Mature Market Experts Stat of The Day: Mature Market Skiers and The Economy

Mature Market Experts: more mature market news and stats more often – mature market skiers and the economy – I recently went skiing close to home (Deep Creek, Maryland) with my wife and children and couldn’t help but notice the slopes were packed. Long lines everywhere you went. Didn’t seem like the economy was slowing business down at all. Upon closer review, I’d be willing to bet that many families are and will be vacationing closer to home to save money. The other thing I couldn’t help but notice is that the slopes were filled with boomers. In fact, in many instances I saw three generations of skiers from families. This broadening of the market has to be helping ski resorts. I know my parents weren’t skiing at 60. My observation of more mature market skiers definitely echoes what the industry is reporting:

The National Ski Areas Association (NSAA) 2008 National Demographic Study states that there are continued gains in visitation among skiers and riders aged 45 and over. Since the winter of 1997-98, the proportion of skiers aged 45 to 54 has increased from 14% to 19.9% in the U.S., says the association. Skiers aged 55 to 64 has doubled from 4.6 percent to 9.2 percent; and the proportion of visitors aged 65 and over has also increased substantially, from 2.4 percent to 3.8 percent. The NSAA press release states, “According to the study, the loyalty and staying power of older participants has been a plus for ski resorts and has been a key driver of the success enjoyed by the industry in recent seasons.” Last season, the industry tallied a record 60.5 million skier visits nationally.

Just imagine how much more business they would be doing if they catered some more to baby boomer needs. I can tell you that ski lifts, as they are designed today, continue to be a major barrier for young and old. I saw more falls in these areas than any other part of the resort. I also think ski boots need a redesign, as they are far heavier than they need to be. And finally, I’d encourage the resorts to consider shorter ski rental periods and rates. Many grandparents would love to go down the bunny hill with their grandkids once or twice but don’t want to spend the day out there . . . and would happily retire to the bar or spa (with their wallets) after a couple of trips down.

By the way, TR Mann Consulting’s client GRAND Magazine, had a wonderful article on the top four ski resorts for grandparents and their grandkids.

Mature Market Experts Stat of The Day: Median Age of Grandparents is 53 to 57

Mature Market Experts: more mature market news and stats more often – Median Age of Grandparents is 53 to 57 – “In a time past views of the elderly and views of grandparents were synonymous. Grandparents were seen as physically frail, out of touch with current life styles, and old fashioned. The profile of the average grandparent today is quite different from that former stereotype. Because individuals are becoming grandparents at an earlier age and are living longer, they are likely to be healthy, relatively well off, and have a living spouse (Aldous, 19951. The average grandparent is white, female, and healthy (Roe & Minkler, 1998/991). Most grandparents are married, and if they are single they are more likely to be females (Jones & Kennedy, 1996; Landry, 1999). About 50% are working (Heywood, 1999; Woodworth, 1996).

In 1995 at least 75% of older Americans were grandparents (Giarrusso & Silverstein, 1996) and almost 50 percent of them were great-grandparents, many of whom were raising their great-grandchildren (Woodworth, 1996). However, in 1995 one-half of all U.S. grandparents were less than 60 years of age and one-half of the under 60 group was less that 55 years old (Simon-Rusinowitz & Krach, 1996). These figures tell us that most grandparents are not members of the elderly population. In fact, the estimated grandparent age ranges from 30 to 110, with the median age between 53-57 (Giarrusso & Silverstein, 1996; Heywood, 1999; Jones & Kennedy, 1996). Factors that are often cited in the literature for the growing numbers of grandparents are; the aging of post World War II baby boomers, longer life expectancy, early age of becoming a grandparent, and changes in the family life cycle (Dressel, 1996; Giarrusso & Silverstein, 1996; Longino & Earle, 1996). We can conclude that the number of grandparents will increase as the younger grandparents age and additional young people become grandparents.”

