Ever wondered why baby boomers are called as such? You’ll find the answer in the origins of the term.
After World War II, America’s men went home and built their lives. They got married and had kids. This “baby boom” between 1946 to 1964 resulted in an entire generation of Americans we now call boomers.
For a time, they were the largest generation in American history in terms of population. Perhaps the only reason why millennials have slightly surpassed them in numbers is that millennials are their children.
The sheer number of boomers isn’t just a cultural matter—it’s an economic one, too.
The oldest boomers are around 75 years old. This means that this massive generation of Americans is on their way to their senior years. This can only mean one thing—businesses for seniors are headed for a massive boom.
While many businesses are looking to market to millennials and Gen Z, there is a great opportunity for growth in the senior market. It’s an exciting prospect, especially when you consider who boomers are—the kids who grew up during the cultural revolution of the 60s, danced away in discos in the 70s, and built their careers during the flashy 80s.
Nostalgia is a powerful tool. It may seem intangible, but there are ways to tap it to create a business.
For example, the music that boomers grew up with is iconic. From Led Zeppelin to ABBA, boomer music is so good that even millennials and Gen Z love them. There is potential in this space to create a business. From selling vintage vinyl records or headlining tribute bands in bars, it’s possible to make money from boomer music. Many boomers are musicians themselves, too, so a business in guitar sales and services is also a good idea.
There are also a lot of collectors in the Boomer market. There are Boomers who collect toys and memorabilia from their childhood. There are vintage car collectors, too. Many Boomers are at the stage in their lives wherein they’re eager to relive their younger years, so this is a sentiment that you can take advantage of.
As boomers age, they will need more assistance and care. This creates a demand for businesses in the boomer healthcare space.
Because more and more of this generation will need hospice care, it would be a great idea to find a business that works with these healthcare centers. You could provide unique entertainment suited for their tastes or maybe create events that cater to their interests.
Many boomers are still fairly young, though, so targeting their lifestyles, diet, and nutrition is also a key aspect. Homeopathic remedies, natural health products, and food marketed toward younger boomers who are coming to terms with their senior years is an important space to explore.
Unlike our grandparents who may be struggling with using their smartphones, boomers are more technologically adept. Tech giants like Bill Gates and the late Steve Jobs are boomers, after all.
Not everyone, of course, is good at technology, but many boomers are not just familiar with smartphones but are also passionate about technology and innovation. Many would be eager to adopt new forms of technology to make their lives better, especially as they age.
They might just be the first generation for which “senior tech” would be a thing. Now might be a good time to develop apps and platforms that will help senior citizens with their lives, such as a healthcare app for seniors or an on-demand platform for hospice care. The possibilities are exciting and are only going to grow in potential.
As mentioned, many boomers still lead active lifestyles. They still drive motorcycles. They still play sports. They’re still willing to take on adventures.
An exciting space to explore in this industry is creating outdoor activities designed for senior citizens. If previous generations of seniors were into cruises, this generation of seniors might be looking for something more physically challenging. The idea is to find a business model that would allow them to stay and feel young and active while also acknowledging the fitness level they may be in.
The great thing about entering the boomer market is that it’s only destined to expand. The youngest boomer is just about 57 years old, so a majority of them are still eager earners and consumers. This means that the market is poised for growth, or more appropriately, a boom. The key is to anticipate it, get to know this generation, and ride along their senior journey with them.