In the coming decades, there will be around 1.5 billion Baby Boomers worldwide. Their generation makes up an enormous target market, particularly because they are living much longer than generations before them. Baby Boomers care about maintaining a healthy and active lifestyle and they’re willing to spend money to achieve their goals.
Researchers at SKIM embarked on a multi-country study of these healthy, ageing consumers comparing their purchase decisions to those of their Millennial counterparts. Robert Dossin, SKIM’s EU Client Solutions Director, shared the findings with Natural Products Insider.
The surprising truth about marketing to Baby Boomers
In 2015, SKIM researchers conducted a study with consumers from different generations to learn how they make purchasing decisions and what types of information they use when buying skin care products such as cosmetics, suntan lotions and over-the-counter (OTC) treatments for dermatological problems.
Researchers asked 500 U.S. consumers ranging in age generationally from Millennials to Baby Boomers how they would rank different sources of information on key dimensions such as honesty, expertise and trustworthiness. Some of the insights gleaned from the study are counter-intuitive.
We already knew Baby Boomers don’t trust information on Facebook or Twitter, but did you know Millennials rely equally on product reviews—a decidedly “old school” method—compared to older generations? In terms of health consciousness, both Millennials and Baby Boomers desire youthful vigor and longevity, but they approach buying skin care products in quite different ways.
- Feel they can actively influence their health and are health-conscious when buying skin care products
- Do not research/consult many sources, but decide quickly
- Listen to friends and read off-line product tests, but not via social media
- True digital natives using a multitude of sources to make decisions
- Less certain about buying consumer health and nutraceutical products, but also feel they can actively influence their health
- Mostly influenced by “friend and family” reviews and product review websites