“I’m going to go heretical on you, and say that youth does not own cool. Youth does not own growth. Youth does not own innovation or disruption. Brands must not neglect the growth market of older consumers to focus solely on youthful audiences” said Mark-Hans Richer, Harley’s Chief Marketing Officer, at the Association of National Advertisers’ 2015 Masters of Marketing Conference in Orlando, Florida.
Building on this argument, Richer cited a recent study which pegged Millennials at a $200 billion buying power in America. “Contrast that, with the $3.2 trillion buying power of people aged 50-plus. The market potential in front of you today is 111 million 50+ adults. Ten years from now, it’ll be another 17 million. And ten years from then, it will be another 32 million and on and on and on” added Richer.
The numbers he cited are correct, except that when getting older, baby boomers spend less and less on motorcycles and more on other things and other leisure activities. And Harley can’t expect that today’s millennials who never rode can be convinced to ride for the st time when they reach 50…
During the last few years Harley-Davidson has aimed to expand its customer base with an emphasis on reaching a more diverse group of younger consumers, female and minorities. I agree that it doesn’t mean ignoring those reaching 50 who already ride. They will represent for a long time a growth market for all motorcycle manufacturers. But not the only one. Harley should recognize its competition on the 2 target categories of Millennials ((born between 1980 and 2000) and Boomers. Continue reading ‘What Said Harley-Davidson’s Chief Marketing Officer Mark-Hans Richer’