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U.S. Niche Baby Boomers 2002: Capturing ethnic and low-income consumersPublished by: Datamonitor Published: Nov. 6, 2002 - 63 Pages Table of ContentsOverview Scope Segmentation of the U.S. baby boomer population by age, income and ethnicity. Examination of lifestyles and attitudes, consumption patterns and purchasing power of each of the niche boomer markets. Identification of new product categories, distribution strategies and marketing initiatives. Report Highlights In 2000, an estimated 42.2% of baby boomer households maintained less than $30,000 in wealth versus 26.5% of boomer households that maintained over $150,000 in wealth. An estimated 61.4% of ethnic boomers were categorized as budget-conscious in 2000. In 2001, the unemployment rate for workers aged 35 to 44 years jumped 40% to 3.6%, and the rate for those aged 45 to 54 years rose 50% to 3.1%. Nationally, the unemployment rate increased 20% to 4.8% in 2001. As many as 47% of boomer respondents surveyed in the 2002 Cost of Leisure Index by Allstate Financial say that they will continue to work after retirement because they need the income. In addition, 53% of boomers surveyed were worried that they will not be able to meet their retirement savings goals by retirement age, particularly as the cost of living in old age increases. Reasons to Purchase Assess the profitability of large niche baby boomer segments (i.e. ethnic and low-income baby boomers). Understand the factors motivating CPG purchases of mainstream and niche baby boomers. Discover targeted products for specific baby boomer sub-segments. Identify the most efficient marketing strategies in targeting the increasingly heterogeneous baby boomer population. Examine strategic distribution channels in marketing to niche baby boomer segments. Introduction “U.S. Niche Baby Boomers 2002” examines the myth that the baby boomer group is homogeneous - primarily consisting of white, well-educated, affluent individuals. While the majority of baby boomers are affluent and Caucasian, the report finds that within the boomer community, low-income and ethnic boomer segments are growing in proportion and influence. Continued economic slowdown and current immigration policies are expected to further elevate the importance of these niche boomer segments. The following will be auto-generated: Publication Title, DM Code, Price, Publication Date, Copyright Descriptive text at the start of the Report Coverage document will be auto-generated from RAMIS OVERVIEW (GENERATED - DO NOT TYPE) MARKET CONTEXT Key Findings CPG manufacturers must not treat the baby boomer market as a homogeneous market, but instead segment the market further to identify other profitable niche markets. Most importantly, CPG manufacturers must tailor their product offerings and marketing strategies to meet the needs of the budget-conscious and ethnic baby boomers. Research Methodology Comprehensive primary and secondary research Market Regions US coverage Drivers and Trends Overview of the U.S. baby boomer segments - population sizes, race and ethnicity, income and wealth distribution, spending power, including food, drink and personal spending patterns. What is the degree of homogeneity of the U.S. baby boomer segments? Are there any other boomer segments outside of affluent Caucasian boomers that are increasing in size and influence? What are the lifestyles, consumption patterns and purchasing power of niche boomer segments? What new products and marketing opportunities will emerge in the boomer market? What strategies must CPG manufacturers pursue to effectively target niche boomer segments? FUTURE DECODED There will be increased polarization between the haves and the have-nots, driven by continued economic uncertainty. Social changes are driving today’s baby boomer lifestyles offering CPG manufacturers the opportunity to target “youth” products, such as convenience meal solutions, to baby boomers. Ethnic boomers will comprise of 26% of the overall boomer population by 2007 - Asian and White Hispanics will increase the most in importance. ACTION POINTS Manufacturers must target budget-conscious consumers in three ways: Make dollar stores an integral feature of retail strategies; Leverage popularity of private label products; Create a more economical version of existing products through new formulations or packaging formats. In-language and in-culture marketing are keys to targeting ethnic baby boomers. MARKET PERSPECTIVE This chapter segments the baby boomer market by age, income and ethnicity. Opportunities in the baby boomer markets are discussed in terms of three major factors that affect the viability of penetration: population size; spending power; consumption patterns. Demographics Looks at the population size, geographic dispersion, race & ethnicity composition, income & wealth distribution and purchasing power of the general baby boomer population, the budget-conscious boomer segment and the ethnic boomer