Policymakers, employers, and marketers traditionally have concentrated their attention on people in their 20s, 30s, and early 40s. After all, these have been the largest age groups, the biggest spenders, the trend-setters, and — so we thought — the embodiment of the future of consumption.
The Future of Marketing Is Intergenerational
Older consumers can’t just be an afterthought for brands — but that doesn’t mean just shifting the focus from one generation to another.
February 16, 2024
HBR Staff; Mike Harrington/Getty Images; Unsplash
Summary.
Demographics suggest that Americans over the age of 60 will soon become a larger consumer group in terms of income than 20-to-34-year-olds, yet companies still position their brands as if the bulk of the market is people under the age of 40. The answer, however, is not to shift marketing strategies from one generation to another. Research has suggested that boundaries between generations are fuzzy, if not arbitrary. Plus there’s a bewildering degree of variability across individuals within the same generation. Instead, marketers should aim to emphasize common values across different age groups and build “post-generational” brands.
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HBR Learning
Marketing Essentials Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Marketing Essentials. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Learn how to communicate with your customers—strategically.