The new life stage changing the way we think of target audiences. Or is it forever 20s? We will see in time. But there is certainly a big change that we marketers and market researchers need to accept. For all of mankind’s history, life fell into three stages. You were a child, then an adult, and then old. It was simple. But, in the last century, things changed when the idea of ‘teenage’ developed – a decade or so between being a child and a responsible adult. More recently, over the last three decades, we have seen yet another stage appear, what we call ‘New Life Builders’. Those 50, 60, 70 even 80-year-olds who have moved past traditional adult responsibilities like raising children, buying homes, and working till retirement or semi-retirement.
And yet they know they have decades of life left and want to try and retry new things. And yes, we have seen that these ‘boomers’ still are wearing their t-shirts, buying the Stones’ new music, and learning new tricks. And that has opened many new opportunities for smart marketers who realise that these are the real core target for businesses that want to grow.
But among those 15 to 50, there is also change. They are not letting the lifestyle we used to associate with youth go.
More people around the world are staying at home or returning home in their 20s, 30s and beyond. In Italy, the ‘bamboccioni’ are 40-something men whose 60-plus-year-old mothers have to get court orders against them to get them to leave home. Extreme! But look at Japan, America, China, and India, and you will see that something we have not seen is happening that we are calling the ‘Extended 20s’. The trend of an increasing number of people to hit their 30th or 40th birthdays and still be living lives we used to call ‘youth’.
Of course, there are economic reasons in different markets. But we see many other signs of an extended young adulthood. Having a first child is now a thing for 30-somethings. We see constant evidence that when you have your child, often if it is the only one, they are treated as a playmate and friend. Pets becoming surrogate families. The entertainment for kids of the past like the Marvel world, gaming, clubbing, fashion trends, and the need to be socially connected are all no longer the college student profile. They are the signs of everyone for decades.
The world we used to think of for the 20-somethings has extended. But, so what? Well, this new life stage can affect just about every category.
It starts with people doing more of what you might call ‘youth activities’ like spending money on music, concerts, movies, clothes, and fashion – more than you might think for someone in their ‘post-20s’. It will mean spending money on travel, hobbies, and family. But not children!
What we have seen as the category that gives away the ‘Extended 20s’ phenomenon is pets. Around the world, we have seen dramatic increases in spending on pets and pet care: Higher-end veterinary facilities, more expensive pets, and more money on in-home care and food. Pets are becoming supplementary children.
What about homes? Again, people are putting off buying homes. Furniture trends are about ease and comfort and ‘temporariness’, not about building a long-term home – the Ikea, Muji, etc boom.
And children? As we said, people are putting off having children. Of course, you will see politicians in countries globally talking of the need to subsidise young couples’ lives to try and increase birth rates. But after decades of trying we are now recognising that as more people enter the middle class and young women in particular get better education they lose interest in big families. And when they have a child they don’t want it to dramatically change their lives.
All of these mean huge opportunities for Bangladeshi marketers who can understand these demographic shifts both in overseas and domestic markets.
The challenge for marketers is to always be ahead of demographics. How do you merge all those changing hobbies and habits to help adults keep up that Extended 20s lifestyle? How do you deliver values in the merged cross-over between real and digital lives that seems so last decade now but will only progress much faster with new AI tools? How do you change your product development and marketing techniques in a world where life stages are changing?
Engage more with marketers. We are always looking forward to helping.
