The Baby Boomers have hit their 60s. There is a huge influx of women over 50, the people with the most disposable income, by the way, yet they all seem to be selling to the 18-30 market segment. This generation has been like the elephant in the drawing of the python in The little Prince – a big block moving and changing the system.
So what do they want? Youthful and appropriate clothing that fits you well, for one thing. The New York Times was inundated with letters to the editor in response to an article about stores eliminating Petite departments. If you’re over 50, short, wide, or both, along with having a financial advisor and a good lawyer, it’s time to hire a tailor. While Chico’s and Eileen Fisher try to address this need, it’s almost impossible to find a contemporary and stylish business suit that really fits.
They want gyms and spas that focus on efficient and effective methods and don’t necessarily serve as hot spots for meeting men. Curves picked up on this right away.
They want meaning and purpose in their lives, whether they are still working or retired. An interesting recent phenomenon is that Boomers are retiring early, leaving a huge shortage of experienced workers in many organizations. AARP has developed partnerships with 21 organizations interested in hiring older workers, and that number is likely to grow. As more women want to return to high-profile jobs once their children are in school or leave home, there is an emerging market for transition programs. Graduate schools, including Harvard Business School and the Tuck School at Dartmouth, have developed executive development programs for women returning to the workplace.
Volunteering is also on the rise. Transition Network in New York City has scheduled a workshop to help women over 50 discover if serving on a nonprofit board is for them. They also sponsor volunteer opportunities as diverse as helping Girl Scouts with an art project to enrolling seniors in health care programs.
The community is another important concern. Separate gated communities are a possibility, but they are not suitable for everyone. Community means opportunities to interact, to stay active, to access cultural activities. The concept of NORC (Naturally Occurring Retirement Communities) has been around for decades, but it needs to be nurtured. How can women over 50 stay connected outside of their family circle? Book clubs, conversation cafes, and lounges can help fill the need for meaningful contact.
Change of financial concerns. Many women worry about outliving their retirement savings or having to drastically cut back on their lifestyle. More women will work longer, either full time within organizations or part time or as independent entrepreneurs. All of these women, and especially single women, have very different economic concerns than their mothers and grandmothers. A new generation of financial consultants, wealth and retirement strategists is emerging to serve your needs.
Some women in this group are single or in non-traditional relationships. Some are founding members of the “sandwich generation.” This group needs help juggling multiple priorities as they struggle to raise their children while supporting their parents. There is room for a wide range of training and other support services for this group, from helping to set priorities and get organized to helping aging parents plan for the future.
What do these women want? Respect, support, quality products and unique service options. It is time for providers of goods and services to reconsider their plans and find ways to serve this huge market.
