Baby Boomer Insights

How the economy is impacting boomers

Years ago, I used to laugh at my father-in-law, who could tell you on any given day exactly how much gas cost and where you could buy it the cheapest. He'd drive 10 miles out of his way to save two cents a gallon. At the time, gas was well below $2 and I didn't see why someone who was rather well-to-do would bother to be inconvenienced to save less than $1.50. Now I get it.

Even though he retired very comfortably, he had grown up poor and never forgot his roots. Just because he had money that day didn't mean he'd always have it.

Today, I find myself following his lead, only - thanks to the Internet - I don't have to drive around looking for cheaper gas. I can go to www.gasbuddy.com or www.gaspricewatch.com. Better still, I can find out right on my cell phone where to find the cheapest gas. Just go to www.getmobio.com/learn/cheapgas and, like magic, a satellite picks up where you are and can tell you what stations are near you offering what prices. Now, it has become a point of pride to find a way to keep an extra five to eight bucks a month from greedy oil and gas providers. It's no longer about affordability for me. It's more about taking control.

My husband recently told me that when he was in middle and high school,  his brother, who is almost 12 years older, lived several states away. On Sunday, after church, Ralph and his parents would drive to Ralph SR's office to make the weekly call to his brother. Ralph was a high level executive and free long distance personal calls were an executive perk. It was a big deal because phone calls were far more expensive than gas. It was cheaper to drive 10 miles to the office to make a call than to make the call from home. Who'd have guessed then that the exact opposite would be true today? Gas is expensive and phone calls are cheap.

Today, the Ralph JRs of the world - we Boomers - have to make decisions everyday that are increasingly impacting the economy. According to a recent study by AARP, more than a quarter of Boomers are having trouble paying their mortgages and a third have stopped contributing to their retirement plans. Another 27 percent plan to postpone retirement.

If the economy continues its downward spiral, you'll see Boomers postpone major purchases and cut back on travel. So it is no longer a given that marketers can count on Boomers to continue to indulge themselves and spend freely. Marketers will have to work harder to get our attention and loyalty. But if you do, you're golden, because we'll tell everyone we know... and we know a lot of people!

Boomers hit the road in RVs and take the grandchildren with them

Despite gas prices already reaching $4 a gallon in some parts of the country, more than 8,000 people showed up in at the Georgia National Fairgrounds last week in Perry GA for Rally 2008, the world's largest gathering of RV enthusiasts. From reports I've seen, Boomers made up the largest number of attendees.

That's not surprising when you consider that Boomers love to travel and often want to take the grandkids with them. A recreational vehicle often satisfies the need to have the comforts of home with the flexibility of driving to your vacation destination.

There are seven types of "campers" and all were featured at the show, ranging from pop-up tents on wheels, essentially, to very luxurious tricked out 42-foot mobile homes that can set you back $750,000. Last year, Ralph and I toured an RV at the annual boat show (go figure) that listed at ONE MILLION bucks and got six miles to the gallon. Whew!

When I was a kid, my family camped all over the southeast. Mom and Dad piled the five kids into a Chevy station wagon towing a pop up camper my father had made and we visited every state park in Georgia and most in Florida during our summer vacations. We met hundreds of interesting people in the campgrounds and it was during this time we learned to love lake swimming. We cooked outdoors and used public restrooms. And not once did we watch TV while we were camping. (Most of today's TVs have multiple high def televisions!)

My Mom, a school teacher (and by that, I mean 100% of the time... she couldn't even tell you the time; she had to explain the time) insisted we tour the state the summer before we each entered the 8th grade because that's when we'd be studying Georgia history and she wanted to give us a head start. God bless her. Every road trip was the opportunity for learning. Meanwhile, Daddy saw it as a chance to teach outdoor skills that included using the river to chill milk and nailing a fish to a tree to scale it.

I think that's the difference in my parents' generation and Boomers. They were the original do-it-yourself types and Boomers are more the do-it-for-me types. That's why we think camping today takes place in a vehicle that can cost more than the homes we grew up in.

But they have something in common too. When all the kids were grown and gone, my parents bought a nice fifth-wheel RV and starting taking the grandchildren on trips. So our kids got the advantage of learning in the comfort of air conditioning.

Here's the lesson for marketers in all this: you can't assume that even in a soft economy that Boomers will be tighter with our money and forgo non-essential items. We put great value on enjoying our money and sharing it with family.

Frankly, I really like the trend of camping as a way to bond with family and create new memories. That's worth waaaaaayyyy more than $4 a gallon!

Boomers and technology: we love our gadgets and gizmos!

My husband, Ralph, turned 52 last week and we celebrated in the usual way - a family dinner out, followed by a coconut cake dessert at home and the presentation of gifts. He's easy to buy for. For almost every gift-giving occasion he wants either some new techno-gadget or a power tool. Like many Boomer men, he loves to stay up on the latest technology and like most little boys, he loves to tear down and build up things. (For the record, he excels at both.)

