 62 this
year and being eligible to take Social Security benefits early. In reality
very few Boomers are planning to stop working entirely when they reach
retirement age -- only 11%.
Myth #9 - Boomers are downsizing their homes
Despite the image of older consumers "winding down" as the years progress, and
simplifying their lives and homes, only 6% of Boomers are planning to be
living in a smaller residence five years from now.
Myth #8 - Most Boomers are married empty nesters
Most are actually not Empty Nesters. The study reveals that only about one in
four Boomers fit the profile of married with adult children who have left
home. 37% of Boomers still have children under 18 in the home, and a third
are single.
Myth #7 - You can capture Boomers with mainstream advertising
Boomers are paying attention to advertising, but they do not always like what
they see. 66% say that ads have gotten more crude in recent years and another
67% say they are less likely to purchase a product if they find the
advertising offensive. It is important to recognize that same message may not
resonate with Boomers in the same way as it will with a younger consumer.
Myth #6 - Boomers are brand loyal and will not switch
Commonly thought to be set in their ways, Boomers are just as likely as
younger cohorts to experiment with new products. They are actually paying
attention to advertising for new products and 61% of Boomers agree that "in
today's marketplace, it doesn't pay to be loyal to one brand."
Myth #5 - Boomers are all wealthy
Collectively Boomers are the wealthiest generation in history, but only 9% are
truly affluent (defined as having pre-tax incomes of $150,000 or more if
working, or $100,000 or more if retired). In fact, one quarter of Boomers
have no savings or investments at all.
Myth #4 - Boomers are winding down with age
Actually, they are quite active, as the typical Boomer regularly participates
in an average of 10 activities and the participation extends beyond going to
church or gardening. They are traveling (60 million took at least one trip
last year), attending live sporting events (22 million) and bicycling (11
million), among other activities.
Myth #3 - Boomers are technologically challenged
Contrary to many assumptions, Boomers were in the workforce during the
evolution of computers, e-mail and the Internet, and were the first to
understand the value of technology. In fact, 82% of Boomers use the internet
and their online activities extend beyond email to instant messaging,
downloading music or movies, financial transactions and online gaming.
Myth #2 - Boomers are the "Me Generation"
Boomers have typically been portrayed with the self-centered label the "Me
Generation," but from their actions in later adulthood, this report reveals
that a label of "We Generation" is more accurate. They are caring for others
and caring for the world, with 70% saying they have a responsibility to make
the world a better place.
Myth #1 - Boomers are all the same
The media often portray the members of the baby boom generation as a monolith
- 77 million people thinking, acting, behaving and buying all in the same way.
Nothing could be further from the truth. More life events occur between the
ages of 50-65 than in any other time in a person's life, with the typical
Boomer experiencing an average of two major life events around career, family,
finance or health each year. These life events can have a major impact on
attitudes, life goals and consumer behavior. It is a mistake to think of this
cohort as all alike, and it is not all about age. Recognizing the differences
among Boomers and understanding the truths behind the myths can help marketers
craft products, strategies and messages that will resonate with this
generation.
For a complete copy of the report, visit
https://www.focalyst.com/Sites/Focalyst/Content/KnowledgeCenter/
About AARP Services:
AARP Services, founded in 1999, is a wholly owned subsidiary of AARP. AARP
Services manages the wide range of products and services that are made
available as benefits to AARP's 39 million + members. The offers span health
products, travel and leisure products, and life event services. Specific
products include Medicare supplemental insurance; member discounts on rental
cars, cruises, vacation packages and lodging; special offers on technology and
gifts; pharmacy services; legal services; and long-term care insurance. AARP
Services founded AARP Financial Incorporated, a subsidiary that manages
AARP-endorsed financial products including AARP Funds. AARP Services develops
new products, manages and markets products and services, creates and maintains
partnership and sponsorship relationships, and develops and manages AARP's
award-winning Web site, AARP.org.
About Focalyst:
FocalystTM (www.focalyst.com) is a leading source of information and insights
about Baby Boomers and Mature consumers. As a Millward Brown specialty
practice supported by AARP Services Inc.,SM Focalyst offers a broad range of
qualitative and quantitative custom research solutions. Focalyst pioneered the
largest, most comprehensive study ever conducted about Boomers and Matures and
has the unique expertise to help marketers better understand and connect with
this important demographic.
SOURCE AARP
Anthony DeLuise, AARP Services, Inc., +1-202-434-2560, adeluise@aarp.org; or
Jackie Bartolotta, Focalyst, +1-212-548-7254, jackie.bartolotta@focalyst.com
