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A Profile Of The Baby Boomers Market And Their Potential As Buyers
If your products are attractive to Baby Boomers, you should be in great shape. This over-50 demographic has $2.3 trillion in annual spending power and controls 50% of all discretionary income (in the U.S).
Plus, a recent Nielsen report suggests that the over 50 demographic is well represented on the Internet, with the U.S. showing 50+ as the largest online users followed by the UK, Switzerland and Australia. So, what do baby boomers want?
Rediscovery and Renaissance
For many baby boomers, their children are gone, they still feel young, want to look young and want their golden years to be years of discovery and renaissance, not decline and despair. Baby boomer couples are finally able to be a couple again instead of being parents, there is enough disposable income to travel and pursue new interests and there is an enormous focus on staying younger.
Continuing to Work
Many, many boomers plan to stay in the workforce, either because they are not as financially prepared for retirement as they hoped they would be or because they simply enjoy working. However, most boomers want a job that they like no more working for the man to get a paycheck. That may mean moving from business or administrative work to social services, the arts, animal care, back to the country pursuits and for some, work in a foreign country.
Grandchildren
The nest may be empty but there are still little ones that come home to visit. Baby boomers are in the grandparent time of their lives so they are very interested in ways to share their lives and time with the next generation. They buy books, toys, DVDs, and sports equipment as part of their grandparent duty to spoil.
Fewer Snowbirds
Baby boomers are less likely to want to relocate to a warmer climate. Many prefer to stay close to where they are now, especially if that means being near children and grandchildren. But, they want their retirement environment to include appealing ways to spend time with family as well as for individual pursuits.
Retirement community developer Pulte Homes is now constructing communities for 55-and-older adults near cities like Chicago, Cleveland, and Detroit, with biking and jogging trails, craft studios, bird and wildlife preserves and even opportunities for canoeing and kayaking.
The baby boomer market is growing, they are primed to buy and they are interested in practically everything. Building retail websites around a niche focused on this market segment or emphasising key benefits of your products to this group is a sure winning strategy for many years to come.
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