By Gary J. Nix
- Baby boomers control 70% of disposable income in the U.S.
- Nearly 9 million Baby Boomers identify as African American
Fashion’s hottest new demographic is none other than your grandparents and their ever evolving sense of style. However, the fashion industry is in danger of missing out on reaching a market segment that spends $3.2 trillion annually. If seasoned fashionistas of which nearly 9 million Baby Boomers identify as African American continue to be omitted, it could lead to billions in lost revenue.
Why This Matters: With inclusion and diversity being such hot topics today, the exclusion of such a valuable market could be considered irrational. Too many fashion labels have already been found culturally insensitive, so adding a level of ageism to the fold can’t possibly help these companies reach their revenue goals. Conversely, if the fashion industry decides to include Baby Boomers, a demographic with growing influence there could be huge returns. They are expected to increase their spending by 58% over the next 15 years and this group can be a great avenue towards revenue lift for any fashion brand.
Boomers are a demographic that have grown accustomed to being super served, an action that should come naturally to the fashion industry. Thus, opportunity abounds at the intersection of Boomer and fashion especially when you add the layer of influence from the Black community, while mixing in the fact that Boomers control 70% of disposable income in the U.S.
Situational Awareness: The fashion industry needs to open its perspective, as fast-fashion, ultra-disposable fashion trend is not one that resonates with older markets. It could be easily argued that it is not the best path to creating long-standing relationships with a wise generation. However, speaking directly to Boomers via tactics such as: developing loyalty through product quality; messaging wrought with personalization; and building legacy will go far in attracting older consumers and preparing those who will enter that age bracket in the next five to ten years.
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