Chapter_3

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Unformatted text preview: ou may have noticed companies trying to attract older consumers. Mobile phone manufacturer LG, for example, recently introduced a phone with large easy-to-read buttons for seniors. Finally, the term minority as it is currently used is likely to become obsolete as the size of most ethnic groups will double during the next two decades.4 Generational Cohorts A major reason for the graying of America is that the baby boomers baby boomers—the generation of children born between 1946 and 1964—are grow- Generation of children born between 1946 and 1964 ing older. As the 78 million boomers have aged, their participation in the workforce and their earnings have increased, making them an important consumer market. This group accounts for an estimated 56 to 58 percent of the purchases in most consumer product and service categories. In the future, boomers’ interests will reflect concern for their children and grandchildren, their own health, and their retirement, and companies will need to position products to respond to these interests. Generally, b...
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This document was uploaded on 01/30/2014.

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