Sixty is the New 40 by Linda Leontowich
What do Mick Jagger, Christine Brinkley, and Paul McCartney have in common? The answer: loyal boomer fans. Sixty is the new 40 so it’s no surprise that boomers—and there is a mammoth number of them in North America—are collectively turning the consumer marketplace upside down.
Baby boomer women recently started recognizing a familiar face on television ads as Christine Brinkley returned to the airwaves. Does the premise that 60 is the new 40 suggest that your modelling days are over after 35, as it was in the past? Maybe not. Marketing gurus know that women over 50 are more apt to relate to role models in their age bracket. Everything old is now new again.
It is not just the cosmetics industry that has been shaken up by this growing shift. Automakers are waking up to a new reality. Boomers are breaking the family tradition of choosing vehicle models favoured by their parents.
Just imagine that you are an automaker producing a surplus of sedans, anticipating that they will get snapped up by the growing number of aging baby boomers, only to discover a whole new attitude among baby-boomer auto buyers.
We recently witnessed the return of another familiar face, the new Dodge Challenger—an identifiable icon among this group. Ford has brought back the retro-looking Mustang —this has boomers excited. These types of vehicles were definitely not the kind sported by parents of boomers when they reached milestone birthdays of 50 and 60.
Over the past decade, the large boomer segment of the population has had a substantial effect on the luxury sports car market and sales of SUVs. Be assured that today’s older boomers are also driving the influx of new hybrid vehicles, as many of them have been strongly influenced by their kids (Gen Y) to be more environmentally conscious.
Mick’s Rolling Stones Bigger Band tour during 2005-2006 attracted an estimated 3 million fans to over 100 shows and you can bet boomers were first in line to buy tickets to the sold out shows.
The band’s signature song “Can’t Get No Satisfaction” could be a mantra for today’s boomers because, unlike their parents, brand loyalty should not be assumed. Their collective voice is a powerful one because if they are not satisfied with a particular product or service, they think nothing of switching brands and that has auto manufacturers (and all other suppliers) on the alert.
Back in the 60s, when boomers first succumbed to Beatlemania and the unforgettable vocals of a young Paul McCartney, then in his 20s, the majority would have never guessed that the lead singer from the Beatles would still be singing in concerts around the world some four decades later. Back in the 1960s such a musical career was unthinkable. This change is one of the growing signs that 60 is definitely the new 40.
Celebrities like Diane Keaton, Robert Redford, and Clint Eastwood continue to reemerge as ageless figureheads in the world of baby boomers. Several decades ago such stars would have been considered too old to be in the spotlight.
And it is not just the consumer marketplace that is affected by the boomer market. Just as consumer loyalty has shifted, loyalty to employers has become unpredictable. Some boomers may decide to leave unexpectedly in the midst of a long tenure if they sense their employer is not receptive to their evolving needs and expectations.
“Will you still love me when I am 64?” could be another mantra for the aging boomer market. This large population segment is now redefining employee loyalty as we know it.
So what can you do as an informed leader to ensure that the talented boomers on your team will stick around, especially in light of the impending quest to retain top talent?
While there are some exceptions, many of today’s boomers:
- want to feel valued for their efforts, experience, and wisdom
- may not want to put in extra long hours at the office as they have in the past
- may be dealing with commitments regarding child care (grandchildren) and elder care issues at the same time
- are receptive to learning ways to reduce stress, get healthier and achieve more work/life balance
- welcome creative approaches to staged retirement
Although the "one solution fits all" approach may have worked in the past, Boomers seek more individual recognition. They expect open lines of communication regarding their unique needs.
The advent of flexible benefit plans and retirement options are indicative of revolutionary trends yet to come, driven for the most part by Boomers in the workplace and the increasing power of their collective voice.