By Maria Valdez Haubrich
The stalled economy has given rise to a new target market: the Boomerang generation. Although their name is reminiscent of Baby Boomers, the Boomerangers are between the ages of 22 to 29. They’re single, recent college grads who have full-time jobs. What’s so special about them, you might ask? Well…they live with their parents.
According to a study by Luminosity Marketing, 13 percent of parents with adult children report that at least one adult child has moved home in the past year. Given the tight job market, this group is poised to grow. Should your business be targeting them?
Keep in mind that Boomerangers have more disposable income than the average person their age since they are employed, but (in most cases) have limited expenses. That doesn’t mean they’re wild spenders, though. Here’s what Luminosity says you should know if you’re marketing to this demographic.
- They’re very value-conscious. Brand names aren’t as important as functionality when it comes to higher-priced items like clothes and accessories. Surprisingly, brand names were more important for inexpensive items like household goods and groceries.
- They’re independent. They may live with mom and dad, but nearly two-thirds say their purchasing decisions are influenced solely by themselves. Family and friends influenced just 19 and 17 percent of purchases, respectively.
- They think it over. Nearly two-thirds of Boomerangers’ purchases involve planning. While 34 percent of purchases are on impulse, the more expensive something is, the more planning is involved.
One of the most interesting findings was that when buying clothing and accessories, Boomerangers didn’t feel the purchase was complete until they shared it with others—either by displaying it, sharing a photo or talking about it. Perhaps this is a result of how closely social media is integrated into their lives.
You might want to consider how you can incorporate this type of sharing into your business, whether by encouraging customers to Tweet or Facebook post about their latest purchase or holding a contest where customers show off their purchases.
Image by Flickr user Rob Young (Creative Commons)Google+