Baby Boomer Generation Essay

1066 words - 4 pages

Baby Boomers are the most powerful demographic group in history. Businesses thrives or fails based on their ability to keep pace with the likes and dislikes of this economic powerhouse known as the baby boomers. At 76 million strong, boomers have the influence to rule the marketplace and make sure they keep a place set just for them as the
largest generation. Due to its large size, the Baby Boom generation has had a significant impact on society, business, and the economy. The impact of the generation has been felt in all areas of consumer spending, from increased sales of baby products when they were young; to rising demand for houses as they set up their own households; to growth in retirement savings vehicles as they prepare for their senior years. Members of the Boomer generation share many characteristics, making it possible for companies to target the
group as a whole. But there is also considerable diversity. Boomers are more racially and
ethnically diverse than older generations. Up-to-date consumer research helps companies
target specific categories of boomers and develop products that take advantage of the
changes in this important generation. Tracking Baby Boomers such as their consumption
patterns, voting preferences and annual income has preoccupied demographic forecasters
ever since this huge generation came on the scene in postwar America. There is no doubt
that the approximately 78 million Boomers, born between 1946 and 1965, and still
represent the huge demographic market segments. Now in middle age and in their prime
earning years, Baby Boomers' economic influence is reaching its peak and, as in the past,
the group continues to shatter the precedents set by earlier age groups: Boomers are
redesigning the lifestyles in which they live, consumer patterns and location preferences
of each new life stage they enter.
Many people in the "baby boomer" generation are staying active as they age. By either jogging, swimming or becoming part of a sports team. They strive to remain youthful and mentally young and view retirement as an active period of their life. Theirinterest in health , fitness, looking young and attractive and longevity is quite phenomenal. They can expect to live longer due to medical advances however stress and burnout could impact on this expectation of longevity. They are well educated, thirsty for information interested in travel and will want to stay involved in the political processes. In addition they are optimistic, forward thinking and undoubtedly redefine old age. As the oldest of the nation's 75 million baby boomers approach the age of 60, a Pew Research Center survey finds many are looking ahead to their own retirement while balancing a full plate of family responsibilities either raising children or providing financial and other
forms of support to adult children.
Baby boomers provide an outstanding overview of this market. To date, baby boomers have the highest median...

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