If you thought that the money lies in the youth market, you thought wrong! An ageing population is a global trend, so you should rather be aiming your products and services at the more mature end of the market – the Baby Boomers. Here’s why…
What Are Baby Boomers?
The term Baby Boomers describes people born between the years of 1946 and 1965. In this period, 76 million children were born in the United States alone – a boom in the birth rate related to the societal optimism following the end of the Great Depression and World War II. Baby Boomers are now between 45 and 65 years of age, and have a particular sociocultural identity. The Baby Boomer generation has been described as ‘the pig in the python’ – the sheer number of individuals born during this time has forced significant societal change.
What Are the Characteristics of Baby Boomers
Baby Boomers are often referred to as the Golden Generation – this cohort has enjoyed the enormous privileges that come with good times. Housing and education subsidies implemented by governments post-World War II have greatly benefited the children born during this time, and they grew to be the wealthiest and, some would argue, most influential generation in history. Baby Boomers characteristics include:
- Rebellion against the norms and values of the ‘G.I. Generation’ of their parents
- Work-centric and goal-oriented attitude
- Attachment to the material (status symbols)
- High levels of debt and lack of planning for retirement.
How Baby Boomers Will Affect the Economy?
With more disposable income than any other generation before or since, Baby Boomers have had a profound influence on the economy, with Baby Boomers currently accounting for half of all consumer spending. As this generation ages, there will be a shift in the focus of consumer activity from the youth to the mature market, argues psychologist and author Ken Dychtwald. He calls this upcoming global trend The Age Wave. It presents enormous economic opportunities for:
- ‘Mid-life crisis’ products
- Health & Fitness products and services
- Anti-ageing products and services
- Travel products and services
- Senior care products and services.
Did You Know?
Baby Boomers 55 years and older are the fastest-growing segment of entrepreneurs.