The Wall Street Journal yesterday had an in-depth report and podcast on boomers turning 60 next January.
The article takes a look at what we can expect from this generation that brought us rock ‘n’ roll, working moms, SUV’s, Botox , Viagra and Starbucks.
Here is the list of what possibly to look forward to:
- longevity for sale – with boomers expected to live much longer and having tremendous spending power, expect seeing consumer-driven health care
- work – take two – 75% of boomers intend to keep working past retirement
- a return to communal living – 55+ communities are springing up all over my area already
- personal technology – memory boosting games, etc.
- already 7 out of the average 13 cars one buys over a lifetime are being bought by buyers over 50 – and with that number expected to go up – we can look forward to a big boomer impact on everything that helps us get around
- leisure quest – enough boomers will have enough money to drive up the demand for exotic travel destinations
- legacy – the movie – new and creative ways to expressing their death
The article has some interesting (and sometimes scary) stats too:
- in 25 years – boomers will make up 20% of the population (between 66-84)
- in 2000, only 7.3 of the boomers lived below the poverty level, lower than any other segment (that is not good – the middle class is what made this country strong!)
As I said before, the difference in population distribution across the different world economies will lead to interesting challenges for worldwide brand marketers.