There are many markets that one could choose to target in the world today. America alone has the most diverse population, whether they are segmented by age, race, or generation. One of the most popular market segments happens to be the baby boom generation. This group makes up a very large market segment, and is becoming a popular target when it comes to automobiles these days. Over the past few years, baby boomers have been buying different types of cars, depending on their lifestyle, income and attitudes. This is simply because, "More than most other products, automobiles reflect the personality, status and consumer behavior of its owner and are strongly associated with particular lifestyles and age groups" (Menchin, 1989, p.167). Some have also remained out of the automobile market, and prefer to repair rather than replace their existing cars.
[...] Product and appeal is the reason why all of these luxurious cars have attracted the baby boomers, and made their segment a popular one to target when it comes to luxury these days. Baby Boomers are breathing in Nostalgia The most recently made popular automobiles that are purchased by baby boomers are those that give them the sense of nostalgia with their retro styling. It is proven by Youn (2001) when he states: “After one look at the mixed bag of newly designed nostalgic automobiles in the 2002 line-up, it's evident that automakers want to take us back to the good days. [...]
[...] Kranz, Rick. (2004, February 2). Chrysler mulls retro's future. Automotive News, 78(6078) Menchin, Robert S. (1989). The mature market: A strategic marketing guide to America's fastest growing population segment. Chicago: Probus. Morgan, C., & Levy, D. (1993). The mature market: Identifying, targeting and reaching America's diverse, booming senior markets. Chicago: Probus. Moschis, George P. (1992). Marketing to older consumers: A handbook of information for strategy development. Westport: Quorum. Moschis, George P. (2000). The maturing marketplace: Buying habits of baby boomers and [...]
[...] These are the automobiles that remind boomers of their youth, stirring up nostalgia, no matter what the size or shape of the car. All of these cars have been marketed and designed for the baby boomers, specifically, because of the size of their segment. Some Boomers Feel That They Are 30 Years Younger When the first modern two-seated, convertible roadster, the Mazda Miata, came out in the early 1990's, it paved the way for many other roadsters to roll up, but no one ever thought they would sell as much as they do today. [...]
[...] Approximately 56 percent of all new car purchases are made by heads of household who are 50 and over, and the cars they buy are more expensive than those purchased by younger groups.” Baby boomers are now between the ages of 40 and 58, which makes a huge market for luxury cars. Susan Jacobs, president of Rutherford-based Jacobs & Associates, which deals with the analysis and forecasting of the luxury car market, states, general, the underlying conditions for luxury cars are favorable because the demographics are very positive with the baby boomers moving over the age of (Drake, 2002). [...]
[...] usual cavalcade of new truck brands has been joined this year by a series of new cars, some of them aimed at rekindling baby boomers' relationships with the wheels romanticized in their youth,” Wood (2004) proclaims. A spokesman from General Motors, Craig Eppling, says “Automakers aim to generate excitement with retro looks and retro nameplates” (Wood, 2004). Ford, for example is coming out with two new retro models in 2005, the Mustang Fastback and the GT. Wood (2004), states, “Ford is bringing back a classic look for a longtime favorite, the Mustang. [...]
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