GoodnightEntrepreneur

The Boomer trend

If you could understand the future
What would you do different today?

Understanding trends can help to reshape your business better for the future. In my last post I have mentioned some trends and would like to elaborate on them with my next few posts.

Baby boomers are the generation born between 1946 and the early 1960’s. This generation’s specific development stage and associated needs have dominated world markets.

In 2004 Walker reported, “the UK baby boomers held:

• 80% of the UK’s wealth and
• bought 80% of all top of the range cars,
• 80% of cruises and
• 50% of skincare products”.

However, researchers have noted that looking at the baby boomers as a single group will be incorrect and cause you to miss the diversity within the group. Thus, when you aim your business at the boomers you need to define the specific group you are targeting and identify their unique stage of life, physical ability, specific mindset and needs.

A very important fact for people planning to do business with the baby boomers is the “Inheritance Boom”. The financial experts predict that in the coming years the boomers generation will inherit $10.4 trillion.

Research reports on the activity and spending profile of the boomers showed: (Baucom &Grosch; The National Tour Association and Walker)

• The higher educated Baby Boomer generation are currently the largest segment of newspaper readers. Thus, newspaper advertising can be a good way to reach them.
• Baby Boomers make up 20% of total online users. No longer can the older population be viewed as afraid of or hesitant to use technology. Easy access to information is very important to them.
• 46% of boomers plan to work part-time for enjoyment. An additional 12% plan to start their own business.
• Leisure activities that enhance personal well-being and provide a new experience are in great demand with baby boomers.
• Travel is an important priority. Experiential travel and Military tours are gaining popularity.
• Boomers make up a large percentage of people who attend and promote the arts.
• As they enter maturity, the new “currencies” embraced by boomers will be time, comfort and access.
• Baby boomers are redefining what middle age is and part of it is a pursuit of youthful and vibrant lifestyles. But research warns us not to make the mistake to think they want to be 20 again. Baby Boomers want to feel as good as they possible can for their age – don’t market to them as if they are young adults.