Brands should target rich Boomer market

CEBU, Philippines — As brands, particularly the fashion and beauty categories, have concentrated on Millennials and Gen Z markets, companies are called to tap the rich Boomer generation.

According to global trend forecaster WGSN, brands in the fashion and beauty space should also develop marketing strategies that target the Boomer generation, the older base that has money to spend.

WGSN said brands are “waking up” to the huge untapped potential of cash and time-rich Boomers, who will remain the wealthiest in the US until 2030.

This will also give Filipino exporters of fashion and beauty products the opportunity to develop a niche in the Boomer consumer group.

According to the report, Boomers have too often been left out of the equation.

But with attitudes towards age evolving and demographics lines continuing to blur, brands are rethinking their marketing strategies to recapture the wealthiest generation, said WGSN Design Updates.

Boomers are adopting a more age-agnostic mindset for their fashion and beauty choices, noting they “want to feel included and represented” rather than be defined by their age.

“Marketers are rebranding anti-ageism and adopting positive messaging around the word "age", while using advertising campaigns as a medium to showcase their multi- generational appeal. In some cases, brands are countering taboos and diversifying their product ranges to cater to the Boomer market,” it said.

Baby boomers are the people born from 1944 to 1964.

WGSN said marketers need to create multi-generational ads that indicate a commitment to all ages and speak to more attitude-based and value-driven shopping behaviors.

 “Boomers have money to spend and want to see themselves represented. Invest in age- inclusive, long-term strategies but be mindful of representing all types of diversity, not just age,” it said.