Introduction
The baby boomer generation according to Roberts & Manolis (2000), is considered to comprise of individuals who were born between the years 1946 – 1964. There is no consensus of the definition of the baby boomer generation especially since the term is also used for cultural purposes. However, the overriding fact among those considered to be part of the baby boomer generation is that they were born in the Post World War II era where there was a boom of births in the US and Europe.
The baby boomers were wealthiest compared to their predecessors before the war. The bulk of their wealth is attributable to the peak level incomes they received; they were also most active and physically fit generation of the day. Baby boomers’ consumption behaviors surpassed all prior experiences that had been witnessed to a level where their consumption behavior was regarded as to be excessive (Pinker, 2011). This paper analyses the purchasing behaviors of the baby boomer generation in recent times drawing inferences from experiences in the past in evaluating whether these have changed given the current economic dynamics.
Purchasing Habits of Baby Boomer Generation
Baby boomers in the current economic setting react in arguably similar ways as they have in the past about purchasing behaviors. However, the economical huddles that have rocked the world’s major economies, for example, US and Europe economies have led to an adjustment of the baby boomers behavior particularly about their purchasing trends. Of particular influence is the economic crisis that rocked the World’s financial markets in the period that followed the 2007 Global Financial Crisis. Roberts & Manolis (2000) conducted an investigation into baby boomer’s attitudes towards marketing, advertising and consumerism, their study findings were such that baby boomers were found to be compulsive buyers.
This study indicates that the baby boomer generation had long standing not changed their reputation with respect to their purchasing behaviors. Most importantly, the baby boomers were found to have an obsession for purchasing items that were advertised heavily or marketed appealingly etcetera. In the end, this only had the effect of heightening their wanting to buy more. Consequently, this purchasing behavior took center stage in most world economies where baby boomers spending habits resulted in over expenditure. The over expenditure was mainly brought about by the excessive spending beyond individual financial means. With effect, most baby boomers began living on debts that kept piling. As a consequence, the financial deficit created by this behavior sparked events that led up to the global financial crisis witnessed in 2007. Centrally, the debt could no longer sustain the lavish lifestyle that the baby boomers were accustomed to (Roberts & Manolis, 2000).
Baby boomers also display a particular taste and preference for expensive, luxury and comfort products. An investigation conducted by Littrell, Ma &Halepete (2005) established that a baby boomers had a particular bias and preference for apparels that had comfort, value and quality. They were also found to have a biased preference for authentic products and ethnic attire. In contrast, however, this generation showed limited concern for popular fashionable attire. Instead, they opted to keep their uniqueness and differentiate themselves in terms of class and aesthetics in the attires that they preferred.
The attitude of baby boomers in recent times has hence not changed as experienced in the past. They are still arrogant and aggressive in their spending choosing to go for the most expensive items and the unique products in the market. Similarly, their taste for luxury goods have not changed either, they will often purchase sports cars and high end automobiles or rather purchase a house in a suburban neighborhood on a cash basis relative to taking a mortgage. Baby boomers to a great extend are found to be egotistic and proud when it comes to spending. In essence, the members of the baby boomers generation share a common notion that is in the belief that they can get it if they want it, they can afford it as long as it is worth it. As a result, the baby boomer generation has continuously engaged in excessive purchasing behavior despite the economic and financial challenges that have been realized in the recent past (Littrell, Ma, & Halepete, 2005).
Similar studies comparing the segmentation of the boomer generation between the old and the young boomer generation members reveals that there is no major difference in their purchasing behavior. Baby boomers whether young or old share the same characteristics about their purchasing behaviors. Marketers employ different strategies in promotion of their products and services in attempts to segment the baby boomers in terms age characteristics. Their efforts are often, however, in futility because baby boomers whether old or young respond in the same way to marketing approaches adopted by various marketers. Hence it is worth of note that the baby boomer generation is a unique group that reacts in a predictable manner to marketing. For this reason marketers should deploy their resources in addressing their needs rather than trying to segment them in terms of age characteristics or the likes (Reisenwitz & Iyer, 2007).
In yet another study to investigate the characteristics of consumer behavior during shopping; it was established that baby boomers give particular emphasis on relationship building when purchasing a product or service. Foremost, the baby boomer generation is more concerned with trust issues of the retailer or supplier than they are concerned about the product on offer in general. Secondly, this contrasts members of generation Y inclinations which are generally benched on building confidence and trust in the product that actually informs their purchasing behavior. Thus, it is also a point worth noting by marketers when promoting products to the baby boomers’ generation since they should focus more on ensuring that they develop relationships built on trust between the baby boomer generation consumer and the company. In actuality, this relationship would in effect develop purchasing behavior from the customer. On the other hand, marketers interested in the generation Y customer base would rather focus on building confidence of the consumer in their product or service (Parment, 2013).
Conclusion
The baby boomer generation stands out in the sense that it presents outstanding difference from other generations’ categorizations on the premise that its purchasing behavior is deemed excessive. This group generally has a developed and inclined taste for goods of ostentation, value, comfort and luxury. As a result, their spending behaviors are on the high end. Moreover, the literature finds that this behavior is driven by the egotistic and proud nature of members of the baby boomers generation. As a matter of fact baby boomers are seen to differentiate themselves from other generations with respect to their specific tastes and preferences as discussed. Marketers must ensure that they understand the general trends and characteristics of the baby boomer’s generation in order to apply effective marketing strategies. Resultantly, doing so would ensure that resources are channeled into product promotional approaches that yield successful results from the baby boomer generation as discussed.
Works Cited
Littrell, M. A., Ma, Y. J., & Halepete, J. (2005). Gebneration X, Baby Boomers, and Swing: marketing fair trade apparel. Journal of Fashion Marketing and Management, 9(4), 407 - 419.
Parment, A. (2013). Generation Y vs. Baby Boomers: Shopping Behavior, buyer involvement and implications for retailing. Journal of Retailing and Consumer Services, 20(2), 189 - 199.
Pinker, S. (2011). The Better Angels of our Nature. Penguin .
Reisenwitz, T., & Iyer, R. (2007). A Comparison of Younger and Older baby boomers: investigating the viability of cohort segmentation. Journal of Consumer Marketing, 24(4), 202 - 213.
Roberts , J. A., & Manolis, C. (2000). Baby Boomers and Busters; an exploratory investigation of attitudes toward marketing, advertising and consumerization. Journal of Consumer Marketing, 17(6), 481 - 497.