consumers. Purchasing habits Analyzes the overall and CPG consumption patterns of the general baby boomer population, the budget-conscious and ethnic boomer segments. DATASETS Table 1: Definition Table 2: Grandparents-maintained households with grandchildren under 18 years by state (%), Table 3: Ethnic baby boomers, 2000-2007 Table 4: Percent difference between private label profit margins and national brand profit margins, 2000-2004 Table 5: Private label dollar sales and share of retail sales ($m), 1999-2004 Table 6: Frequency of organics purchases by age (%), 2002 Table 7: Frequency of organics purchases by income (%), 2002 Table 8: Reasons why consumers do not purchase organics Table 9: Ethnic language and product preferences Table 10: Per capita baby boomer household wealth bands (# and %), 2002 Table 11: Budget-conscious boomer household dispersion by state (%), 2000 Table 12: Ethnic baby boomer dispersion by state (%), 2000 Table 13: Per capita baby boomer food, drink and personal care spending distribution by age ($ and %), 1990-2000 Table 14: Per capita food, drink and personal care spend by income group (%), 2000 Table 15: Per capita ethnic baby boomer food, drink and personal care spending distribution ($ and %), 2000 Figure 1: Segmenting the baby boomer market Figure 2: Baby boomer income and net-worth distribution, 2000 Figure 3: Economy and consumption dynamics Figure 4: Increased polarization in economic welfare Figure 5: Annual GDP growth rate of selected countries (%), 1990-2001 Figure 6: Market capitalization of S&P 500 versus Russell 2000, 09/97-09/02 Figure 7: Individual annual healthcare expenditures ($ and %), 1985-2000 Figure 8: Baby boomer annual healthcare expenditures, by income class ($ and %), 2000 Figure 9: Forecasts of baby boomers household savings ($trillion), 2000-2006 Figure 10: Ethnic baby boomers, 2000-2007 Figure 11: Selected retail channel sales ($billion), 2000-2001 Figure 12: U.S. nutraceuticals market value ($billion), 1996-2006 Figure 13: Ethnic baby boomers by ethnic and racial group (%), 2000 Figure 14: Foreign-born population by age group (thousand), 2000 Figure 15: Baby boomer individual and household income distribution (%), 2000 Figure 16: Nationwide spending power by age group ($million), 1990-2000 Figure 17: Per capita baby boomer spending power and average annual expenditure by income group (% and $), 2000 Figure 18: Ethnic baby boomer income distribution (%), 2000 Figure 19: Baby boomer expenditure by product category (%), 2000 Figure 20: Per capita consumer “food” spend by food category, by age as a percentage of “food” spend (%), 2000 Figure 21: Ethnic baby boomer “food” spend as a percentage of “food-at-home” food category, by ethnicity (%), 2000 Figure 22: Datamonitor’s research methodology AbstractIntroduction: "U.S. Niche Baby Boomers 2002" examines the myth that the baby boomer group is homogeneous primarily consisting of white, well-educated, affluent individuals. While the majority of baby boomers are affluent and Caucasian, the report finds that within the boomer community, low-income and ethnic boomer segments are growing in proportion and influence. Continued economic slowdown and current immigration policies are expected to further elevate the importance of these niche boomer segments. Scope: * Segmentation of the U.S. baby boomer population by age, income and ethnicity. * Examination of lifestyles and attitudes, consumption patterns and purchasing power of each of the niche boomer markets. * Identification of new product categories, distribution strategies and marketing initiatives. Report Highlights: In 2000, an estimated 42.2% of baby boomer households maintained less than $30,000 in wealth versus 26.5% of boomer households that maintained over $150,000 in wealth. An estimated 61.4% of ethnic boomers were categorized as budget-conscious in 2000. In 2001, the unemployment rate for workers aged 35 to 44 years jumped 40% to 3.6%, and the rate for those aged 45 to 54 years rose 50% to 3.1%. Nationally, the unemployment rate increased 20% to 4.8% in 2001. As many as 47% of boomer respondents surveyed in the 2002 Cost of Leisure Index by Allstate Financial say that they will continue to work after retirement because they need the income. In addition, 53% of boomers surveyed were worried that they will not be able to meet their retirement savings goals by retirement age, particularly as the cost of living in old age increases. Reasons to Purchase: * Assess the profitability of large niche baby boomer segments (i.e. ethnic and low-income baby boomers). * Understand the factors motivating CPG purchases of mainstream and niche baby boomers. * Discover targeted products for specific baby boomer sub-segments. * Identify the most efficient marketing strategies in targeting the increasingly heterogeneous baby boomer population. * Examine strategic distribution channels in marketing to niche baby boomer segments.Get Full Details About This Report >> |
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