Soloman's Answer

The market impact of boomers! 

Having looked at many resources on the generation of 'Baby Boomers', there is a common message being repeated that 'The Baby Boomers will continue to grow older for the coming decades'. Solomon, (2011) This is proven by the United Kingdom Population Pyramid which shows the predictions based on the age and sex distribution for the specific years. Nation Master (2003) 

United Kingdom 2010: 

 

United Kingdom 2020:

From these population pyramids it shows the continuing growth of the 'Baby Boom' generation over the years. This could be due to lifestyle choices that were made by this population in their earlier life, which will have an outcome on their decision making in future life. An example of this could be seeing people when they were younger die at a younger age, so will now find ways to extend their life by improving their health.   

The increase in proportion of older citizens and decrease in the youth is referred to as the 'greying and de-greening of the European population', this trend has a implication for the marketing of goods and services.

Being a teenage during post war times, was a memorable occasion, this generation created a revolution in style, politics and consumer attitudes, Things such as cultural events have influenced culture in today's society.  History was created in many ways  as it was the year 1952 when 'King VI' passed away and 'Princess Elizabeth' became Queen at the age of 25

Queen Elizabeth II

The 'Grey' Market

There's a stereotypical image that the general society have about the elderly consumer e.g. old fashioned (Bon Marche comfort over style), Bird feed and lavender soap wash. Well it's lies, at least for the majority of the population. They are the most important part of the society to the marketers. Times have changed and so have they now they are more active, interested in what life has to offer, and is an enthusiastic consumer with the means and willingness to buy many goods and services. Basically to sum it up they've got the power. 

This stage of their life they are thinking about plans to retire or have already retired and are thinking  what to do with all their free time. Many want to feel and look younger and so are joining health clubs and doing sports classes. With this in mind more and more businesses should consider focusing more on the older market they are in better financial state than most of society, and therefore could have a major impact on the success of failure of your business. 

Facts and Figures

Figures

 















From this graph and chart it shows the rise in births between the years after the war. Which fits in with the Baby Boom era.

Facts

• 65 year olds can expect to live another 23 years - until their late 80s - as they are living healthier, longer lives. In 1946 and the first half of 1947, 65 year olds could expect to live for only 13 years.

• The number of 65 year olds in Britain will increase by around 150,000 between 2011 and 2012 – those born in the latter half of 1946 and the first half of 1947, corresponding with the post-war spike in births

• In 2011 658,000 people will turn 65. Next year it will increase to 806,000. (DWP). This is nearly 100,000 more than the total number of babies born each year in England and Wales (Local Government Association: Future Demographic trends in England, August 2010)

• In the oldest 10 councils in the UK for every 2 people of working age there will be 1 person in retirement