Selling Gold Jewelry to Boomers: 'Inspire to Create Desire' 3/21/2017
Peter Hubbell, Founder & CEO of BoomAgers and award-winning author (Old Rush, and Getting Better With Age: Improving marketing in the Age of Aging), discussed generational marketing and the value of the Baby Boomer market for luxury items such as gold jewelry during ECRM's Gold EPPS, held last month in San Diego.
According to Hubbell, the near-term future of gold is dependent on two generations of buyers: The Millennials and the Baby Boomers. Each is impacting the current state of the business in distinctly different ways that will require an unprecedented approach to marketing strategy.
Hubbell discussed marketing’s infatuation with the Millennials and will reveal some sobering facts about the real potential of a generation that has yet to reach its prime earning and spending years. His agency’s proprietary research has indicated that 75% of Millennials can only afford to buy what they need, not what they want; that’s not encouraging news if you’re selling discretionary luxury goods like gold jewelry. What’s more, Millennials are a new generation with new preferences; they’re part of a new economy known as the Access Economy, wherein they’re content to share instead of feeling the need to own. Witness successful new access enterprises like Haute Vault, Rent The Runway, and Uber as examples.
At the same time, the Baby Boomers control upwards of 70% of the nation’s disposable income and they’re redefining what it means to be of age. They are focused on the future of living, and they envision years of uncompromised lifestyle characterized by a focus on joy, well-being and growth. Hubbell refers to them as “Marketing’s Most Valuable Generation.” Despite Bomers’ everlasting potential, marketers have been quick to write them out of the script in favor of young Millennials who embody the hip, fashionable imagery that most brands covet.
During his presentation, Hubbell dispeled the myths of marketing to age with facts. He makes a provocative case for the Old Rush – the opportunity for marketers to strike it rich by prioritizing the consumers who have the real money. According to Hubbell, the inherent dilemma is that marketers need to simultaneously embrace both of these generations. They need to re-prioritize the Boomers who love gold and have the money to buy more, while also identifying an affluent sub-segment of Millennials who have the propensity to want and to buy gold. Hubbell’s presentation will ultimately build the case for a near-term multi-generational marketing strategy that embraces the highest potential consumers from each generational cohort.
Click here to download the slide presentation
Below are videos with some key takeaways from Peter Hubbel's presentation, including a mini-profile on BoomAgers and his full presentation from the ECRM Gold EPPS, including:
- The Challenges of Marketing to Millennials
- Opportunities Within the Baby Boomer Market
- Selling Gold to Boomers: 'Inspire to Create Desire'
- Profile on BoomAgers
- Peter Hubbell's full educational session presentation