ba'by boom"er
a person born during a baby boom, especially one born in the United States between 1946 and 1965.
Seventy-eight million born between the end of World War II and 1965 to be exact and heading up this coveted group is the persona known as Bob. Although the oldest of the Boomers, he’s also the young upstart of the segment personified by the “Retiree persona.”
Bob is in his late 50s, married, has a household income of roughly $50,000 and represents the first wave of boomers entering a period of their lives in which retirement is becoming a reality.
Bob the Boomer (not to be confused with Bob the Builder) is tomorrow’s Senior, but he’s not your Grandfather’s retiree by any stretch of the imagination. He represents a self-assured, confident, independent, optimistic, and somewhat self-involved consumer who is worlds apart from generations that preceded him.
Evidence of this comes from an AARP study that revealed many new insights into this segment. The study found that most Baby Boomers believe they will still be working during their retirement years.
- Eight in 10 Baby Boomers say they plan to work at least part time during their retirement; just 16% say they will not work at all
- A little over a third (35%) say they will be working part time mainly for the sake of interest and enjoyment
- Just 23% think they will have to struggle to make ends meet.
A strong majority of Baby Boomers (72%) say they have given a lot or at least some thought to their retirement years. Six in 10 feel confident in their ability to adequately prepare for the future.
Retirement is in essence the predominant life change that characterizes the transition into this segment. However, it is not the end point, but a means to a renaissance of some sorts – a golden era where time seems to be stand still (albeit briefly) as new worlds become available, offered up through mouse and monitor.
The charts below highlight the complete attention and immersion this person devotes to the Web, relative to some of the other segments, based in part on a generous infusion of increased leisure time.
The audience that makes up this persona has always been thought of (generalized) as a Net Newbie, but the data above suggests that the law of averages has failed to identify a much more definitive skew between the older and younger versions of this persona.
The chart below demonstrates some of these differences between the boomer and senior.
Much of the increased diffusion and adoption of technology comes from the workplace years and this exposure is carried through into the retirement phase. This suggests a wave of change that will sweep throughout the retiree persona on an annual basis as more and more wired Boomers transition into the retirement phase of their lives.
This is not to say that Seniors are the Laggards of the Internet populous. Hot off the press is evidence that the fastest growing online population is also the oldest.
Audience Profile Growth, by Age Group
(U.S., Home and Work) |
Audience
Age Group
|
Oct 2002
(in millions)
|
Oct 2003
(in millions)
|
Growth |
| 2 - 11 |
12,160 |
12,211 |
0% |
| 12 - 17 |
14,016 |
14,999 |
7% |
| 18 - 24 |
9,300 |
10,512 |
13% |
| 25 - 34 |
20,702 |
21,380 |
3% |
| 35 - 49 |
39,409 |
39,712 |
1% |
| 50 - 54 |
12,078 |
12,257 |
1% |
| 55 - 64 |
13,585 |
15,632 |
15% |
| 65+ |
7,642 |
9,554 |
25% |
| Source: Nielsen//NetRatings |
Bob’s top ten activity categories are, in order:
- General Interest Portals & Communities
- Internet Tools/Web Services
- Software Manufacturers
- Search
- Member Communities
- Current Events & Global News
- Email
- Financial News & Information
- Corporate Information
- Multi-category Entertainment
It is interesting to see how low email ranks on this list, outflanked by both the news/information and community-driven aspects of the Web.
On MSN for example, Bob’s activities tend to revolve around three specific sections: Slate, MSN Money and eShop. In other words, keeping in touch with news and current events with a sharp, informed perspective; keeping up to date with a firm handle on all financial related matters (this is where Bob’s money had better work for him)….keeping ahead with access to the best research the Web has to offer.
This finding is echoed by customer research from ThirdAge.com – an online community that focuses on the baby boomer segment. Within the financial services category, retirement planning and money management are the top two areas that generate the most interest. Within this category, ThirdAgers are most interested in seeing advertisers and sponsors that offer "retirement planning" and "money management" on ThirdAge.com
Last Word to the Boomers…
This burgeoning population is becoming more adept online, and will likely represent almost one-quarter of all online retail spending by 2007.
In fact, according to the Travel Industry Association of America, boomers traveled more often than any other age group last year, taking more than 241 million trips or 44% of the total. They also spent more than any other group, averaging $491 per trip, excluding transportation.
So in other words, the manner and extent to which you invest in this persona could put you in line for an early retirement. And that statement can be taken any way you like it.
