Globally, the aging population is enlarging, and this group’s participation in the labor market is increasing accordingly. By 2030, people aged 60 and above are expected to outnumber children under age 10 by 60 million. Projections estimate a 30% growth in labor participation from the 65+ age group. At global scale, the increase in life expectancy promotes even more age-diverse workforces as well as a delay in retirement, as seen currently. In this context, baby boomers, individuals born between 1950 and 1965, are increasingly adopting artificial intelligence (AI)-based technologies and internet-enabled services to help support their basic needs. Even more so with the COVID-19 pandemic, the way in which boomers engage with high-tech is a cross-industry trend that offers huge potential.
Rethinking Business Strategies as Seniors Delay Retirement and Continue to Influence Consumer Spending
As the wealthiest social cohort, baby boomers influence key purchasing decisions. In the United States alone, boomers held nearly $59 trillion in household wealth in 2020. Their wealth doubles that of gen X and outnumbers that of millennials, who are just entering the prime of adulthood. This generational patterned distribution of wealth is also seen in Europe and Asia, which means that the boomers have a global capacity for driving major trends in consuming, spending, and funding.
Major growth opportunities associated with boomer-aged consumers will emerge in health tracking and monitoring, guidance and customer care, and financial planning for retirement. Better outcomes can be expected from countries and enterprises that invest in technologies such as AI and biometric trackers, dashboards for an easier wealth management, and trained agents (human or robots) applied to guidance and education support.
This study offers a look at the impact the baby boomer generation has on several markets, which are projected to draw formidable revenue from this social cohort during the current decade. The changes driven by this segment are most noticeable in the healthcare, financial services, and customer care industries. In these key areas, baby boomers are a highly valuable consumer target, and the data regarding their consumption patterns represents a profitable asset. Companies that want to focus on marketing to baby boomers have a significant opportunity to leverage seniors’ need for both inclusion and independence.
Key Issues Addressed
- What are the key factors and indicators driving the market for aging consumers?
- How is this age group driving the innovation and commercialization of specific products and services?
- What are the key growth opportunities to watch out for during the next decade?
- What are the critical success factors for growth among governments and companies seeking to address this demographic?
Table of Contents1. Trends Strategic Imperatives
- Why Is Growth Becoming Increasingly Difficult To Achieve?
- The Strategic Imperative 8™
- Our Mega Trend Universe - Overview
- Growth Opportunities Fuel the Growth Pipeline Engine™
2. Executive Dashboard
- Our Mega Trend Universe - Capturing Value in Baby Boomers
- Key Findings
- Growth Opportunities Critical to Future Success
3. Trend Opportunity Analysis
- Trend Opportunity Overview - Baby Boomers as the Wealthiest Generation
- Global Trend Toward Aged Populations
- Trend Opportunity - Regional Comparison
- Life Expectancy, Retirement, and Work
- Free Time and Media Consumption
- Spending Allocations - Regions and Key Categories
- Trend Opportunity - Boomers are the Wealthiest Generation
- Trend Opportunity - Industry Implications of Aging Baby Boomers
- Case Study - Mobility Services for Commuting Independence
- Case Study - Financial Products for Retirees
- Case Study - Introducing Boomers to Online Retail
- Case Study - Encouraging Patients to Self-care
- Case Study - Technology Meets Boomer Lifestyle
- Case Study - Dietary Guidance to Boost Preventive Care
- Case Study - Solar Power as an Asset in Retirement
- Trend Opportunity Impact and Certainty Analysis
- Trend Opportunity Matrix - Trend Innovation Index
- Innovation Attractiveness Score
- Trend Opportunity Matrix - Trend Growth Index
- Growth Attractiveness Score
- Trends - Beets Implications
4. Growth Opportunity Analysis
- Growth Opportunity 1 - Baby Boomers and Social Media Marketing
- Growth Opportunity 2 - Inclusive Product Design for Baby Boomers
- Growth Opportunity 3 - Digital Upskilling for Baby Boomers
- Critical Success Factors for Growth
- Conclusion - The Way Forward
- Our Mega Trend Universe
6. Next Steps
- Identifying Your Company’s Growth Zone
- Your Next Steps
- About the Growth Pipeline ModelTM
- List of Exhibits
- Legal Disclaimer