Ignore Millennials? Good luck with that!

RetailWire recently held an online panel discussion around the provocative findings of the “Forrester Report.” It’s premise is that marketers and retailers should focus on Boomers, not Millennials, because the older consumer has the spending power. I disagree:

The Forrester report creates a false choice between Millennials and Boomers. Unless your business model is targeted to a specific age and lifestyle demographic, you ignore either one at your own risk.

Yes, Boomers today have more disposable income than their children, after decades in the workforce and building up home equity. But statistics also suggest inadequate savings among this age group as they head into retirement age and as their lifestyle becomes constrained by fixed income.

Meanwhile, the sheer numbers of Millennials will overtake the Boomer generation in 2015. There is a vast difference between younger members of this age group (working their way through college, renting, not awash in disposable income) and the Millennials in their early-to-mid 30’s who have been in the workforce for a decade. As this population matures, has children and buys homes, its impact on spending patterns will be profound.

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