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PrimeTime Women: 50 is Not What It Used To Be
by Marti Bartella
Women 50+ in age constitute a market force to be reckoned with. I refer to them as "PrimeTime Women" for a couple of reasons. Firstly they are in their prime. This is the healthiest, wealthiest, most influential generation of women in history and terms like mature (overripe), middle-aged (frumpy) and senior (out to pasture) fail to convey their vitality and potential.
Why Are They so Powerful?
Today, women over 50 account for 19% of the adult population and 15% of the total population. Women will make up an ever-larger share of the surviving (and thriving) Baby Boom generation. It's a demographic truism that as any population ages it becomes more female. The reason is simple: On average, women live longer; their life expectancy is seven years more than that of men. So as Boomers grow older, PrimeTime Women will be more prominent in this historically influential generation.
PrimeTime Women will represent the center of the marketing universe for the next two decades. Consider this: In 2000, 37% of the adult US population was 50 or older; by 2010 that figure will rise to 43%. (New York Times, 25 July 2001) In 2001, the 50+ group held $29.1 trillion in net worth, or 69% of the US total?up from 56% in 1983. (AARP State of 50+ in America Report, 2004.)
Fifty? Not What It Used to Be
How do you capture the magnitude of the Baby Boom generation moving into midlife? No single fact or figure does the matter justice.
Boomer women are a different breed of older women. Compared with previous generations, they have more often been wage earners and have had a far-greater-than-equal share in household consumer decision-making. As confident breadwinners and "chief purchasing officers" both in the home and in the workplace, they enter their prime years with a degree of market clout that previously belonged almost exclusively to older men.
Boomer women are the first female cohort in history to have these characteristics. But they won't be the last.
Getting to Know Her As we've seen, PrimeTime Women are large in number and they are confident consumers with plenty to spend. They are entering a stage of life in which they are free from old responsibilities and eager to embrace new adventures. It's a perfect storm - several factors converging to create an incredibly exciting climate of opportunity.
Some things to keep in mind regarding PrimeTime Women:
She's looking forward. She is not pining for the good old days of her lost youth. When she thinks of her life, she doesn't think in terms of loss. She thinks in terms of experience gained. And she thinks enthusiastically about experiences yet to be enjoyed. She's economically vital. According to the Bureau of Labor Statistics, the number of women age 55 and older in the workforce will increase a whopping 52% between 2000 and 2010, from 6.4 million to 10.1 million. PrimeTime Women possess both self-reliance and purchasing power. She's physically fit. According to Diane Holman of Woman-Trends, if a woman reaches her 50th birthday without cancer or heart disease, she can expect to reach the age of 92. This generation of women will stay healthy and active for many years to come.
How to Woo and Win Her Understanding the size and the financial circumstances of the Boomer generation is essential. Get real. Realize that beauty comes before, during and after age. Women don't want to be super models. Older women don't want to deny their age they want to value their "real selves" and seek authenticity. Feature "real" not "ideal" people that women 50+ can relate to. Attractive, yet average, women rather than Botox Beauties will be a hit. Dove's "campaign for real beauty" has rejuvenated the brand image practically overnight. Recognize she's on the go. Portray her as independent - couples can be clich้. Not all women 50+ have partners. Show her with a vibrant set of peers. Girlfriends will become increasingly important if she's widowed, divorced or single. Women tend to outlive their husbands and remarry less frequently than men; friendships are key. Incorporate stories into your messages. Like their younger peers, PrimeTime Women value connections with others above all else. These are forged through storytelling - women's social currency. These women have lived a story; use their life experiences, offer them guidance and information. Mass Mutual's online financial planning seminars are a great example of effective and meaningful storytelling. The stories are narrated by women in different life stages; each conveys solid financial advice pertaining to the particular needs of women and from a female perspective.
It All Adds Up The numbers tell the story: Women 50+ represent the consumer growth engine for almost every big-ticket market for the next two decades.
Those who continue to do business as usual may find themselves described as mature and past their prime. The choice is yours.
PrimeTime Women are going to lead someone to success. Will it be you?