Source: Goliath

As I have blogged before, Grandparents are a major consumer market. There were 69 million U.S. grandparents in 2000, a number expected to grow to 80 million by 2010, and they spend a median of $489 per year on their grandchildren, about $30 billion annually. Source: AARP Special Study, 2002

U.S grandparents and the mature market:

– Over 75% of the 50+ market are grandparents

– Average age of the first-time grandparent is 47

– Over 70 million grandparents in the U.S. (More than the entire population in the U.K.)

– 4,000 Baby Boomers become grandparents every day

– The 50+ population is projected to grow to 23% in the next ten years while growth in the 18-49 segment will be flat

Source: GRAND Magazine

PS  GRAND Magazine, one of TR Mann Consultings’ clients, offers an exceptional opportunity for marketers to capture an audience at a highly defined stage, at an exceptional cost per thousand. Grandparents will continue to spoil and spend money on their grandchildren even in the worst economy.

 

Mature Market Experts Gem of The Day: New Housing Trend

Mature Market Experts: more mature market news and stats more often – New Housing Trend – It wasn’t too long ago that I blogged about the return to the intergenerational household. The number of parents moving in with their kids is jumping dramatically. In fact, the trend is playing out at the highest level. Did anyone else’s catch the none-too-subtle Inauguration Day mentions that Marian Robinson, the 71-year old mother of first lady Michelle Obama, would be moving to the White House to look after her grandchildren (I hope our client, GRAND magazine, covers this story)? This trend has huge implications.

To me the movement makes sense on multiple levels:

1.      Baby Boomers have a distain for institutional living that does not match their vision of where their parents should be living. They will continue to look for improvements in what most consider to be an unacceptable warehousing (assisted living and nursing care) of their parents . . . with an eye towards making improvements for their own future

2.      After taking their kids back into their homes, Boomers have grown comfortable with extended living. Now that the kids have moved out, the parents are moving in

3.      The economics of intergenerational living combined with today’s economy create a condition where this just makes sense. We are entering an age of frugality (from an economic and environmental standpoint)

In short, just as it is playing out at the White House, Americans are discovering there are benefits to this symbiotic relationship.

At TR Mann Consulting we’re coaching our clients to think about some of these important trends and how they might adopt their businesses. What are some of the implications you see to this trend? In your opinion, how will it effect real estate? Consumer products?

Mature Market Experts Stat of The Day: Marketing to Boomers and Seniors – 58 Segments and 13 Life Stages

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Identifying key stages, like grandparenting, will go a long way towards improving your marketing.

Mature Market Experts: more mature market news and stats more often: Marketing To Boomers and Seniors — When it comes to tracking and categorizing the financial habits of the growing populations of Baby Boomers and Seniors, Claritas developed an effective demographic segmentation system called PRIZM NE (for more information visit www.claritas.com) which is particularly insightful for producers of annuity and life insurance products. As I’ve said, over and over to my clients, “It’s about stage NOT age!” Claritas’ system breaks down U.S. households by financial behavior across 58 segments within 13 life stage groups going back to 1987, which is a very helpful beginning. That being said, the surest way to develop a real relationship with potential customers is to engage them in a meaningful relationship. This PowerPoint outlines some ways to do that: TR Mann Consulting – Relational Marketing

PS  GRAND Magazine, one of TR Mann Consultings’ clients, offers an exceptional opportunity for marketers to capture an audience at a highly defined stage, at an exceptional cost per thousand. Grandparents will continue to spoil and spend money on their grandchildren even in the worst economy.

 

 

GRAND TV Interview At 2008 AARP Conference

Here’s an interview of me (Tom Mann of TR Mann Consulting) being interviewed by Jack Levine of GRAND TV about boomers, seniors, the mature market and the impact of grandparents. As many of you know, GRAND Magazine is one of my clients. They’re also one of the few media companies out there who understand that it’s about STAGE not age . . . which is why GRAND is such a great place to advertise.

Mature Market Experts: Reminder AARP Convention Expo

Mature Market Experts, just a friendly reminder that I hope to see you tomorrow (Thursday). I’ll be at the AARP Convention Expo at the GRAND Magazine booth.

