Small businesses are being hit hard by recession and thousands will fail over the next year. Astonishingly very few know about, let alone tap into the 60 year olds ‘secret’ which could save them.
Swanage, Dorset, UK, December 18, 2008 - The baby boomer generation (born between 1942 and 1964) were the first to redefine youth culture. Developing successful careers they flourished through Thatcher's 80s embraced the material world and created strong revenue streams. Now hitting 60 they are revolutionizing what it means to be old with attitudes far removed from those of their parents. Their affluence, ability and desire to spend provides a little know key to business survival in recession.
Boomers are growing in population by 50,000 every single month. Within 10 years there will be more over 65's than under 16's. Boomers own and control 80% of the country's wealth a collective pot of approximately £175 billion. They have 30% more disposable cash than the under 50's and demonstrate phenomenal spending power. Much of that spending power lays in the hands of boomer women. Most importantly they have time, money, and energy to spend and are amongst the demographics affected least and last by recession. Yet the vast majority of businesses focus and advertising spend is toward the under 30's. Those with the least spending power and those affected first and heaviest by recession.
"For small business owners and larger business with 'flight of foot' this presents an unprecedented opportunity." Henry says. "Simple changes to who they target, what they offer and how they reach them can allow access to this little tapped boomer gold mine" "Particular focus should be given to affluent boomer women who control a big slice of the spending power." "Boomer's purchasing decisions are rarely driven by price. Much more important is a lack of any 'age' patronization, the creation of 'experiences' rather than 'products' and 'services' and high quality customer care." A strategic shift to focus on attracting boomers can not only help small businesses survive recession but attain growth now and a truly enviable market position over the next 15 to 20 years. Not making that shift could prove a 'fatal' mistake.
Mr. Baker is available for interview, articles, comment and the right speaking engagements and can be contacted via phone on 01929 427744, FAX 0208 181 7632 or via the email at [email protected]
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