According to the 2000 U.S. Census, individual consumers age 65-74 have an average annual income of $24,090. Doesn't sound like much? Compare that to the youth market, a niche group constantly wooed by retailers. Consumers between the ages of 15 and 24 have only $12,169 to spend each year.

But aging baby boomers make a moving niche target. Don't consider them seniors. That's not how they see themselves. They like to feel young and look young. Think Tina Turner and Jane Fonda.

Don't lump this consumer segment into a single, silver-haired mass. They're diverse. Some may still be working. Others are fully retired and passionately pursuing new hobbies. Still others are returning to work after years of retirement as they try to undo the financial reversals that their investments suffered during the last few years. Many are dating, going back to school or starting a business as a second career. Some have young children at home or boomerang kids returning home after college. Many empty-nesters are downsizing into smaller homes or buying second homes.

If you want graying baby boomers to frequent your business, pay attention to the signs of the times.
 

What You Can Do

So what can your small-business do to attract this age-based niche market? Try these ideas to cater to the prime market:

• Don't define this prime market by income or age alone. To sell successfully to mature consumers, look at a combination of social, physical and psychological factors. Then create products and services to serve those diverse segments.

• Expand your service and product lines with items of importance to aging customers. Casual clothing, home furnishings, health and beauty products, financial services, crafts are just a few of the items set to appeal to the mature market.

• Use older consumers in your advertising. In retail stores, display products used and desired by mature consumers. If possible, hire mature workers who will appeal to the same age consumer.

• If you're already serving mature clients, ask them what your business can do to enhance their purchasing experiences.

• Retired consumers have time to shop for bargains. Emphasize the value of everything you sell.

• Research the expanding mature market. Find out what consumers will need and want in the next few years. For starters, read the Success Skill Seminar "The Need For A Niche".