Looking forward to seeing you,

Tom

Managing Partner, TR Mann Consulting

I Hope To See You There . . .

Mature Market Experts,

Two worthwhile events coming up:

1.      AARP’s Life @50, National Event and Expo in Washington, DC (Sept. 4-6)

2.      The North American Mature Publishers Association (NAMPA) Annual Convention in St. Louis (November 8-10)

I will definitely be at the AARP event, where I’ll be helping out one of my clients, GRAND Magazine. I’ll be at GRAND’s expo booth all day Thursday, and then I’ll be at the booth off and on through the rest of the week (the rest of the time I’ll be exploring the conference). Please stop by and see me, I’d love to meet as many of you as possible.

I’m still trying to work in to my schedule the NAMPA conference which I know will be great. NAMPA’s president is Stuart Rosenthal, owner of The Beacon in Washington and Baltimore. Aside from being a great guy, Stuart is one of the smartest newspaper publishers I have ever met. If you are even remotely connected to the senior publishing industry, this is a must attend event.

I hope to see you next week,

Tom

Will A Digital Publication Work For The Mature Market?

GRAND Magazine goes digital!

Dear Mature Market Experts, as you know, I value your opinions. One of my clients, GRAND Magazine, has come out with a new digital version of their magazine. I’d like to invite you to enjoy GRAND Magazine’s new “Green Read” for free by viewing the new digital edition of GRAND Magazine. 

 

Instructions:  Visit www.grandmagazine.com, click on the flipping icon on the top right.  After a brief one-time registration, you will have instant access to the digital edition of GRAND!  The next time you return to www.grandmagazine.com  all you have to do is click on the flipping icon and you will be taken directly to the current digital issue of GRAND Magazine.

 

Why is GRAND going down this path?

• Going GREEN is on everyone’s mind today. GRANDparents want to set good examples for their grandchildren and ensure a healthy planet for future generations.
• Going GLOBAL is a GRAND dream come true!  Now grandparents from around the world can have GRAND delivered right to their inbox.
• The 50+ age group is the fastest growing segment on the Internet. While the mature market may not have grown up using computers, seniors are embracing the utility and convenience in record numbers for many reasons, one of which is to keep up with the grandkids! GRAND still believes that consumer magazines are a respite from the frantic world around us. Now, GRAND readers can have their cake and eat it too.  They can have their print magazine to relax with and enjoy at their leisure AND now they can experience full convenience of instant access to GRAND’s editorial and advertisers online.

 E-GRAND allows readers to…

• Have instant access to GRAND Magazine from anywhere at any time!
• Download and save  the entire issue or specific articles to their desktop
• Forward entire issue or specific article to a friend
• Search by name/ topic/ or keyword
• Print articles or advertisements
• Click on “live links” in  editorial,
• Immediate access to all advertisers and service providers’ websites/live links

At this time, GRAND’s plan is to provide the August issue FREE of charge to everyone through the end of the month. After that, they will offer single copies and E-GRAND subscriptions FREE to all print subscribers. For non-subscribers, there will be a nominal charge for single copies and digital subscriptions.

 

Anyway, I’d be interested in your opinions. What in your opinion can make this more user friendly? Would you read a publication in this format? What about the publications’ subject matter? Also, feel free to pass this along to any GRAND you know and get their opinions too!

Leading Senior Experts Consortium Continues To Grow

And now, a word from our sponsor: TR Mann Consulting. Boomer / Senior / Mature Market Stat of the Day – The numbers are staggering.

In 2010 the 65+ population will be at roughly 40 million, quickly rising to more than 54 million by 2020. When you consider these are the people who hold the bulk of the country’s money and are undergoing significant life changes, they will drive the lion’s share of our economy. To prepare for that, I’ve put together a strategic all-star team of mature market experts. This unique team makes us an incredibly different marketing team.

