Ever heard the word baby boomers? Just who are these people? Well, the following paragraphs will provide you with all information about the baby boomers and the business opportunities you can derive from the facts.
Who are the Baby Boomers
A baby boomer is any American who was born between the year 1946 and 1964. This name came from the increase in the number of births in U.S after the world war 2. In 1946 approximately 3.4 million births were recorded in America, making it the first year of the ‘boom’. In 1953, the number raised to 4 million per year. This trend continued until the year 1964, with 1964 showing a declined number of births. The 22 years of the ‘boom’ recorded an increase of 76.4 million people to the population of America. Crazy, isn’t it? Now, this was not only a game of numbers but the number represented one-quarter of the U.S population. Yes, one quarter within 22 years. But what was the cause of this boom?
Reasons for the U.S boom
The cause of the boom can be summed up to social, psychological, and economic with many historians attributing it to the end of the world war two in 1945. The end of the war marked the start of optimistic mood in the country. Women had more time to stay at home at have a family away from the fields where they were employed to supply war materials. 1945 also marked end of rationing of consumable goods, raise in wages and availability of cheap homes. This in return gave couples confidence to have more children since they could afford a better living standard.
Characteristics of Baby Boomers
Baby Boomers are often characterized in terms of the changes created in U.S. Significant among them was the 1970 colleges protest against the involvement of U.S in the Vietnam war. Baby Boomers were nonconformist, a term used in the 1960s for people who went against U.S norms. This came from their actions of environmental issues recognition, fight for women’s right and their love of rock music among others, marking their identity.
There is no doubt the Baby Boomers provide great business opportunities. First, this generation’s population provide a wide market for goods that befit them. Considering the women in this bracket also provides great business opportunities. Statistics has it that women aged 50 and above controls almost three-fourths of U.S financial wealth. This gives baby Boomers women great purchasing power and makes them frequent shoppers. In addition, the baby boomers account for approximately 55% each year for consumer goods sale.
Considering the characteristics and how the market is trending towards this generation, it is evident that this generation require added attention from your Business.