This year he got a Garmin portable GPS. Mind you, he's an excellent map reader and has a great sense of direction. No matter. Having something electronic tell him what he already knows still appeals to him. The day he got it, he rode around in his Mustang convertible trying to get lost and confuse the little dashboard nagger. He was downright pleased with himself when he discovered a small glitch. The system didn't recognize that a road nearby doesn't have as many turns as the voice indicated.

The way Ralph got from wanting a GPS to actually having one is typical of how a typical Core Boomer (those between 46 and 51 - that's 51% of all Boomers) makes the journey. He talked with others (offline) who own a GPS, including a work colleague and our friends Bart and Pat. Then he went online and researched various types of GPS units, noting also where they could be purchased and whether there were any sales going on.

I suspect he purposely did this research the weekend before President's Day knowing there would be a better chance of a sale, plus counting on the fact I had that day off as a company holiday. All of his assumptions were right. I bought the unit at Circuit City on President's Day.

I love gadgets as much as Ralph does, so shopping in an electronics store to me is more fun than, say, shoe shopping. It takes me forever. I want to see the newest digital cameras, the shiny laptops and check out anything I think I can justify as a way to make me more productive or efficient.

See, that's the thing about Boomers that marketers need to understand. We easily justify our spending and most of aren't afraid of technology. In fact, Boomers embrace technology and are usually the first to buy the big ticket items like HDTV, laptops with bells and whistles, etc.

My birthday is in March and I'm also starting to research my next gadget gift - a new digital camera. It has been a few years since I bought one. You can bet I'll have a whole different set of requirements and expectations for this one (starting with a screen I can actually read!).

There is one difference between Boomer Ralph and Boomer Marilynn, though. I'll be among the 98% of Bull's-Eye Boomers (tm) who will share everything I know and think about it!

The Bucket List: Boomers make them, live them

I saw "The Bucket List" this weekend and absolutely loved it! I went into it not certain it would be particularly entertaining, since - for the most part - critics panned it.

In case you aren't familiar with it, the premise is that two men, Carter (played by Morgan Freeman) and Edward (played by Jack Nicholson) are roommates in a hospital owned by Edward. Soon, they both learn they have terminal cancer, so they bust out of the hospital to fulfill the things on their "bucket list," a list of things they want to do before they "kick the bucket." It includes things as daring as skydiving and race car driving, to seemingly the impossible: to kiss the most beautiful girl in the world. The movie isn't even so much about crossing things off the list as it is about considering the very notion that sometimes it takes facing dying to really start living.

The critics noted that boomers were the audience for the movie, apparently believing that it reflects our own attitudes about trying to cheat death somehow. That kind of thinking just misses the mark. Boomers aren't so determined to live an unprecedented number of years. Boomers just want more life in whatever number of years we have.

So it really isn't so hard to imagine that we're big on having adventures. Need proof? Consider this: people 50+ spend an average of $30 billion a year on vacation travel. We want to see the world, but we want to do it on our own agenda.  That's one reason companies  are following the lead set by Elderhostel over 30 years ago to specialize in helping Boomers put together great adventures and vacations. This great site is a leading authority on matching Boomers with unprecedented travel opportunities.

To my way of thinking, this movie isn't so much about trying to pack a lot in before dying. Rather, it's about giving yourself permission to truly live life fully.  It's about taking control, taking action and taking responsibility. Perhaps we can all learn a lesson from this: the best way to plan the end is to create a new beginning.

So, check it out, then make your own "bucket list," and revel in your boomerhood!

How Toronto pulled off being a model for the latest trend in travel: multiple generations headed in the same direction

I just got home from four glorious days at the Toronto International Film Festival, where I had the time of my life in what I consider one of the friendliest and prettiest cities I've ever visited. There were celebrities galore, of course, and a feast of over 300 films to choose from. But, as they say on cheesy infommercials, "Wait! That's not all!"

I also got to see a perfect example of a destination that understands how to create an environment that encourages multi-generational travel. There was something for everyone. Visitors could choose any number of films, based on type, director, country of origin, specific actor(s), time available, you name it. Perhaps you've heard that there were many political, dark and very provocative films debuted at this event. But don't be mislead - kids were a part of the scene as well.  There was an entire set of films representing the best in children's cinema.

Meanwhile, down by the harbour was a big music festival featuring all kinds of bands (again, some well known and some you may never have heard of). Even the vegetarians were welcomed with their own event.

So in one weekend, you could go to one city and enjoy everything from serious films to silly street performances to loud music and good food (assuming, of course, you think vegetables fall in to the "good food" category). It's as if Toronto decided it wanted to model the latest trend in travel - multiple generations traveling together. Boomers were everywhere, but so were their Gen X children, with the Gen Y children in tow.

Already, the Toronto International Film Festival is considered among the top two such events in the world, and I believe one of the reasons it has earned that title is because organizers so warmly embrace diverse groups of people and they understand that what happens outside the theater can shape opinions on what happens inside.