TR Mann Consulting has recently added Gary Applebaum, M.D, Geriatrician, one on the country’s foremost experts on geriatrics; Marks, Thomas, Architects designer of some of the nation’s finest retirement communities; David Weilgelt of Immersion Active, leaders in on-line marketing to seniors, and Anirban Basu, the founder of Sage Policy and Chief Economist of the Associated Builders and Contractors (national).

Here’s a little more dirt on my new teammates:

Gary Applebaum, M.D, Geriatrician

Currently, Dr. Applebaum continues to practice medicine at Levindale Hebrew Geriatric Center and Hospital. He received his M.D. from the University of Pennsylvania, trained at the Johns Hopkins University and is board certified in Internal Medicine and Geriatrics. He is also a partner and investor in an early stage venture capital fund, Nobska Ventures. A winner of the prestigious honor of National Geriatrics Clinician of the Year, Dr. Applebaum is one of the foremost experts on geriatrics. Mr. Applebaum established the Erickson Health system for Erickson Retirement Communities and has testified at a congressional hearing for the U.S. House of Representative, Select Committee on Aging. Gary is extremely talented at helping companies set up continuing care retirement communities, assisted living and nursing facilities, and health care surveys.

David Weigelt, Interactive Technology

The co-founder of Immersion Interactive, David Weigelt and his team, are leaders in developing on-line marketing campaigns designed specifically for boomers and seniors. They have a proprietary approach to plan, deploy, manage, and optimize an online advertising campaign that effectively targets 50-plus Internet users and uses an extensive database of media publishers to specifically target different groups of mature users. Through ongoing research and testing they have developed a comprehensive set of best practices and an alternative means of delivery that yield higher click-through and conversion rates. And once implemented, they develop unique methods to optimize and retarget your campaign to ensure your best return on ad spend (ROAS).

Anirban Basu, Economist

The founder of Sage Policy, Anirban Basu is one of the Mid-Atlantic region’s most recognizable economists, in part because of his consulting work on behalf of numerous clients, including prominent developers, bankers, brokerage houses, energy suppliers and law firms. On behalf of government agencies and non-profit organizations, Mr. Basu has written several high-profile economic development strategies. Mr. Basu was also recently named the Chief Economist of the Associated Builders and Contractors (national).

Marks, Thomas, Architects

Marks, Thomas, Architects is one of the nations’ premier architectural firms. They are nationally known for designing environments and communities that have the power to inspire and transform while preserving, conserving and enhancing both natural and built environments for future generations. Their designs promote ecologically responsible, cost-effective, productive and healthy places to live, learn, work and play.

So what do we all do? TR Mann consulting specializes in: selling real estate (condominiums, active 55, retirement communities, continuing care, assisted living, and nursing care); marketing to boomers/seniors; and creating profitable, award-winning media. Each of the partneres in this independent marketing firm has over 15 years experience in their area of focus. Recognized as industry leaders, this team founded the Mature Market Experts which has grown into an international networking group. TR Mann Consulting’s clients range from national publications, like GRAND Magazine, to some of the world’s largest publicly traded builders. In short, if you’re trying to sell or reach the senior market, we’re your team.

 

 

Marks, Thomas, Architects is one of the nations’ premier architectural firms. They are nationally known for designing environments and communities that have the power to inspire and transform while preserving, conserving and enhancing both natural and built environments for future generations. Their designs promote ecologically responsible, cost-effective, productive and healthy places to live, learn, work and play.

So what do we all do? TR Mann consulting specializes in: selling real estate (condominiums, active 55, retirement communities, continuing care, assisted living, and nursing care); marketing to boomers/seniors; and creating profitable, award-winning media. Each of the partneres in this independent marketing firm has over 15 years experience in their area of focus. Recognized as industry leaders, this team founded the Mature Market Experts which has grown into an international networking group. TR Mann Consulting’s clients range from national publications, like GRAND Magazine, to some of the world’s largest publicly traded builders. In short, if you’re trying to sell or reach the senior market, we’re your team.