Consumer Age Guides Product Strategists

Over the past 10 years, consumer product strategists have been hit by two massive and game-changing demographic shifts: Aging Boomers, now between the ages of 44 and 64, are just beginning to fade from the pinnacle of their earning and buying power; and Gen Y (ages 18 to 29) are just beginning to hit their earning stride. In order to adapt to the real changes that these shifts create, product strategists need to abandon the blanket approach to reaching consumers and "pull back" to truly understand their audience. Consumer product strategists have already begun considering the age of their audience, but there is still work to be done to understand the influence that consumer age has on all stages of the product life cycle.