So, whether you go to star-gaze, study cinematography, see the town, or just absorb the city's wonderful culture, you can't help but walk away satisfied. In other words, no event was attempting to siphon off customers of another event; on the contrary, they seemed to all blend together.And by the way, I can't even imagine another place or environment where word-of-mouth is so encouraged or facilitated.

The lesson marketers can take away from all this is simple, really: don't be myopic. Rather than working so hard to make your event stand out, look for ways to bring together multiple events that increase the likelihood that you'll positively affect attendance across multiple age groups; otherwise, when the "rising tide lifts all boats," you'll be standing on the dock wondering how your boat ended up under water.

Boomers as volunteers: take advantage of our skills and need to connect outside of work

I had the good fortune last week to speak at an annual event for the National Arthritis Foundation (an Edelman client). Hundreds of staff from chapters around the country had come together to discuss ways to keep people interested in volunteering their time and efforts on behalf of the organization in the upcoming year and beyond.

One thing is for sure: targeting Boomers should certainly be a priority. After all, we are volunteering in droves these days. In fact, no other age group volunteers more, according to the Bureau of Labor Statistics. Just over a third of Boomers volunteered for organizations in 2005 (that's four percentage points above the national average). We want to give back and we're looking for opportunities to do so. But here's the thing - Boomers have certain expectations when it comes to volunteering. We don't just show up and ask what we can do. We bring the same attitude, energy and skills to our volunteer efforts that we do/did to our jobs; consequently, we want to feel like we matter.

Want to recruit Boomers for your volunteer force? Keep these tips in mind:

1. Offer flexible opportunities. Since Boomers love to travel and like to be involved in many different activities, we're looking for organizations that let us work on projects with specific beginning and ending dates. Most of us aren't willing to be "on call."

2. Don't forget we don't have to be there. Since volunteerism is, well, voluntary, we expect our time to be used wisely. Don't just give us a list of things to do. Ask us how we'd like to contribute and consider our suggestions. Take advantage of our skills and organizational abilities in the workplace. They usually translate well in the nonprofit world too.

3. Tap into our passion. Most of us have been activists for some time now. We care about politics and as a rule we're pretty up on the social issues of the day. Don't hand us a list of donors to call or envelopes to stuff. Make the most of our interests. Never let us feel our time is being wasted.

4. Use us to help recruit others. Boomers are big on using word-of-mouth to let others know what they like and dislike. Need more recruits? Ask Boomers who are effective volunteers to suggest others who might help. If we support what you're doing, we'll tell our friends. To that end, consider creating opportunities for us to volunteer right alongside our friends.

5. Offer us training, but know what you're doing. Boomers, generally speaking, are skilled and well educated. If you want to offer training, make sure you use effective learning models that appeal to us. After all, most of us are used to participating in corporate training and conferences designed specifically for adult learning, so we're used to the best.

BONUS TIP:

6. Find opportunities for us to volunteer with our grandchildren.  We like to be with them, plus we enjoy teaching them our value system.

With school going back into session across the country, now is a good time to look for Boomer volunteers. After all, many of us are already looking for projects to do now that primary vacation time is over and the kids will soon be talking about fulfilling their community service requirements at school.

Boomers book travel online, share their experiences with others

With summer vacation coming up, now's the time  a lot of people are trolling the Internet looking for travel bargains. But who's really doing the booking?

According to Hitwise, it turns out it's mostly women. What's more, about a quarter of the women who visit online travel sites are ages 55 and older. And half the visitors to online travel sites are 45 and older. Research by Nielson/NetRatings indicates this trend will continue over the next 10 years.

Meanwhile, consider this: Boomers are expected to be the next big wave of social networkers. Already, about one million people over 50 are regularly active on social networks, but that number is expected to increase to 20 million within a year.

Add all this together and a new reality emerges: Boomers will have an increasing impact on where travel dollars are spent because they'll not only be the ones making plans, they'll be sharing their insights and ideas with others online. The trickle down effect could be tremendous for destination sites (positively and negatively).

If you are trying to  attract Boomers to your destination, remember this:

> Your web site must be visually appealing and easy to navigate;
> Answers to the  most  common questions visitors have should be easy to find;
> Boomers expect secure transactions for their bookings;

Think about ways you can engage Boomers on your web site by providing information they'll want to share with others. Can you include a clever video? An informational podcast? A quiz? An opportunity to win something? Links to valuable resources? A first-person blog?

Most of us have had the unfortunate experience of arriving at a destination and discovering it wasn't what we expected, based on what we read online. Those days are quickly going away as people share opinions, rate their experiences and spread the word to others in their network. (I do this on every vacation, by the way. Make me happy and I'll tell everyone I know. Tick me off and I'll tell everybody I know and several that I don't.)

If you aren't sure your web site makes the cut, or if you want to know how to make it better so that you're attracting the right travelers, consider having a firm experienced in word-of-mouth technologies conduct an audit and make recommendations. After all, Boomers will go where their needs are met. We're not big on second chances.