Time Is On My Side, Yes It Is, Still.
Jul 8th, 2009 by David Svet
My wife and I are about to become empty nesters. I know, this is a professional blog about marketing issues. Hang with me for a moment. So, yes, our only child is about to fly away to college. We got our first taste over the last month as my son was away being a camp leader and volunteering. That’s when it hit me. The future that we plan for is usually nothing like what we expected once it arrives. As a marketing issue, this is big.
On the consumption side of the economics equation the impact is obvious. We now have fewer people in the house and a very different demographic mix. Grocery store trips are suddenly very different. I can buy 20 percent of the food I used to buy (my son’s a competitive swimmer). I have lots of stuff around the house I no longer need. I just lost my diving buddy, my kayaking buddy, and my camping buddy. The net result is that our day-to-day spending habits will change dramatically. I know, college is expensive, but we are fortunate to have planned for that and have it covered.
The less obvious impact is on the accumulation side of the economic equation — the place where Spur Communications works — investment, philanthropy, and the nonprofit sector. How are they impacted by our inability to accurately predict the future and the different reality we face once it arrives? It is, after all, an equation. If one side goes down the other goes up. While I noticed a pronounced change in our spending without my son around, the real eye opener was the change in our availability of time.
This is something that I knew was coming, but when it arrived I was totally unprepared. I had no way of understanding how much time my wife and I spent living a life that evolved around raising children. Don’t get me wrong, we live a fantastic life, but it is about to change a lot more than I realized. Suddenly, we have time, money, experience, and expertise in abundance. This is a good thing, and I’m not alone. My age is at the peak of the Boomer generation. There are a bunch of us and we are all in similar boats. We are also easy to find. SAT and ACT testing generates amazing lists of soon to be empty nesters.
This is an economic opportunity of unseen proportions for the third sector at a time when they most need it. The empty nest population is an enormous, untapped resource of wealth, wisdom, and energy. I believe it’s largely untapped because most marketing deals with consumption and empty nesters have long been told to live it up once the kids are gone. This is no longer the case since the economy is swirling the drain. If we are smart, we can capitalize on this moment in time to get people to stop licking their economic wounds and volunteer. Get people engaged. We have the time and energy. The economy will recover. When it does, those who are engaged will likely follow up with giving.
Has anyone else gone through this and come to the same conclusion? How about a different conclusion? What do you think?
“If we are smart, we can capitalize on this moment in time to get people to stop licking their economic wounds and volunteer. Get people engaged. We have the time and energy. The economy will recover. When it does, those who are engaged will likely follow up with giving.”
Dave, you are indeed in a unique position to maximize this potential and bring forward a viable value proposition. It would be interesting to see the North American demographic on empty nesters and determine whether or not social media can somehow effect a tangible level of engagement, enough to really witness the collaborative efforts seen in thriving communities.
Onwards and upwards! Autom
I couldn’t agree more, Autom. Wouldn’t it be a wonderful world if this is actually the confluence of ideas, technology, economics, and opportunity at a point in time that can foster real change? I am more hopeful and energized than ever.
Thanks! David
Though we can’t prove it, we’ve got plenty of anecdotal evidence to suggests that boomers experience a rennaisance of sorts after they go empty nest. Dormant interests in food, art, design, architecture, fashion….. they seem to come to the surface. We’re in the business of selling style for events. In the case of charity or corporate events, I’ve found that I can’t sell to a 40 something to save my life, but I can sell to a 50 or 60 something without problem. I don’t believe that they are just giving a kid a break out of paternal/maternal instinct. They seem to have a genuine interest in the stuff we’re selling. They are perhaps more “with it” than their 40 year old counterparts. Since recognizing this, I’ve been paying more attention and gathering evidence. I find it interesting that a product could exists that appeals to two generations, but skips the one sandwiched in the middle.
Neil,
I think your hunch about your discovery is correct. There’s quite a bit of documented research about the differences between the generations that could be used to support your observations. Between the differences between generations and the post nest renaissance I think you have an answer to your sales trends. I wonder what will happen with Gen-X as they become empty nesters?