Summary of baby boomers

They make 1/3rd of the entire population. As of now (2009) there are 75 million baby boomers (www.bbhq.com). Making well over 900 billion dollars annually they are also the richest age group in the U.S. They are the ages from 45-63, born between the years of 1946-1964 (www.bbhq.com).

Baby boomers are a perfect target for almost any businesses
. They have been working so hard most of their lives, they feel like they disserve to spend what they have earned hard for so long. They are a niche, which is easy to target to, they will spend their money if they see enough value in the product or service. Baby boomers don’t stop working after retirement, 80 percent keep working. They like to keep making money and stay active to feel younger (www.bbhq.com). They control a lot of the economy, as of 2009, baby boomers controlled the vast majority of the work force in the U.S.

For businesses, it is getting to be easier and easier to get to baby boomers because of technology
. They like to be active on line just like everyone in America, 47 percent of baby boomers engage in some type of social media in a regular basses. Baby boomers purchase a lot of products not only for themselves but also for their kids and grandkids. They like to make people (relatives) happy as much as they can; this is great for many businesses because now they have a lot more product to work with. Even with a big range of products that you can market to them, some businesses are targeting to them a lot more than others. Insurance, health care, financial advisers (help with retirement and money management) and traveling agencies/businesses in vacations are the big ones that focus on baby boomers. In 2003, travelers between the ages 50 to 64 spent 15 billion on vacation spending (cnnmoney.com). The big thing for baby boomers is value. They are attracted to things that have a lot of value. They like to spend their money on things that are high end products; money really is not a big issue.

In conclusion as a business’s this is an age group that needs to be focused on
. Not only because they have a lot of money and make a big portion of the population, but because they are rapidly growing and are not going to stop for quite some time.

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