Growth Opportunities for Capturing Value in Baby Boomers

Growth Opportunities for Capturing Value in Baby Boomers

Rethinking Business Strategies as Seniors Delay Retirement and Continue to Influence Consumer Spending

RELEASE DATE
20-Jan-2022
REGION
Global
Deliverable Type
Megatrends
Research Code: K6A8-01-00-00-00
SKU: CI00794-GL-MT_26184
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Description

Globally, the aging population is enlarging, and this group’s participation in the labor market is increasing accordingly. By 2030, people aged 60 and above are expected to outnumber children under age 10 by 60 million. Projections estimate 30% growth in labor participation from the 65+ age group. At global scale, the increase in life expectancy promotes even more age-diverse workforces as well as a delay in retirement, as seen currently. In this context, baby boomers, individuals born between 1950 and 1965, are increasingly adopting artificial intelligence (AI)-based technologies and internet-enabled services to help support their basic needs. Even more so with the COVID-19 pandemic, the way in which boomers engage with high-tech is a cross-industry trend that offers huge potential.

As the wealthiest social cohort, baby boomers influence key purchasing decisions. In the United States alone, boomers held nearly $59 trillion in household wealth in 2020. Their wealth doubles that of gen X and outnumbers that of millennials, who are just entering the prime of adulthood. This generational patterned distribution of wealth is also seen in Europe and Asia, which means that the boomers have a global capacity for driving major trends in consuming, spending, and funding.

Major growth opportunities associated with boomer-aged consumers will emerge in health tracking and monitoring, guidance and customer care, and financial planning for retirement. Better outcomes can be expected from countries and enterprises that invest in technologies such as AI and biometric trackers, dashboards for an easier wealth management, and trained agents (human or robots) applied to guidance and education support.

This study offers a look at the impact the baby boomer generation has on several markets, which are projected to draw formidable revenue from this social cohort during the current decade. The changes driven by this segment are most noticeable in the healthcare, financial services, and customer care industries. In these key areas, baby boomers are a highly valuable consumer target, and the data regarding their consumption patterns represents a profitable asset. Companies that want to focus on marketing to baby boomers have a significant opportunity to leverage seniors’ need for both inclusion and independence.

Key Issues Addressed

  • What are the key factors and indicators driving the market for aging consumers?
  • How is this age group driving the innovation and commercialization of specific products and services?
  • What are the key growth opportunities to watch out for during the next decade?
  • What are the critical success factors for growth among governments and companies seeking to address this demographic?

Author: Vinay Venkatesan

Table of Contents

Why Is Growth Becoming Increasingly Difficult To Achieve?

The Strategic Imperative 8™

Our Mega Trend Universe—Overview

Growth Opportunities Fuel the Growth Pipeline Engine™

Our Mega Trend Universe—Capturing Value in Baby Boomers

Key Findings

Growth Opportunities Critical to Future Success

Trend Opportunity Overview—Baby Boomers as the Wealthiest Generation

Global Trend Toward Aged Populations

Trend Opportunity—Regional Comparison

Life Expectancy, Retirement, and Work

Free Time and Media Consumption

Spending Allocations—Regions and Key Categories

Trend Opportunity—Boomers are the Wealthiest Generation

Trend Opportunity—Industry Implications of Aging Baby Boomers

Case Study—Mobility Services for Commuting Independence

Case Study—Financial Products for Retirees

Case Study—Introducing Boomers to Online Retail

Case Study—Encouraging Patients to Self-care

Case Study—Technology Meets Boomer Lifestyle

Case Study—Dietary Guidance to Boost Preventive Care

Case Study—Solar Power as an Asset in Retirement

Trend Opportunity Impact and Certainty Analysis

Trend Opportunity Impact and Certainty Analysis (continued)

Trend Opportunity Matrix—Trend Innovation Index

Innovation Attractiveness Score

Trend Opportunity Matrix—Trend Growth Index

Growth Attractiveness Score

Trends—Beets Implications

Growth Opportunity 1—Baby Boomers and Social Media Marketing

Growth Opportunity 1—Baby Boomers and Social Media Marketing (continued)

Growth Opportunity 2—Inclusive Product Design for Baby Boomers

Growth Opportunity 2—Inclusive Product Design for Baby Boomers (continued)

Growth Opportunity 3—Digital Upskilling for Baby Boomers

Growth Opportunity 3—Digital Upskilling for Baby Boomers (continued)

Critical Success Factors for Growth

Conclusion—The Way Forward

Our Mega Trend Universe

Our Mega Trend Universe (continued)

Identifying Your Company’s Growth Zone

Your Next Steps

About the Growth Pipeline ModelTM

List of Exhibits

Legal Disclaimer

Globally, the aging population is enlarging, and this group’s participation in the labor market is increasing accordingly. By 2030, people aged 60 and above are expected to outnumber children under age 10 by 60 million. Projections estimate 30% growth in labor participation from the 65+ age group. At global scale, the increase in life expectancy promotes even more age-diverse workforces as well as a delay in retirement, as seen currently. In this context, baby boomers, individuals born between 1950 and 1965, are increasingly adopting artificial intelligence (AI)-based technologies and internet-enabled services to help support their basic needs. Even more so with the COVID-19 pandemic, the way in which boomers engage with high-tech is a cross-industry trend that offers huge potential. As the wealthiest social cohort, baby boomers influence key purchasing decisions. In the United States alone, boomers held nearly $59 trillion in household wealth in 2020. Their wealth doubles that of gen X and outnumbers that of millennials, who are just entering the prime of adulthood. This generational patterned distribution of wealth is also seen in Europe and Asia, which means that the boomers have a global capacity for driving major trends in consuming, spending, and funding. Major growth opportunities associated with boomer-aged consumers will emerge in health tracking and monitoring, guidance and customer care, and financial planning for retirement. Better outcomes can be expected from countries and enterprises that invest in technologies such as AI and biometric trackers, dashboards for an easier wealth management, and trained agents (human or robots) applied to guidance and education support. This study offers a look at the impact the baby boomer generation has on several markets, which are projected to draw formidable revenue from this social cohort during the current decade. The changes driven by this segment are most noticeable in the healthcare, financial services, and customer care industries. In these key areas, baby boomers are a highly valuable consumer target, and the data regarding their consumption patterns represents a profitable asset. Companies that want to focus on marketing to baby boomers have a significant opportunity to leverage seniors’ need for both inclusion and independence.--BEGIN PROMO--

Key Issues Addressed

  • What are the key factors and indicators driving the market for aging consumers
  • How is this age group driving the innovation and commercialization of specific products and services
  • What are the key growth opportunities to watch out for during the next decade
  • What are the critical success factors for growth among governments and companies seeking to address this demographic

Author: Vinay Venkatesan

More Information
Deliverable Type Megatrends
No Index No
Podcast No
Author Vinay Venkatesan
Industries Cross Industries
WIP Number K6A8-01-00-00-00
Keyword 1 baby boomer generation
Keyword 2 Baby Boomer Market
Keyword 3 Baby Boomer Trends Market
Is Prebook No
GPS Codes 9A3B