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Lecture 5

33:630:301 Lecture Notes - Lecture 5: Baby Boomers, Telecommuting, Generation Z


Department
Marketing
Course Code
33:630:301
Professor
S Schwartz
Lecture
5

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3.2: The Demographic and Economic Environments
Demography - the study of human population in terms of size, density, location, age,
gender, race, occupation, etc
The single most important trend in the US is the changing age structure of the population
Population is rapidly getting older
Baby boomers- currently 74 million; people born during post-world war 2
Wealthiest generation in US history
Account for about 22% of the US population but control 42% of the
spending power
Lucrative market for financial services, new housing remodeling, cars,
travel, entertainment, eating out, health and fitness, etc
Fastest-growing shopper demographic online, outspending younger
generations 2 to 1
Generation X - lies in the shadow of the boomers; born between 1965-1980
Considerably smaller than the boomer generation
Sometimes overlooked in-between consumer group
Less materialistic than the other hgroups
They prize experience, not acquisition
Family comes first, career second
Sensible shoppers who research products heavily before they consider a
purchase, prefer quality to quantity, and tend to be less receptive to overt
marketing pitches
Once they find a brand, they tend to be more loyal than other generational
groups
More receptive to rreverent ad pitches that make fun of convention and
tradition
Most are not fully connected to digital tech and embrace the benefits of
new tech
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