Between now and 2014, 10 Boomers will turn 50 years old every minute. By 2030, 20% of Americans will be 65+. What’s most remarkable is that most of them will live at least 25 years more, creating the largest and wealthiest generation in the history of the United States.
Despite the current financial situation and the fact that many Boomers have seen their 401(k)s slashed to 201(k)s, Boomers are the wealthiest generation in history and will only get wealthier as they inherit their parents’ generation’s assets. And because Boomers will possess the physical and financial means to enjoy their lives, over the next two years alone, Boomers will spend at least a trillion dollars MORE than all consumers under 45 combined.
Unfortunately, millions will discover that social security will be their only source of income. But millions more will have increased time, resources and interest in enriching their lives. What will they spend their money on? Wellness, travel and making being older cool.
Although 83% of Boomers say that eating healthy is important or very important, only 11% claim that they eat healthy all the time. 61% say they are only successful half of the time. And while 29% say they can’t afford it, most simply say they don’t have the information, availability or the time to make healthy changes to their lifestyles.
If the old saying is correct that “we spend the first half of our lives trading health for wealth and the second half trading wealth for health,” then the opportunity should be clear – Boomers will spend money, and lots of it, to stay healthy and enjoy their lives. Entire new businesses and industries will spring up to service these newly wealthy consumers eager to spend their hard-earned and inherited cash on improved lifestyles. But lots of existing businesses – restaurants, grocery stores, hotels, cruise lines, computer companies, retailers, pharmaceutical companies, hospitals, HMOs, cosmetic surgeons, advertising agencies, and others – will reconfigure their businesses to exploit this golden-age mine.
The Who’s Roger Daltrey (who turned 66 in March) was talking ‘bout my generation when he sang, “hope I die before I get old,” and Boomers heard the message. But instead of dying young, 50+ consumers have decided to stay young just as long as they can. How are you going to take advantage of this burgeoning opportunity?
Tags: aging consumers, Baby Boomers, Marketing, marketing to seniors, Roger Daltry
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most interesting.
whats the future like for very short and mentally challenged boomers?
As always Bruce, great blog. Makes me want to open up a juice bar
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Watching Dr. Oz, waxing the hair on their back, getting a facelift, doing yoga, turning vegetarian and meditating, having friends 1/2 their age, or even… Gosh, running a marathon?!
Bruce:
Great stuff! We are already noticing an increase in age specific events for boomers and older generations. Boomers are the first generation reaching retirement to have been exposed to the benefits of physical activity throughout most of their lives.
Most interesting my dear friend Bruce,
You never address the transition in life moving from the “material world to the spiritual” Yet there is a large and growing populace of worldly people totally conscious, aware of exactly what is presently occurring. From every standpoint you could imagine; natural and unnatural disasters, the world economy, radical ideological shifts, and the possibility and perhaps the probability that life as we know it to be may never be the same for aspects of not only Boomers but certainly for our children and beyond.
Bruce, if perchance you are reading this as some doomsday future or projection, I clearly am speaking totally the opposite! The future in terms of real values including health and well being, our relation to money and the material world and a context for the true gift to be alive may in fact be accelerating in front of our eyes right now. Peoples winning formulas and historical practices of succeeding and being successful and abundant may fast be diminishing into perceiving the essence of life, entering into a new global paradigm. Resistance will persist, but to no avail. Unquestionably worthwhile to discourse to a particular conscious being, is the genesis of a new future, if not for ourselves for our children and grandchildren.
Respectfully, your friend, Martin
Bruce-
On target, as usual. Unlike Roger Daltrey’s mantra, mine has become “hope I can work until the day I die”! As long as our generation can be productive – why not contribute to the economy both financially and professionally. As boomers get older and their assets grow through continuing to work and/or inhertance, my business will prosper!
Boomers have been the key drivers of the US economy since the 1940′s. That trend continues. Consumption of products from cars and homes to clothes and jewelry is on the decline and likely to remain so. Services that eliminate our backaches, wrinkles, gray hair and improve our eyesight, memory and sense of well being will abound. How to take advantage? Start businesses in healthcare that do not rely upon insurance payments.
I know this is true Bruce! I will work till the day I die because I love what I do. Maybe not as much as Roger-but pretty close.
Funny I was preparing a post on this very topic called “Young and Pretty Is Google. Older and Wiser is better”
My premise is that as boomers we have something none of the other generations have. Like our grandparents survived the depression, we survived an analog to digital transition. There’s a lot to be said for those of us who grew up on typewrites with carbon paper so we can appreciate scanners, sharing and archiving. A lot to be said for a traditionally trained designer who can draw and knows how to get attention versus the web designers born digital and breast fed on gaming who know code but have no business experience to understand consumer behavior and how to make a message pop off a page or write a headline that sells. I could go on and on, but maybe you’ll want to finish my thoughts on your next post.
Young and Pretty is Good I meant (Freudian slip not just fast carpal fingers!)