Baby Boomers generation is just one of the several generations known to exist. Every generation marks a difference and this helps in defining them. Baby Boomers is the generation wherein individuals are more on traditional workplaces. They do not welcome life or work balance trends and flexibility and they typically prefer modern technology just like any other generation. The works and lifestyle of Baby Boomers are also unique.
Who Are the Baby Boomers?
Baby Boomers are individuals born between the year 1946 and 1964. The generation of Baby Boomer makes up bigger portion of the American population creating an impact in the economy of the country. In 2010, about 98 million of Americans aging 50 years old and above are visible. There are actually more Baby Boomers in the United States as compared to the entire population of United Kingdom. Most of Baby Boomers are into business however, smaller businesses only market to individuals aging 18 to 49 years old.
The Path of the Baby Boomer
In five years time, half of the population of America will be 50 years old and above and in that five years span, Americans aging 50 years old and above will soon control the 70% disposable income of the nation. Baby Boomers will be inheriting $15 trillion in the next five years. However, statistical data shows that Baby Boomers shop and purchase a lot. Despite trillions of inheritance, the fact that this generation accumulates higher spending cannot be denied.
Data shows that Baby Boomers spend about $230 billion per year for packaged goods. This generation therefore accounts for a total of 49% sales. The 40% of these sales goes to wireless services, 41% on Apple computers and 49% on consumer goods. Aside from taking part on the record of sales, this generation is also being linked to the web. It was found out that 1/3 of social media users are Baby Boomers wherein 53% of them are into social networking sites like Facebook. Americans aging 50 years old and above spend almost 1 billion online.
This generation that includes millions of Americans will continue to blast in terms of consumption. By looking on the statistical data presented, it is just fair to say that they really occupy half of America’s total consumption. They are expected to consume the 70% of the disposable income for the coming years. There is a tendency that the rate will change over time but this will still depend on several essential factors.
Age Wave Theory
Based on the Age-Wave Theory, the economic activity of Baby Boomers will start to slow down when they retire. It is therefore evident that retirement is one of the factors that influence the activity of Baby Boomers. It is true that there have been arguments about the different generations and most of these are being subjects of analysis and comparison. It is not that easy to pinpoint which among the generations reign and outshine the rest.
There are still criteria to be met before one can say that a particular generation is the best. In the case of Baby Boomers, there have been impressive features and characteristics displayed by this that earns other generations’ special mention.