The “Baby Boom” generation, born between 1946-1964, has played a significant role in shaping the nation’s economy and culture. As this demographic ages, there are three prominent trends that marketers and businesses should consider over the next five years:
1. Working Retirement:
- Unlike previous generations, a substantial number of Baby Boomers plan on working past the age of 65.
- Approximately 65% of Boomers express the intention to continue working in some capacity during their retirement years.
- Economic factors, health concerns, and the need for additional income are driving this trend.
- The concept of a “working retirement” influences leisure activities and travel plans.
2. Changes in Purchasing Habits:
- Continued employment results in specific spending patterns, such as the need for professional attire and reliable transportation.
- A growing portion of Baby Boomers is embracing online shopping, influencing various industries.
- Medical care, security, entertainment options, pet ownership, and community activities become essential factors in spending decisions.
- Increasing reliance on medical technology and healthcare support contributes to a significant portion of their budget.
3. Skew Even More Female:
- With women typically outliving men, a higher percentage of the aging population will be women.
- Products traditionally targeted at men, such as golf gear and grooming tools, may experience a decline in demand.
- Conversely, products catering to women, especially in areas like health and wellness, may see an increase in demand.
As the Baby Boomer generation continues to age, these trends highlight the evolving needs and preferences that businesses and marketers should consider when developing products and services. Adapting to the changing landscape of this demographic will be crucial in providing relevant and effective offerings. The nation’s infrastructure will also face challenges in supplying housing, medical care, and entertainment for this aging demographic.