As Stephen’s recent series of blog entries report, marketers are hoisting their lighters aloft for what is increasingly being perceived as the most recession-resistant demographic. That would be us, upscale/affluent women 50+. With younger adults trading their Starbucks for heated tap water and re-used tea bags, women with discretionary income at midlife and beyond are suddenly the sparkly star in the marketer’s eye. In study after study, women 50+ are coming off as the most optimistic of all the consumer segments — the ones most likely to have the resources and/or courage to toast tomorrow’s possibilities with their cup, if not brimming over with largesse, at least half-full.
It’s not that we’re not impacted by the economy. In fact, many of our portfolios took big hits. As a result, most of us are making changes. For instance, one of my friends who had been counting the nano-seconds until she had enough set aside to quit her killer job and take her considerable skills into the non-profit (aka quarter of her salary) sector has had to postpone that particular dream. Of course, there are many amongst us who have lost jobs ourselves — or found ourselves still working, but dubbed with the lofty-sounding title of “independent consultant” or “senior counselor.” (All the honor. None of the benefits.)
Some are making smaller accommodations. I remember a few years back when the wealthiest of my circle of friends installed a “water feature” in their back yard that makes Buckingham Fountain look like a frog pond. The impact of waterfall hitting swimming pool turned taking a dip into a life and death encounter. I believe they referred to it as “the Jacuzzi effect.” In any case, the last time we visited, flippers and life vests had been deep sixed. Why? They’d read their gas bill for the first time in memory and realized how much they were spending to keep their ninth wonder of the world operational. Even they had pulled the switch, drawing the line at leaving the fountain turned on, but the heat turned off.
So, while the sacrifices we’re making are both painful and relative, most of us still find ourselves with much for which to be grateful. Again, in research study after study, our cohort self-reports to be the most optimistic of all consumer segments — whether there’s empirical cause of our upbeat attitudes, or not.
Which brings me to my point. In Stephen’s blog entry on the McKinsey study, he quotes Charles Dickens’ Mr. Macawber (from David Copperfield), defining happiness as having income greater than your expenses. Picking up on Mr. Dickens’ insight, I have grown to realize that the most efficient route to peace and joy is simply this: lower your expectations.
Do you remember in the early 70′s, when there were a slew of best-selling books with titles like “Living Poor with Style”? These anti-materialism books were the first to introduce many of us to the notion of food co-ops, for instance. It was a revelation, to say the least, to discover that we could band together for cost savings on our food, make it a social occasion and get better tasting veggies to boot. This is the book that imparted the notion of shopping at thrift shops with the social cache of environmental sensitivity, inspiring the inspired, eclectic fashion statements of the era that informs many of our clothing choices today.
The fact is that if you dig deep enough into this well of resourcefulness and optimism, you’ll hit an underground stream of equally eclectic but potent spirituality…a source of resilience that is the real key to understanding our cohort’s unrelenting optimism.
Grasping these deeper waters of the upscale/affluent woman 50+ should be Job One at this moment of history for those marketers who want to truly connect with this most recession-resistant of the consumer segments. But marketer beware: plummeting the depths of the leading-edge Boomer woman’s heart and soul is as dangerous an undertaking as taking a dip in our friends’ pool.
In fact, I take this subject up in my next blog entry, “The Happiness Ratio, Part 2,” as well as in a webinar for marketers sponsored by the International Mature Marketing Network titled In Search of Meaning: The Intersection Between Marketing and Spirituality in the Boomer Marketplace. The webinar is set for Wednesday, November 19 and is available to all marketers.
ReginaLove, that is SO great to hear! As for soy, it may help with menopause symptoms -- it it controversial. The best way to use soy is in the form of whole fermented soy foods (miso, tempeh, tamari and natto). Non-fermented soy foods such as soy mi
Agreed. I never thought I was vain until I had a mastectomy at age 39. I was devastated and told the doc I wanted to wake up with implants. Now at age 60, I am lopsided and wondering if I was just avoiding the inevitable. You get what you get and you
Sounds very interesting.
Spike, you are awesome! Love your perspective, thanks for sharing.
This is a really important conversation. Look forward to more!