« Indie Publishers: Can Niche Publications Survive the Economy? | Newspapers: The New Endangered Species »
Belt Tightening Boomers Could Affect Consumption for Everyone
By | May 3, 2009
These economic conditions are new (and scary, too) for most Americans who have no real memories of the Great Depression.
For the last quarter of a century, America and Americans have not experienced significant financial hardship. When it comes to answering questions about how long or how bad this economic turbulence will be, there are no real answers.
Boomers worry about the future
Confidence in financial institutions has all but withered away. The focus for many is on thrifty consumerism, coupon clipping and cutting back on excess spending. One big segment of the population, the Baby Boomers, are experiencing retirement at a rather precarious time in history. They are wondering whether or not they can actually live off their savings or social security for the rest of their lives.
Survival of the fittest
Many boomers are shifting into survival mode. They are pinching pennies, carefully watching their credit and avoiding unnecessary financial risks at all costs. They are more concerned with preserving the status quo than taking risks for financial gain.
Will these changes be permanent?
Gallup chief economist Dennis Jocobe agrees that “a fundamental change is taking place” in American consumerism.
Right now it’s too early to tell how long it will last. Marketers are challenged by this change toward conservative boomer behavior. They will need to focus on the value of a product and the need of core customers more than ever before. It’s very doable, but it requires a recognition of the reality and a willingness and ability to change approaches to match the reality.
Topics: media buying | No Comments »