The oldest Baby Boomers are turning 65 next year. Yes, those of us born between 1946 and 1964, now range in age from 46 to 64! Consumer product companies, designers and real estate developers are ill equipped for the surge of these newly “don’t ever call me elderly” Boomers! In recent blogs, I have written about some of the sexy new cohorts such as Gen Z, kids under 15 years of age. But by 2020, 55 million Americans are projected to be over 65 and part of the medicare group. Every developer, research and development department and any marketer worth his salt should be trying to figure out what is in the hearts and minds of this affluent group.
So, in no particular order, here are my top 10 predictions about these Beatles Generation revolutionaries:
1. First and foremost, they have a wicked sense of humor. Just look at the viral internet jokes being circulated about aging and you will see the dark and hilarious way this group relates.
2. They are accustomed to calling the shots. This will not change as they age.
3. Unlike their parents, they have mostly excellent relationships with their kids. Multigenerational images and stories will reel them in. Think Thanksgiving table images and Caribbean cruises with a strange or ridiculous twist.
4. They have the resources necessary to buy the finest plastic surgery and dental care available. Those who want to remain beautiful WILL! (Have you noticed the dazzling smiles and other attributes on Americans of all ages lately?)
5. They will be in the workforce, of necessity, 5 to 10 years longer than the preceding generation. Gen Y’s coming up now will still have to compete with these people with years of experience.
6. Rest homes 10 years from now will have The Doors and The Rolling Stones on Musak!
7. Since the most likely demographic to vote is White women over 65, and since this cohort tends to hold a strong Democratic block, we may see some interesting political sparring in the next 10 years.
8. Boomers will need to find extra income from sources other than home appreciation. Probably a major shift in investment strategy and a booming enterprise for anyone who can figure it out now!
9. Leisure providers in both the real and virtual worlds need to tap into the “always young” mindset with the aging real time body. Perhaps a hip or knee replacement that allows the recipient to run a marathon again.
10. And most important, this group is extremely discriminating and loyal. Please them and they will be yours until they die, for at least the next quarter century or longer!