Jul 15, 2023
The Baby Boomers are once again proving they are ready to spend.
Despite central governments and banking institutions making a concerted effort to slow the economy and rein in inflation by raising interest rates. Baby Boomers are still proving to be a major source of consumption in the current economy.
Baby Boomers – generally referring to those aged 55 and over – are a demographic targeted by many businesses as they possess the financial resources to purchase goods and services.
Research has shown that Baby Boomers have a propensity to shop more and often carry larger amounts of disposable income compared to other age groups. Given the power of Baby Boomers to stimulate the economy, businesses large and small need to be focussing on this niche in an effort to continue to thrive in a slowing economy.
Despite traditional consumer forecasts predicting slowdowns in the real estate and housing markets, Baby Boomers continue to spend.
What’s driving Baby Boomers’ spending?
There’s no single answer, but some suggested motivators include a focus on buying quality over quantity, a desire to travel more, and an increased emphasis on health and wellness.
For entrepreneurs, this is an opportunity to capture a larger share of the Baby Boomer market. By understanding their preferences and tailoring their products and services accordingly, entrepreneurs can make an impact in the sector – and get a slice of the Baby Boomer spending pie.
Businesses may also want to consider including other elements to their customer offerings to attract Baby Boomers. This could include tailoring packages to suit the Baby Boomer lifestyle, offering flexible payment options to fit their budget, and providing helpful resources or advice that Baby Boomers could find valuable.
The Baby Boomer market is a valuable and powerful one, and entrepreneurs should consider investing their time and resources into actively engaging Baby Boomers in their products and services.
Don’t overlook the Baby Boomer market—there’s a lot of money still being plus waiting to be spent.