I had a fantastic week last week connecting with a great bunch of consumers face to face. Data is great and it fuels our marketing and product decisions but there is nothing like getting in front of people and asking their opinion in real time. The other benefit is that you can dig where you need to so that you get not only the ‘what’ but the ‘why’ as well. If you only have the ‘what’ then you’re left with a bit bunch of questions about what to do with that ‘what.’
I’ve been working on a new offering in the F&B space and as I’ve said over and over again (at least it feels like I have so I hope it’s not too repetitive) ignoring Boomer Consumers is plain bad business. They are cashed up and they’re keen to spend that cash unlike previous generations that were so very focused on preparing for the worst and making sure they had a plan B.
This next generation feels like they have done their bit – they’ve educated their children and set them off on their own path to success. They’ve created a nest egg so they’re lifestyle is protected. Now it’s time to kick back and relax for the Boomer Consumers and that means they’re entering a phase of wanting to reward themselves. That’s great news for premium and luxury brands and offerings because it means they have far greater elasticity in what they’re willing to pay for exactly what they want. But you’ll never know what that is, unless you ask them. So, get out there and ask! Or ask me to do it for you!