I spent a few hours yesterday as a camera operator for a focus group conducting research into how the economy has impacted baby boomers and the ripple effect into brand loyalty.
Part One: How Has The Economy Impacted You?
The group comprised of two widows, one single woman, a couple with grown children and a couple with no children. Aside from the couple with no children, everyone else in the group expressed feelings of fear, betrayal (by both corporations and the government) and what felt like almost a sense of abandonment. Many had banked on their homes appreciating to fund their retirement, now they fear that their houses won’t recover in time to fund a retirement. Several have been laid off and had to find new, nearly minimum wage jobs. With gas and groceries ever-increasing in prices and several houses underwater, it painted a grim picture. They all agreed that they feel like they are consistently taken advantage of by employers, but what options do they have as older members of the workforce with no other possible sources of income.
Part Two: How Has The Economic Situation Impacted Brand Loyalty
I wasn’t too surprised to learn that many had shot brand loyalty out the window a long time ago. Comfort, value and durability were frequently used terms. One person expressed a lost brand loyalty for a shoe company because they had gone to replace a 5 year old shoe only to see that model was still available, but quickly discovering that the “formula” had been changed and it was now ungodly uncomfortable. Others who had been with Comcast for years were treated like dirt when they asked if they had anything to compete with the new Verizon FIOS offerings, but that FIOS customer service was no better since the switch. Fairly consistently, they felt as though most brands had burned them enough that they really don’t care, they’re just going to be on the lookout for values at this point.
Prophets
In Howe & Strauss’ book Generations, they described a type of generation called “Prophets”:
A Prophet (or Idealist) generation is born during a High, spends its rising adult years during an Awakening, spends midlife during an Unraveling, and spends old age in a Crisis. Prophetic leaders have been cerebral and principled, summoners of human sacrifice, wagers of righteous wars. Early in life, few saw combat in uniform; late in life, most come to be revered as much for their words as for their deeds.
Baby Boomers are considered Prophets according to Howe & Strauss. Unfortunately, the description above fits all too well regarding “spend[ing] midlife during an Unraveling, and spend[ing] old age in a Crisis.”
Millennials
I am a Millennial, which is considered to be in the Hero generation:
A Hero (or Civic) generation is born during an Unraveling, spends its rising adult years during a Crisis, spends midlife during a High, and spends old age in an Awakening. Heroic leaders are considered to have been vigorous and rational institution-builders, busy and competent in old age. All of them entering midlife were aggressive advocates of technological progress, economic prosperity, social harmony, and public optimism.
I am currently spending my “rising adult years during a Crisis” and am hoping the trend is correct that my midlife is during a High, hopefully one that will coincide with my mothers Crisis so I can help her.
I’m not totally sure what I’m trying to say or what questions I’m trying to ask, but I will fully admit I feel terribly for my parents generation and the issues going on in their lives during a time that should be happy and relaxing.
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