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'Fifty is the NEW Thirty-Five' As Baby Boomers Go Into Middle Age
By: Mari Davis
Photo below: President George W. Bush at the White House (file photo)
Photo by: Eric Draper/The White House via WirePix/Medialink
DALLAS, Dec 23, 2005/ FW/ --- ‘Life begins at 40’ was the title of a book by W.B. Pitking published in 1932, and it had become a benchmark for two generations as the start of middle age. Yet, although the phrase still applies, with the baby boomers who are all in their 40s now, the new catch phrase is becoming ‘Fifty is the NEW thirty-five.’
Born after World War II, a generation born in span of two decades, the baby boomers redefined the U.S. way of life as they came of age during the 1960s. And they are still defining it today, either individually or as a group.
After all, the current sitting U.S. President George W. Bush is a baby boomer. His predecessor, Bill Clinton is also a baby boomer. Both were born in 1946.
These two men have shaped U.S. history as individuals by virtue of their office, while the other baby boomers are shaping the U.S. economy as a group.
With an annual spending power exceeding $2 trillion and average household incomes of over $45,000, today’s baby boomers --- and upper income ‘Zoomers’ --- are powerful market consumers who increasingly care about style, how they look and how they dress.
Exploring the changing attitudes of boomers and zoomers as they reach 50, a new marketing conference, Fifty is the NEW Thirty-Five," will be held at the Union League Club in New York City January 24, 2006, sponsored by the American Apparel & Footwear Association (AAFA), to address that subject and the potential that it provides.
"There is no doubt that America's boomers -- and zoomers -- are far different from their parents at the same stage of their lives," said AAFA President & CEO Kevin M. Burke.
"Increasing numbers are active, healthy and they have the time and the resources to pursue activities put off until this truly 'golden' time of their lives,” Burke added.
"Don't be fooled into thinking that just because consumers have reached their golden years, they will act the way their parents did at the same age," said Marshal Cohen, Chief Industry Analyst, The NPD Group, a leading market information source.
"Older consumers today are more likely than previous generations to care about looking, acting and feeling younger -- and that translates to how they shop for apparel at retail. Both manufacturers and retailers need to learn how to speak this new- found language and understand that one message isn't good enough to sell a product across a wider and more complex consumer base."
Cohen, who will be the conference's keynote speaker, will discuss what makes the 50+ consumer tick, and differences between lifestyle, lifestage and age segmentation -- and why they are different and important.
According to NPD, Boomers and the more upscale Zoomers subgroup represent nearly 30% of the U.S. population and comprise a much sought-after, economically powerful group of spenders.
As the conference explores opportunities and challenges for apparel and footwear companies seeking to serve older consumers and capitalize on this important market segment, other speakers will include:
"Turning 50 with a 'Tude" -- Paul Robb, Chief Executive Officer, The Lifestyle Design Group, a division of Kellwood Company
"The Perfect Pair: Stepping Out in Style and Comfort" – Kimberley Grayson, Senior Vice President Marketing, Aerosoles
"Special Report: Rethink 50+" -- Michael Gratz, Research Director, AARP Publications
"Looking Past the Looking Glass" -- Howard Kreitzman, Vice President, Cosmetics & Fragrances, Bloomingdale's
"The Retail Story: What Color is Your Door?" -- Talbots
"The Age of Mastery: Rediscovering, Redefining, Reinventing" – Peggy Northrop, Editor, More
For more information about the conference and how to attend, please log on: www.apparelandfootwear.org
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