Midlife Mapping: What Do These Women Want?
Baby Boomers have hit 60. There is a huge influx of women over 50, the people with the most disposable income, by the way, but everyone seems to keep selling to the 18-30 year old market segment. This generation has been like the elephant in the python drawing in The little Prince – a huge block that moves and changes the system.
So what do they want? Youthful and appropriate clothing that fits you to begin with. The New York Times was inundated with letters to the editor in response to an article about stores removing Petite departments. If you’re over 50, short, wide, or (gasp) both, in addition to having a financial advisor and a good lawyer, it’s time to hire a tailor. While Chico’s and Eileen Fisher try to satisfy this need, it is almost impossible to find a modern and elegant business suit that really fits you.
They want gyms and spas that focus on efficient and effective methods and don’t necessarily function as hot spots for meeting men. Curves realized this immediately.
They want meaning and purpose in their lives, whether they are working or retired. An interesting recent phenomenon is that boomers are retiring early, leaving a huge shortage of experienced workers in many organizations. AARP has developed partnerships with 21 organizations interested in hiring older workers, and that number is likely to increase. As more women want to return to high-profile jobs once their children are in school or leaving home, there is an emerging market for transitional programs. Graduate schools, including Harvard Business School and Tuck School in Dartmouth, have developed executive development programs for women returning to the workplace.
Volunteering is also on the rise. The Transition Network in New York City has scheduled a workshop to help women over 50 discover if serving on a nonprofit board is for them. They also sponsor volunteer opportunities as diverse as helping Girl Scouts with an art project or enrolling seniors in health care programs.
The community is another major concern. Gated and separated communities are a possibility, but not suitable for everyone. Community means opportunities to interact, stay active, access cultural activities. The concept of NORC (naturally occurring retirement communities) has been around for decades, but it needs to be nurtured. How can women over 50 stay connected outside of their family circle? Book clubs, chat cafes, and lounges can help meet the need for meaningful contact.
Financial concerns change. Many women worry about surviving their retirement savings or having to drastically reduce their lifestyle. More women will work longer, whether full-time in organizations, part-time or as independent entrepreneurs. All of these women, and especially single women, have very different financial concerns than their mothers and grandmothers. A new generation of financial consultants, the wealth and retirement strategists, is emerging to meet your needs.
Some women in this group are single or have non-traditional relationships. Some are founding members of the “sandwich generation.” This group needs help juggling multiple priorities as they struggle to raise their children while supporting their parents. There is room for a wide range of counseling and other support services for this group, from helping to set priorities and organize to help planning for the future of aging parents.
What do these women want? Respect, support, quality products and unique service options. It is time for providers of goods and services to rethink their plans and find ways to serve this huge market.