Could the automotive industry be waking to the huge 50+ market opportunity? Anyone who has tried to sell automakers on targeting older consumers can tell you the industry is among the most youth-obsessed categories around–and that they’ve been missing some big opportunities by failing to reach out to older consumers. Boomers account for more than half of all car sales, and dominate luxury purchases, as well. Now, Newsweek writes that carmakers are catering to growing demand for more environmentally responsible vehicles, and that Boomers are leading the charge:

Fifty-four percent of all vehicles purchased last year were by people over 50,” says Chrysler trend watcher Steve Bartoli. “We call it the silver tsunami.”

When Boomers were kids, carmakers scrambled to meet Boomer demand for muscle and sports cars; later, it was minivans and SUVs. Today, it’s hybrids and fuel-efficient crossover vehicles. But carmakers haven’t really figured out how to target Boomers. Newsweek notes that they’re scrambling to identify the next big trend, so far without many success stories. Ford took a shot at a car marketed specifically to Boomers with its Ford 500. The idea was a sedan emphasizing comfort and safety (built on a Volvo platform), and it sold moderately well in 2005, it’s first full year of sales. But momentum tanked in 2006, and the model was later re-branded as a resurrected Taurus. Toyota’s more subtle Boomer strategies include its emphasis on environmentally friendly models, and humorous ads playing to empty-nester freedom and adventure themes. One ad for the Highlander SUV depicts a middle-age couple dropping off a child at college. Copy reads: “5:15 p.m. Dropping the kid off at college,” the text declares. “5:17 p.m. What kid?”

This entry was posted on Sunday, April 8th, 2007 at 11:56 am and is filed under Advertising, Automotive, Environment, Marketing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.