Page 62 - Lighting Magazine October 2018

the ExpEriENcE EcoNomy
This demographic considers Wellness to be the New Luxury.
HIttInG tHeIr strIDe
“This generation of people ages 50 to 65 tends to get lost between the Baby Boomer and Millennial conversation,” Jordan admi ed. For members of this demographic, there is a theme of “nostalgic tastes” and a focus on “having experiences.”
Playfully referring to changes in their workplace environment as “Teaching Old Dogs, New Tricks,” Jordan mentioned there is a shi from the large manager desks of the past to “dynamic deskers” (having no desk per se) and to “scrum spaces” that are shared. This group is also willing to give back in the workplace with growing importance on “mentoring up” and “mentoring down.”
For this age group, there is a focus on authen- ticity and learning more about an item before they purchase it. “They want to know the story behind the product and nd out more about the person who cra ed it,” she said. Both men and women in this demographic consider “Wellness to be the New Luxury” and are placing empha- sis on products and activities that enhance their lifestyles.
oLDer, not sLower
People between the ages of 66 to 84 are “not going gentle into that good night,” Jordan joked, referencing the Dylan Thomas poem. They still value ownership over a sharing culture, she explained, but added that they have a similar mindset when it comes to eco-consciousness. “For example, they are looking at alternative pow- er resources and smarter homes,” she observed. They like to use technology to help them maintain their independence by performing menial tasks – such as having lights or thermostats turn on and o – and for companionship via voice-activated controls. “This group is looking to be catered to rather than chased a er,” she remarked.
Forget about surrendering to the aging process. The Older, Not Slower members are interested in capturing the point where Health Meets Beauty. She pointed to the decision made at Saks Fi h Avenue’s agship in New York City to devote the entire rst oor to the beauty category as proof. “It’s become like a mani-pedi spa with in-store treatments all geared toward providing a luxury spa experience that enhances people’s lifestyles.” “This is a wellness-focused demographic,” Jordan observed. “They’re looking for skin protection and enhancements rather than cosmetic products.”
“This group is looking to be catered to rather than chased a er.”
be aware of it,” she cautioned.
The younger half of this demographic gravitates
toward a “sharing economy.” Companies such as Ev- erytable (whose business model provides a ordable food to “food desert” areas where access to healthy food is limited) and City Bike programs are mak- ing a positive impact. “This group is not purchasing ‘new.’ My daughter has discovered Bu alo Exchange (where customers can buy, sell, or trade their clothes for cash on the spot),” she shared. “As we see tari s impacting imports, it will have an a ect on what’s in our closets.”
The younger portion of this demographic is not viewing careers in the same way their parents did. “It’s the era of ‘Be Your Own Boss,’” Jordan remarked. “Our generation is probably the last one that believes in staying with a company for years. The younger ones have a more transient nature when it comes to employment. They value their free time more.”
58 enLIGHTenment Magazine | october 2018
www.enlightenmentmag.com
Hi ing Their Stride Ages 50-65
Older, Not Slower Ages 66-84