How Baby Boomers Spend their Time and Money : 4 Industries They Love – Tips for Entrepreneurs
We all know that the Baby Boomers work hard, but they enjoy all the rewards of their hard labor as well! There are an increasing amount of people that are going into retirement. 65 is the average age that many people retire and the Baby Boomers are doing just that. This however, has changed as inflation has to be calculated and many people are working longer, as a result they are still going to have more buying power for the years to come.
In America, there are approximately 76.4 million Baby Boomers according to the U.S. Census Bureau. According to the census, approximately 76 million babies were born in between 1946 and 1964. The Baby Boomers were also born, raised, and worked during some of the most prosperous times in American History. This means that their buying power has increased greatly and their power to buy will continue to only grow stronger. According to Fox Business, there are 4 main areas in which baby boomers invest their money. These four areas include, Exploring the world (travel), Investing in Health, Pampering Pets, and Improving Home Experience ( DIY, Home Decor, Products for Home). ( Fox Business. Lee, 2016).
The Baby Boomers are interested in protecting their health, gaining experience, having a home that is cozy, and having pets– I guess they don’t want an empty nest after all. This means that products that cater towards pets, help them with their homes, health, and help them to travel are excellent for businesses to look into. After all, according to Marketing Charts, Boomers spend nearly 550 billion dollars annually consuming. This is nearly 200 billion dollars more than the next generations.
Boomers are looking for travel experience, keeping their health intact, taking care of and living with their pets, and having better homes to live in. Baby Boomers still have a corner on the market when it comes to buying power and it seems that they are not easily going to go away.
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