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Baby boomers (consumers in the 50+ age bracket) are the wealthiest, fastest growing consumer group in the world. Despite this, the vast majority of marketing spend is focused on much younger people. Recessions always dampen consumer spending, but in the 21st century’s first recession, the decline in spending among the younger age group has been amplified by excessive borrowing and collapsing house prices. More so than ever before, the current global recession highlights the need for firms to revise their marketing strategies and practices in order to remain competitive. In this book, Ian Chaston uses original case material to propose strategic solutions that take advantage of the moneyed segments of the maturing boomer market. Key topics covered include: Marketing errors made by UK banks in the current global crisis Market research Customer targeting Marketing strategies and pricing innovation Promotion and distribution A world first, Boomer Marketing is useful for students of marketing and consumer behaviour and is essential reading for practitioners who understand the need for money-oriented marketing. Additional lecturer material available at www.routledge.com/9780415489638
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Boomer Marketing
Baby boomers (consumers in the 50+ age bracket) are the wealthiest, fastest growing consumer group in the world. Despite this, the vast majority of marketing spend is focused on much younger people. Recessions always dampen consumer spending, but in the twenty-first century’s first recession, the decline in spending among the younger age group has been amplified by excessive borrowing and collapsing house prices. More so than ever before, the current global recession highlights the need for firms to revise their marketing strategies and practices in order to remain competitive. In this book, Ian Chaston uses original case material to propose strategic solutions that take advantage of the moneyed segments of the maturing boomer market. Key topics covered include: • • • • •
Marketing errors made by UK banks in the current global crisis Market research Customer targeting Marketing strategies and pricing innovation Promotion and distribution
A world first, Boomer Marketing is useful for students of marketing and consumer behaviour and is essential reading for practitioners who understand the need for money-oriented marketing. Ian Chaston is Managing Director of Plymouth University’s spin off company and a Research Professor at Centrum Catolica, Peru. He has a wealth of international experience in marketing and has authored 12 books and over 100 journal articles.
Boomer Marketing Selling to a recession resistant market
Ian Chaston
First published 2009 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN Simultaneously published in the USA and Canada by Routledge 270 Madison Ave, New York, NY 10016 Routledge is an imprint of the Taylor & Francis Group, an informa business
This edition published in the Taylor & Francis e-Library, 2009. To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk. © 2009 Ian Chaston All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloguing in Publication Data Chaston, Ian. Boomer marketing: selling to a recession resistant market/Ian Chaston. p. cm. Includes bibliographical references and index. 1. Market segmentation—United St