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OCG Show Daily Sunday, June 4, 2017 4 0 BABY BOOMERS STILL DRIVING THE AMERICAN ECONOMY By Lorrie Baumann If you're a retailer looking for more dough, you should follow the Baby Boomers, because they've got the bread. Welcome to the longevity economy, in which Baby Boomers may be outnum- bered by Millennials, but they're living longer than their parents, and they've still got most of the U.S.'s wealth to spend, according to market researcher Marsha Everton, a Principal in AIMSights, an international marketing company study- ing the intergenerational dynamics of the Baby Boomer and Millennial genera- tions. She and AIMSights Millennial Associate Whitney Ryan made her point during an address during this year's International Home + Housewares Show, held in Chicago in March. The number of adults between ages 20 and 49 – the Millennial Generation – is now 56 percent of the American popu- lation and it's still growing due to immi- gration into this country, which is pre- cisely why this generation is of such deep interest to marketers, who are spending about 90 percent of their advertising dol- lars courting Millennials' purchases, according to Everton. It's the generation that's been all but abandoned by the marketers, though – the Baby Boomers – that still has a dis- proportionate share of the nation's pur- chasing power. While the Millennials now outnumber their parents, the Baby Boomers still have 70 percent of the nation's disposable income and 83 per- cent of total wealth, according to Everton. "That presents a big opportuni- ty," she said. Those who want to capture a share of Baby Boomers' spending are well advised to understand where Baby Boomers are in their life stage, according to Everton and Ryan. Baby Boomers are at the age at which previous generations of Americans are retiring or preparing to retire. Baby Boomers, by contrast, are holding onto their places in the American labor force with every breath in their aging bodies. More than half of them are still employed. "This is not a group that's settling into retirement," Ryan said. "They are still very active in the work force." Adults over 50 currently make up a third of the American work force, and this percentage is increasing. "This group is the only one with a rising labor force participation," Ryan said, adding that 40 percent of the workers who are more than 65 years old are holding down full-time positions. It's a myth that workers who are more than 50 years old who become unemployed for one reason or another are never coming back into the workforce, and the reality is that 40 percent of peo- ple who take a break are back in the workforce within two years – 60 percent of them in a new career, according to Ryan. They're certainly not moving into retirement homes – they're simplifying their lives and they're kicking off their uncomfortable high heels, but they're not necessarily downsizing. "They're tidying up and decluttering," Ryan said. "Boomers really are getting rid of every- thing that's not serving them." They're looking for products that bring them joy and that earn their space. It's also a myth that Baby Boomers are holding onto their jobs because they're saving for their retirement. The reality is that it's more likely to be fear of boredom than lack of money that's send- ing them to work each morning. "Boomers are making a choice to stay in the work force," Ryan said. "They're not doing it out of financial necessity." Baby Boomers are quite likely to stay in the work force – or to reenter it – by starting their own business. In 2015, a quarter of new businesses in the U.S. were started by Millennials, but Baby Boomers ages 45 to 64 form businesses at a higher rate than other age groups. Those aged from 55 to 64 years old start new businesses at the highest rate of any age group, according to the California Association of Business Brokers, a trade association that sees profit potential in helping Baby Boomers buy and sell those businesses. Baby Boomers are feeling the loss of their economic safety net as the nation's economy has trans- formed, and they're seeing ownership of their own business as a greater source of economic security than employment in a large corporation, according to the asso- ciation. The Baby Boomers' startups are more likely to be successful than the businesses started by Millennials: 70 per- cent of startups founded by adults over 50 last longer then three years, compared to only 20 percent for entrepreneurs who start their businesses when they're younger than 50. Baby Boomers are also more comfortable with technology than many people give them credit for: 74 per- cent of Baby Boomers have a smart phone and 82 percent belong to at least one social media site. Baby Boomers are also focused on health and wellness, and they're driving this trend, according to Ryan. "They are leading the trend toward natural foods and 'healthy-ish' eating," she said. "They