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How to reach boomer 'Yesterdays,' 'Todays,' Tomorrows'

MediaPost Publications, 10/2/08

Abstract:

How is the economy affecting baby boomers? Depends on which boomers, according to Chris Murphy, chief strategy officer at Focalyst and Millward Brown.

Speaking at the Focalyst Executive Forum in New York on Thursday, he said common themes of optimism and accomplishment and financial well- being that typified the firm's 2006 baby-boomer survey are gone. Now, he says 70% of boomers are struggling to make ends meet, are thinking short-term, spending more on private-label products, and trading down. "Lower-price retailers have a lot to gain," he notes...

...Still, Murphy said, one can't generalize. The firm parses the boomer segment into three broad, if whimsically titled consumer categories: Yesterdays, Todays and Tomorrows.

Murphy says Today types retain pre-meltdown optimism, spending and celebration of self...

...He says Yesterday consumers--25% of the boomer population--are pessimistic, have lower incomes and health issues, and are "disconnected and disengaged...

...Tomorrows have lower and middle incomes, are "spiritual" with a generally up-tempo view of life, per Murphy.

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