Dietary Supplement and Health Marketers Take Note:
The Natural Marketing Institute just completed a survey of over 3500 baby boomers. And they identified a major shift in the baby boomer market place. (see press release below) Most important to note:
- Because of the current economy, the baby boomer market for “fountain of youth products that are hip, cool or trendy” have decreased dramatically.
- Baby boomers are more careful shoppers, looking for store brands for example – “Perceived value vs. real value”. And they are looking to stay closer to home and do more for themselves.
- Baby boomers are shifting from consumption to sustainability with a focus on how they can reconnect with aspirations and a commitment to the larger good.
Lessons you can take from this:
- Link your “fountain of youth” products to how baby boomers can continue to do the things that have meaning to them – volunteering, family, cooking at home for themselves, etc.
- Underscore the value in your product. Note what distinguishes you – the attention to quality ingredients, the research behind your products, and the manufacturing oversight, for example.
- Highlight your commitments to sustainability. If you plant trees for each order, use green energy, employ developmentally disabled workers, buy from cooperatives in the third world, talk about it. But make sure you document it well and get certification where appropriate.
FOR IMMEDIATE RELEASE
For More Information contact
Natural Marketing Institute
215.513.7300, ext. 225
Economic Volatility Creates Changing Boomer Paradigms
Harleysville, PA – March 19, 2008: Natural Marketing Institute (NMI), the leading market research and strategic consulting firm specializing in health, wellness and sustainability, today revealed findings from NMI’s 2009Healthy Aging/Boomer Database®. NMI has been tracking multi-generational attitudes and behaviors, with a specific focus on Baby Boomers, via this annual study since 2005.
While the global economy continues to affect most generations, Boomers feel the most affected by the economic downturn and are also the most pessimistic about the duration of the downturn. This has led to shifting Boomer paradigms which will impact all businesses and organizations that are trying to reach this influential segment of the U.S. population.
In essence, Boomers are reevaluating their overall relevance and making the shift from consumption to sustainability, in part by searching for renewed aspirations in their lives. Four out of five Boomers believe that they have made a positive contribution to society, while a similar number state that balancing home and work life is important in their lives today. And over half of all Boomers believe they live a more satisfying life by having fewer material possessions and that finding a purpose in life is more important than making money. Look for this paradigm to continue to gain momentum based on a variety of external factors, including the economy.
What about retirement? Compared to 2008, more Boomers indicate that they will be working after retirement – with only a third saying they will stop working entirely. While the majority will work because they want to stay active, economic realities such as not having enough money to retire comfortably and maintaining current lifestyles factor into that decision. Based on NMI’s research, it is clearly evident that more Boomers will be “trading off” rather than “trading up” – they’re staying home more, dining out less and buying more store brands instead of name brands. This leads to another paradigm of perceived value versus real value. Boomers looking for the next fountain of youth remedy or products that are hip, cool and trendy have decreased significantly since 2006.
According to NMI Managing Partner Steve French, “More than any other consumer segment, Boomers are recalibrating their lifestyles as they reset the scales after decades of dualities — highs and lows. This generation desires ‘The Middle Way’ – defined as a lifestyle approach grounded in comfort, safety, sustainability and moderation. Boomers now seek new types of control and balance across their lifestyle.”
Conducted in January 2009 among 3,500+ general population U.S. adults, including 1,320 Boomers aged 44-63, the data from NMI’s Healthy Aging/Boomer Database® is nationally representative, balanced to the U.S. Census, and has a margin of error of +/- 1.8% For more information, visit NMI’s website atwww.nmisolutions.com/healthy_aging.html or contact NMI at 215-513-7300.
NMI is an international strategic consulting, market research, and business development company specializing in the health, wellness, and sustainable marketplace. For more information on NMI’s proprietary research reports and services, visit NMI’s web site at www.NMIsolutions.com.