eat to live and live to eat. Food must taste good in addition to being good for you." It's the Baby Boomers who are driving the demand for ingredients with recog- nizable names, minimally processed and locally sourced food and for tools to pre- pare the food at home, she said. For retailers, what this means is that they should be smart about the Baby Boomers and budget marketing dollars to appeal to the consumers who are still out- spending every other generation. They should make sure that they're spending some of those dollars on online media, since most shoppers who access a web- site while they're in a store are actually looking at that store's website because they're seeking more information about the products in front of them, Everton said. "Baby Boomers are looking for products that will work in a simplified space – their filters are different, and that's what's defining their decisions," she said. Baby Boomers love products that are customized, since customization appeals to Baby Boomers' sense that they're spe- cial. They love products that offer more than good looks. "They love sustainabili- ty," Everton said. "They're updating tra- ditional looks." Email is still the best way to reach out to Baby Boomers, and Facebook is the social platform that reaches Baby Boomers, Everton advised. She noted that, "What you really need to do is to get people to talk to each other, so tell them stories – and then listen to them, so that you have those stories to tell." EMPOWERING FARMERS, GROWING SUSTAINABLY, STAYING TRUE TO ORGANIC Founded nearly 20 years ago, ecoLife ® was established with a passion to offer sustainable organic food, all while empowering and improving the daily lives of farming families. ecoLife pro- vides farming communities with assis- tance and free education in current social, economic and environmental best prac- tices. It's a relationship and a way of doing business that truly sets the compa- ny apart. ecoLife offers more than 20 organic items across four food categories, includ- ing aromatic Basmati rice, Jasmine rice, ancient grains, pulses and many other nutrient-rich items. The unique item in the line is the Quick Cook Brown Basmati Rice. What differentiates this organic brown rice is its reduced cooking time of just 12 minutes, a convenient alternative to the 40 min- utes normally required to prepare brown rice. The full range of authentic rice, ancient grains, pulses and beans are all USDA Organic and Non- GMO Verified products. With a farm to fork approach, ecoLife partners with farm- ing families to offer sustain- ably grown, cultivated and harvested products from their country of origin. Good for people. Good for the planet. Live the ecoLife™. For more information, visit www .liveecolife.com. NONNI'S FOODS BRINGS OUT BISCOTTI WITH FLAVORS OF SPRING For the first time ever, Nonni's Foods is introducing a new limited batch of spring biscotti flavors. Inspired by the freshness of the spring season, White Chocolate Cherry Biscotti and Limoncello Pistachio Biscotti hit select grocery stores nation- wide beginning in March. The seasonal flavors are only available for a limited time. "Spring has officially sprung at Nonni's, and we are thrilled to introduce these new flavors and limited batch prod- uct line inspired by the season. Our holi- day flavors tend to perform well and we know our consumers look forward to them, so we wanted to give them some- thing new during the spring months, too," said Patricia Wong Bridges, Senior Brand Marketing Manager for Nonni's. "Our goal is to consistently offer unique, innovative and on-trend biscotti flavor creations that get consumers excited." Fresh from Nonni's artisan bakery, each cookie is made with wholesome ingredients including real eggs, butter, fruits and nuts, giving the biscotti a light, crunchy texture that is delicately sweet. "As the weather warms up, we hope con- sumers find these fla- vors to pair seamless- ly with their iced cof- fee or tea for that per- fect morning treat or afternoon pick-me- up," said Bridges. Nonni's White Chocolate Cherry Biscotti are filled with cherries and white chocolate, and deli- cately drizzled with white chocolate icing, while Nonni's Limoncello Pistachio Biscotti are made with real pis- tachios and tangy lemons, dipped and drizzled in gourmet white chocolate. Each box of Nonni's Biscotti contains eight individually wrapped bis- cotti and retails for $3.29. At only 110 calories apiece, Nonni's offers the sweet fla- vors of spring in a guilt-free indulgence that is perfect for snacking or sharing. The superior combination of quality care and ingredients makes Nonni's Biscotti the sea- sonal treat that consumers desire. These treats are individ- ually wrapped in portion-controlled packs that seal freshness and maintain the highest quality flavor, and can be enjoyed as an indulgent snack or post-dinner dessert. For ordering information, retailers can call 877.295.9604 or visit www.nonnis.com.