Demographics suggest that Americans over the age of 60 are on track to become a larger consumer group in regard to income, compared to 20 to 34-year olds. Conversely, companies continue to market their brands as if the majority of the market consists of people under 40. The solution, however, does not lie in simply shifting marketing strategies from one generation to another.
Research indicates that the boundaries between generations are rather nebulous, if not completely arbitrary. Within the same generation, there exists a remarkable degree of variability among individuals. Marketers should instead endeavor to underscore shared values across different age groups and create “post-generational brands”.
Traditionally, policy makers, employers, and marketers have primarily focused their attention on individuals in their 20s, 30s, and early 40s. These have typically represented the largest age groups, the biggest spenders, the trendsetters, and consequently, the future of consumption. However, it appears that such perceptions need a shift in the light of changing demographics.
Marketers must aim to build post-generational brands and emphasize common values across different age groups, rather than narrowly focusing on specific age demographics. This new approach will allow brands to better tap into the potential offerings of all age groups, aligning more with the evolving consumer market.
