The “Baby Boom” generation, born between 1946-1964, is undoubtedly one of the largest age groups of our nation and consequently greatly influenced our economy and culture. As marketers research this consumer segment, they must take maturing investments and spending habit changes into account. These are the 3 trends that we will see over the next 5 years.
Previous generations have stopped working at retirement; this is not true of the baby boomers. Roughly 65% of Boomers plan on working past the age of 65. A study by Voya Financial noted that 60% of retirees were forced to end their careers earlier than planned, due to layoffs and health concerns, and then found that their savings were not as sustainable as expected and needed to find additional income. Taking this time to ensure ends meet results in less free time for leisurely activities and travel.
Changes in purchasing habits
With continuing to work comes the need for professional attire and reliable transportation. Along with that, more and more time and money is being spent online. Medical care, security, entertainment options, obtaining and maintaining pets and community activities are all varying factors taken into consideration. Medical care in general is a huge budget item as Boomer’s rely heavily on both traditional and innovative medical technology and healthcare support.
Skew even more female
With the life expectancy of women exceeding that of men, a greater and growing percentage of this generation will be women. Products mostly bought by men won’t have the same consumption rate as before, so items like golf gear and men’s grooming tools will not be in high demand. Respectively, women’s products will increase.
We see major changes ahead as our country’s infrastructure stains to supply housing, medical care and entertainment for the oldest members of our society.