While there is no accepted definition of what constitutes a luxury purchase, Daniel Drolet’s article in the Ottawa Citizen on Jan. 12 confirms that the luxury market is growing for generational reasons. Boomers with incomes between $75,000 and $99,000 are more likely to purchase luxury items because they “feel they have permission to indulge,” and they do. These empty nesters have more money to spend – but instead of spending it on material goods, according to Drolet they’re spending it on brands, which offer life experiences and small indulgences such as dining, entertainment, spas, travel and home services.

The key to reaching this burgeoning market is based on the premise that “it’s not what you sell, it’s how you sell it.” Marketing communications is key in developing and delivering targeted communications which convey the value or unique experience your brand offers. Make your customers’ experience with your brand fit the bill, and your business will be booming.

Even though I’m not eligible for the senior’s discount when I buy a ticket at the movie theatre (and will turn it down even when I am eligible), 2006 marked a year when boomers not only saved a few bucks, but made millions of dollars for the movie industry.

As Johanna Schneller explained in her column in The Globe and Mail on Jan. 5, movie executives realized if they produced movies which celebrated the boomer and put them centre stage, their coffers would fill. And last year boomers flocked to see themselves in films such as Da Vinci Code, The Devil Wears Prada and The Departed.

Companies need to abandon cliché stereotypes, and tap into boomers’ desire to have their age represented as a plethora of positive attributes versus grey hair and glasses. 50 plus is the new 40. Respecting the boomers’ perception of themselves as vibrant and vital is key to harnessing their purchasing power and brand loyalty.