The Boomer generation is redefining what our current expectations are, from their personal choices for healthy food over fast food, to how they exercise selecting Balance Walking over high-impact running. They are kind to their bodies and in-tune with the correlation between healthy choices and longevity. This generation is having an impact on almost every industry, and to get a sense of the transformative effects Boomers have on the economy, review the impact on these 3 business areas:
Employment/Retirement: Not all Baby Boomers want to retire the way previous generations have. Ray Margiano said that “Baby Boomers should be called ‘Zoomers’, because this group paved the way for healthier alternatives to live and work by, and are redefining what retirement is and will be”. This generation is seeking new work opportunities after retiring, and the good news is that companies today are hiring the 65+ individual. "In fact, 57% of private sector employers planned to hire seniors in 2015”. –Career Builder Survey, 2014 A popular retirement career for Boomer’s is a Foot Solutions Franchiseand there are quite a few reasons for this choice. It has high profit margins for the investor/operator or the owner/operator, so people have the option to work in the store. It is an opportunity to help their peers, because the main goal at Foot Solutions is to keep people mobile and pain-free. “By 2030, the number of Americans over 65 will have grown by 75% to 69 million”.webmd , that would be a lot of retired people for society to bear, so be thankful that the Boomer generation wants to keep on working.
Wellness & Fitness: The Baby Boomer generation can be credited for building this industry that is currently exploding with new followers from every generation. This generation takes the time to research what is best for their body. “Six out of ten Boomers exercise multiple times a week. As a result, they are creating a demand for wellness and prevention products and services that will only grow as they age”. – Engage Boomers. People in America are beginning to realize why Balance Walking is so popular in Europe and Australia. By adding Nordic Walking Poles the exercise increases in benefits to the body, engaging 90% of muscles and burning up to twice the calories in half the time. Adding poles to the walk makes it easier on the body, reducing stress on the joints up to 30%, while the spring-loaded poles gently propel the body along so the perceived rate of exertion is decreased. I am not sure who coined the phrase, "work out smarter, not harder" but I would bet it was a Baby Boomer.
Brain Games: Boomers do not want to just maintain their youthful energy and activity levels, they want their minds to remain sharp. The silent generation has "one in every three seniors dying from dementia. The brain fitness market has grown dramatically due to Boomer investment in games and services that aim to improve mental dexterity and brain fitness". – Engage Boomers In fifteen more years there will be 69 million Americans over 65, it will be very interesting to see how this industry grows to meet the Boomers needs. I expect this will be an exploding niche market. “As people begin to experience declines in their sensory capabilities, they will demand – and respond to – products and services that help them maintain their active lifestyles”. transgenerational.org.
Boomers are the largest and biggest spending generation. They are a powerful force for the economy. The company that keeps its eye on the holistic approach will be rewarded, because this generation does not want to fix it as much as it would like to just keep the body running smoothly. Preventative maintenance extends life! Baby Boomers are reinventing aging, and have the potential to become a social resource of unprecedented proportions.