Boomers in Denial
On New Year's Day, the oldest members of the Baby Boom Generation turned 65. Many people look at Boomers and think, "No generation ever had it so good." Yet this group still consider themselves "middle-aged," implying a life expectancy of 100 years or more. Adjusting to having passed the middle of their (our) lives is a challenge, which may be characterised by Denial (with a deliberately capital D).
Susan Jacoby, author of Never Say Die: The Myth and Marketing of the New Old Age, recently explained her views in The New York Times. "People my age and younger still pretend that old age will yield to what has long been our generational credo -- that we can transform ourselves endlessly, even undo reality, if only we live right."
Referring to the "forever young" generation who "prefer to think about aging as a controllable experience," Ms. Jacoby explained gerontologist Robert Butler's opinion that "the trouble with expecting 90 to become the new 50 is it can stop rational discussion -- on a societal as well as individual level -- about how to make 90 a better 90. This fantasy is a lot like waiting for Prince Charming, in that it doesn't distinguish between hope and reasonable expectation."
Columnist Dan Barry, also in the Times, added his views that many Boomers, "whether through exercise or Botox, have no intention of ceding to others what they consider rightfully theirs: youth." He then describes author Steven Gillon's conclusion that one way the "largest and richest generation ever" changed America was by having "a sense of entitlement that had not existed before ... expecting, even demanding, freedom of choice; options in life."
Across the Atlantic in Britain, Philip Inman maintained in The Guardian that Boomers are blocking opportunities for younger people, not least because of their wealth-protecting activities and demands for welfare-related services as they continue to age in spite of themselves.
None of these articles specifically addresses the changing impact on retail. But the implications are clear. "Age-defying" products, whether aimed at appearance or well-being, will be much in demand as more and more pass their 65th birthdays. Achieving a balance between supplying and stimulating demand will be evermore challenging as Dr. Butler's Prince Charming analogy indicates.