NEW STUDY PROVIDES FIRST GLIMPSE OF BOOMERS AT 70: From Revolutionaries to "Retrolutionaries" by 2016Deeper into the survey/press release there's some old stuff, some new stuff, some obvious stuff, some common sense stuff. For example, I've been talking about practical, comfortable, easy-to-use cars for years. (I'd make you listen to a radio interview from 2005 where I go on and on about this - but it's an eighty-minute MP3 and my worst enemy shouldn't be subjected to such torture.)
A new study of 1,100 Baby Boomers released yesterday by FH Boom and NMI gives marketers new insight into the Boomer consumer at age 70.
In brief, today's Baby Boomers predict that when they turn 70:
* 74% still won't be describing themselves as old
* 86% will be more practical and pragmatic in their purchases, and much less concerned about trendiness and indulgences
* 76% will be using technology to stay connected with family and friends
* 93% will have more time to do things like travel, dine out and pursue hobbies
* 63% will be making some kind of move, but only nine percent of Boomers now in their 50's or older imagine themselves at 70 still in search of "the dream home"
Now for the sort-of controversy: Matt Thornhill of the Boomer Project wasn't too thrilled with the survey.
For transparency, let me reveal that I have no actual business relationship with FH BOOM or The Boomer Project - but I know Matt and his work and admire it - and Carol Orsborn and Yours Truly (along with Brent Green) travelled to Europe recently for a two-week speaking/consulting tour. We've stayed good friends and I consider Carol one of my top business contacts.
So what do I think of this survey? I do agree a bit with Matt. Meaning - the way the survey has been positioned for uptake is silly. Except for NostraChuckus - nobody can predict the future.
And for various reasons Baby Boomers are not following many conventional wisdom rules for aging. Predicting what they'll be doing (or thinking) in ten or twenty years would be, at best, a guess. At worst, complete fantasy.
But the survey has some revealing and valuable information. It's what Baby Boomers think they'll be doing in the future - not necessarily what they will be doing. A few of the survey points might end up being spot on. With a few, the participants might be deluding themselves.
The Good News: This survey is not 'new insight' into Baby Boomers at 70 - but juicy insight into Baby Boomers today. What they think they'll be doing in ten or twenty years could be helpful in marketing and advertising to them now.
But as some guide for laying the groundwork for targeting this unwieldy, diverse group in ten or fifteen years? That's wishful thinking.
Even the most famous futurists are usually wrong. They make ten predictions, one or two come true eventually - and the rest are forgotten. Down the line, their PR only mentions when they were correct.
As far as I can tell, there's nothing wrong or amiss with the questions, answers, or crunching in this survey. However, FH BOOM/NMI should have positioned it as helpful data for today - not as a crystal ball.
Read Carol Orsborn's blog posting.
Download the press release PDF.