The Baby Boomer Opportunity: What Building Product Marketers Can Do

NAHB’s CAPS program can be valuable for building product marketers

We all know the marketplace is constantly evolving. Our “Gray Hairs are Everywhere” blog post from earlier this year introduced us to the Millenial generation which is a term used to describe those born between 1980 and 2000. Also known as “Generation Y”, Millennials are the children of the Baby Boomer generation. We’ve discussed what these Millennials mean to your business, but what about their parents?

 Baby Boomers make up 42% of the adult population and according to the AARP this segment can make quite an impact on our companies:

• Boomers buy 45% of all consumer goods
• Boomers have 75% of the discretionary wealth in America
• 68% of them even give money to their adult children

And they’re not going anywhere. The Boomer population is growing 7x faster than the 18-49 segment and they will be the dominant demographic for the next 40 years.

We already know that older homeowners overwhelmingly prefer to age in place, 84% of them according to the AARP, which means they want to live in their homes safely, independently and comfortably, regardless of their age or ability level. This goal aligns with the building products industry perfectly. Boomers want to upgrade their homes to ensure they are accessible, safe and comfortable and we have the products to help them.

But what can you do to ensure you are positioning your products to appeal to this market? One way to do this is to check out your local NAHB chapter and see if they offer the Certified Aging-In-Place Specialist (CAPS) program which is designed to address the growing needs of homeowners looking to stay in their homes longer. While most CAPS professionals are remodelers, even building product marketers can benefit from seeking this certification. By achieving your CAPS designation you will learn:

• The unique needs of the older adult population
• Aging-in-place home modifications
• Common remodeling projects
• Solutions to common barriers

Beyond that, you will network at the CAPS course with the people you try to reach everyday – potential customers that are self-seeking to learn more about this important market.

Baby Boomers: The Facts

• Today and every day for the next 18 years, another 10,000 people will turn age 65
• By 2050, the population of Americans aged 65 or older will be 88.5 million—more than double what it is now
• Americans aged 85 years or older will reach 19 million—triple what it is now
• 84% of Boomers are already 50+

To read more about CAPS and to find your local NAHB chapter, visit www.nahb.com.