In an August 25, 2014 cover story in Women’s Wear Daily (WWD) -- the bible of the fashion industry -- the finger is pointed at U.S. retailers for ignoring Boomers. For years many women have asked this question: Why do stores always direct their fashion and advertising etc. toward the younger generations? Well ladies, for the first time, I have some real studies with some eye-opening statistics about how important the Baby Boomer population actually is. It's now clear that these short-sighted retailers ignore us at their peril! |
- The senior age group is the largest in terms of size and percent of the population. By the 2015, those age 50 and up will account for 45% of the U.S. population, according to the U.S. Census Bureau and AARP. The amount of money the group controls is staggering.
- The 55-plus age group controls over three-fourths of America’s wealth. Baby Boomers outspend other generations by approximately $400 billion each year on consumer goods and services.
- Baby Boomers account for about $230 billion, or 55%, of consumer packaged goods sales.
- Boomers outspend younger adults online 2 to 1 on a per-capita basis.
- Women over 50 spend $21 billion on clothes annually.
With all that wealth, why are so many brands and retailers ignoring us to focus on Millennials – our children who are ages 18 to 33?
One marketing professor commented that fashion is so much about the new and the young. We are a huge number of people who have a lot of money to spend, but the brands aren‘t talking to us directly. Brands sometime get nervous that if they reach out to middle-aged people, then others will think they’re a "middle-aged brand.” The answer is to feel like a young brand while at the same time being relevant about our needs. Here are some examples ladies; design a beautiful top or dress with a sleeve to the elbow. Or make that lovely skirt or dress a little longer, and choose fabrics that are less sheer. How difficult is that? It’s not necessary to design differently for mature women, it’s more about subtle modifications to fit our needs.
When one industry analyst was asked if he believes the Boomers are being underserved by retailers? His answer, “yes they’re ignoring them and they’re absolutely out of their minds.” “Boomers aren’t done. We’re living longer, we’re living healthier, we have more discretionary power and the population growth isn’t going to peak until 2026!”
He believes that brands and retailers are operating under old marketing theories and they should reach everyone by including all generations in their marketing. An example was an early Ralph Lauren ad that included three generations. They are the only company that still does that today. What happened to the rest of them?
Companies need to realize that we don’t focus on age, we dress according to our lifestyle. We don’t dress like our mothers. We are in better shape and wear contemporary brands. The most common complaint is finding lifestyle appropriate clothes that fit properly. We don’t want clothing too mature or traditional. We want to be fashionable and modern. Retailers that have catered to us failed to keep up with fashion trends. The best examples, Coldwater Creek stuck with their old formula and went bankrupt, while others like Talbot and Chico’s aren’t bankrupt but are facing challenges.
The fashion industry is beginning to hear our frustration by adding more mature models to their advertising. Let’s hope this trend spreads to the fashion world. Fashion designers should welcome the challenge to design clothing that enables mature people to look their best. It’s an opportunity to show their real talent.
Do you agree/disagree? Email me: [email protected]