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Marketing 2020 ways of better balancing work and family pressures but will also be looking to spend on themselves. In the mid-age years (25-64), over one third are either lone parents or are living in a non-family environment. These women have considerable spending power. And the large group of older Baby Boom women are a new breed of older female consumers. They are well educated, many having been in the labour force, and now with increased leisure time in an empty nest or solo living environment, they are looking for experiences and products that they could not afford while bringing up their children. A look at the generations In Canada, we can define the generations as PreBoomers (age 74+ in 2019), Boomers (54-73), Gen X (40-53), Millennials (24-39) and Gen Z (under 24). Relatively little can be said about the youngest Generation Z, many of whom are living at home and still in school. However, over the next decade, this generation of digital natives will replace the Millennials as a focus for marketers. Millennials Today there are 8.3 million Millennials, but it is vital to recognize the diversity within the generation. Older Millennials are established in their jobs, have started families and have purchased their first homes, often in the suburbs. On the other hand, many younger Millennials are still in school or have recently graduated and are more likely to be found living alone in downtown apartments and condos. Family life and suburban living are ahead of them over the next decade.
Gen X Sometimes referred to as the forgotten generation, Gen Xers are well established in their careers and family life and are struggling to balance the two. Over the next decade, they will be in their prime earning years and will account for a high level of expenditures. Boomers In 2019 Boomers numbered 9.3 million. Like Millennials, Boomers are a very diverse group. Younger Boomers are mostly employed and have older children living at home. Over the next decade they will face decisions about retirement and how to live out the next 20-30 years. Many of the older Boomers are retired and many are living as empty nesters or in the case of women, living alone. In the past marketers and advertisers have virtually ignored the older population, instead focusing on the young Millennials. However, marketers are slowly recognizing the potential of the older population. But successfully marketing to this population requires that businesses change their historical approach. The Boomers are very different than their predecessors. They are more educated, more demanding and many have good incomes and considerable wealth. They look to enjoy their retirement years, filling it with many learning or leisure activities that they couldn’t do or perhaps afford while fully employed and raising a family. In many ways, they can be said to be re-defining retirement years. And they don’t want to be perceived as “old” but instead, view themselves as active and productive with much to contribute. Advertisers take note! The consumer base will continue to evolve over the next decade and businesses will need to assess how the many trends play out in their trade or service areas. The growth, or in some cases the decline of the population, the changing age structure of consumers, the evolving cultural mix and the changing roles of women will all need to be carefully monitored by organizations if they plan to succeed in the coming years. Doug Norris is a senior vice president and the
chief demographer at Environics Analytics. January 2020
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