The 50+ population is growing rapidly and living longer. Older Americans are working longer. They are likely to be living alone and with one or more disabilities. And the pool of caregivers is shrinking. Read more by clicking https://www.prb.org/eight-demographic-trends-transforming-americas-older-population/
Are you marketing for a sprint? Or are you running a marathon to grow the customers that will support you in the future?? If the answer is a marathon, then be positive and update what you have to offer. Do a video. Tell a story. Read more about engaging and connecting with your audience. Read more by clicking https://www.glynndevins.com/news/7-sales-marketing-communications-tips-for-senior-living-communities-during-covid-19/
Yes, as the age to get full Social Security benefits moves up and the mandatory retirement age disappears for most companies the Boomers will keep working. They are living better longer and are not ready to sit back and retire. They are highly likely to still have debt they want to pay off. They want to travel more. Remodel their homes so they can age in place. And then there are also a large number of part time jobs for them to pick from. Read more by clicking https://www.prb.org/will-more-baby-boomers-delay-retirement/
They have the spending power and are willing to spend more and more each year. Don’t assume they are not using technology. That they aren’t on Facebook or using ZOOM. Be genuine and transparent when you are looking to gain their trust. They are the spenders you are looking for. Read more by clicking https://www.after55.com/blog/what-do-old-people-want-to-be-called/#:~:text=Some%20of%20the%20most%20popular,as%20a%20sign%20of%20respect.
For those who aren’t certain – Baby Boomers are the children who were born after World War II. As the soldiers returned and married there was a population explosion creating a baby boom thus the name Baby Boomers! These babies were born between 1946 and 1964. They now are between the ages of 55 and 75. And there are more than 76 million Baby Boomers!
As this bunch moved through the different stages of live, society needed to adapt to accommodate the vast number. Schools were built. TV programming was geared towards them. Advertising was directed towards them. They protested the Vietnam war. Held sit-ins. Woodstock, The Beatles and TVs in every home happened because of the Boomers. And now society needs to continue to adapt as this massive group moves through the third stage of life.
This group is competitive, self-assured, goal oriented and has a strong sense of community. They are independent and make up their own mind. They are smart, confident and do their own research. Plus, they don’t part with their money easily.
As they become retirees’ changes will continue to develop and evolve. Boomers will need everything retirees have always consumed but in a much greater number and in a much different way. One example is the Boomers are generally staying in their homes. Not going to Florida. Not relocating. But “Aging in Place”.
Baby Boomers will live better than the generations before them as they live and work longer. Baby Boomers, also, had smaller families and are apt to be alone when their care needs change.
Society will need to again adapt and change to fill the void all of this will create. They will have more needs than the present aging system can supply. The current workforce will not be able to support this group’s future needs.
We already see some of these changes starting with the resourceful development of new ways to do things.
Uber and Lyft offer the beginnings of affordable on demand transportation.
Technology offers assistance to varying degrees. Alexa, Fitbit, telemedicine and fall monitors all offer various levels of help. We even have a TV we can talk to. And new devises are being developed and promoted as we speak. Updates continue to be made on existing devices and apps weekly.
The more we are able to talk with devices the more support we can get at a very low cost. They are not the robots we pictured as we watched “The Jetson’s”. But we can vacuum with iRobot. See who is at the front door with Ring. Call for help with our Medical Alert. Change the channel of the TV. Play music, make phone calls, monitor the thermostat and more with Alexa. Even start our car with our Smartphone.
What will we be doing with devises in say 5 years?
As Baby Boomers strive to live the lives they imagined and maintain their independence, they will be looking for those companies and products that market to them. They want companies that provide useful information. Have clickable ads. Give better than average customer service. Companies that understand $3+ trillion of the disposable income is in the hands of Baby Boomers will win those Boomers over with targeted marketing campaigns. One excellent example is SeniorCenterCt.org. A Collective website that’s easy to navigate and filled with useful information designed for the Baby Boomer.
There is much more on the horizon so as we look at change but sure to welcome it!