A nationwide study conducted for More magazine by research company Frank About Women revealed that as a population segment, females between 40 and 60 years of age are wealthier than any other group of women in America. There are also 71 percent more of them than in the segment ages 20-39, traditionally one of the most coveted by marketers.
The study also showed that despite common beliefs, there is no "single female boomer target"--instead, there are four separate and distinct types of individuals within the age group. While the segments appear to be similar in terms of age and income, they are defined by a unique set of social and attitudinal behaviors that influence their buying decisions.
The four segments were labeled as "Revolutionaries," "Connection Cultivators," Pragmatic Planners," and "Security Seekers." Combined, Revolutionaries and Connection Cultivators represent 49 percent of women 40-60, and are the key drivers for brands seeking to reach the influential 40+ women's marketplace.
"This study clearly demonstrates that these women are looking for new experiences and products to spend their money on. The companies that ignore this market are missing a huge opportunity," said More Publisher Brenda Saget Darling.
The survey also revealed that women in the 40-60 age group spend an average of $2500 per month on new products, and two-thirds (67 percent) of women age 40-plus said they are more likely to consider a product represented by women their age. Those same women appear to have significant influence, with 83 percent claiming that younger friends, family members, and co-workers regularly come to them for advice.
The study was conducted during the period of August-September 2005, and was based on a nationally representative sample of 1661 women ages 21-60.