Boomers are often credited with making 50 the new 30, but with more than half of this generation now over 60, they're making 60-something look pretty darn good, too.
Much research about the science of emotion has materialized in the last few decades, resulting in a shift in thinking about decision theories. The studies reveal that emotions constitute powerful, pervasive, and predictable drivers of decision making. Across different fields, significant regularities appear in the mechanisms through which emotions influence judgments and choices. This conclusion represents the learnings from the past 35 years of research on emotion and decision making. It is likely you agree; if you do not agree, perhaps you should consider learning more.
We must end the conversations pitting generation against generation. It's ageist and supports generational stereotypes that don't value the best that young and older people have to offer - especially to each other. It's time for a new narrative that highlights the importance of the unprecedented shifts every generation is experiencing, one that reflects the commonalities as opposed to differences.
The Pew Research Center recently reported that Americans 50+ are divorcing at twice the rate they did 25 years ago. In 1990, only 5 out of every 1,000 Americans got divorced in a given year; by 2015 that number had risen to 10 out of every 1,000 - during a period when divorce rates among Americans aged 25-39 declined by 21%.
Research has shown that customers' final decisions are not the direct product of the reasoning process; in fact, emotions drive Baby Boomers in their purchase decisions. The reasoning process will confirm their decision, but it doesn't start there.
Amazon Echo, commonly referred to as "Alexa," has become one of the most popular gadgets to debut in recent years. People the world over are embracing all of the ways that the device, first available in June 2015, can aid in managing the home and day-to-day life. While this kind of technology is often thought to appeal to only younger demographics, Boomers are finding new and innovative ways to use Echo to meet their specific needs.
For too long, business-to-business marketers have been relying on the same old trope when it comes to identifying the drivers of tech purchases in the office place. Right now, you're probably imagining a bespectacled whiz kid, gangly and pale, and above all else - young.
There are many perspectives on how to effectively market to Baby Boomers. We've shared several in Part I and II of this series. We believe we can roughly divide Baby Boomer behavior perspectives into two approaches. The first emphasizes the objectivity of science and that the customer is considered a rational decision maker. In contrast, the subjective or emotional approach stresses the customer's individual experience and the idea that Baby Boomer behavior is subject to multiple interpretations rather than one explanation only.
Valentine's Day is in the rearview mirror, but Boomers are more romantic all year round than one might think. In fact, one study found that finding love is the #1 New Year's resolution for nearly 60% of single people over 50.
It seems that baby boomers and millennials have quite a bit in common. Both are losing sight of what was once the great American Dream, a home of one's own. In the past few years, home ownership rates have fallen to a historic low. And while millennials are part of the issue, a study by the Joint Center for Housing Studies at Harvard found that the 45-64-year-old demographic saw twice the share of renter growth of younger households.