Baby Boomers The Economy

Baby Boomers And The Economy

Kia Ora

Typically, when pop culture is mentioned, most people would immediately go to thoughts of twenty somethings. Perhaps thinking of Taylor Swift’s perennial breakup anthems, the frank forthright and often brutal comedy of people who will feature in the upcoming naked comedy showcase at ImprovBoston, or perhaps the rash of Scandinavian Noir gracing Netflix these days.

But when we consider who the true creators of pop culture are, we need go no further than the generation staring back at us from the mirror as we brush our teeth each morning.

This post examines the growing influence brought to bear with the Baby Boomers And The Economy………….

The Boomers

We boomers are the actual and original first consumer generation. We were incubated through the television age, watching mass media emerge from the first of the image boxes that would exert a dominance over time in our living rooms, providing visual and animated entertainment, which has to be acknowledged as embracing sex-driven, and racially integrated rock and roll, led by the vanguard of Elvis, Jimi Hendrix, the Beatles, The Stones and others. This post-war, latter half of the century, cultural revolution, was fed by the world’s, then emergent, and continuously growing mass audiences….us!

But then we grew up, we bought houses, we had children, and in turn those children headed off to college, university and adult life.

Our, boomer offspring are having their own broods now. What we are therefore experiencing is that for the first time in several decades, we find ourselves without dependents; we are in essence right back to being able to focus on ourselves, as we almost certainly did in our late teens and early twenties, and for many of us well into our early thirties.

We are a generation navigating toward our twilight years, with a newly developing concern to achieve and experience quality of life. In the US alone it is estimated, by some, that as much as 75 percent of that country’s wealth is in the hands of the Baby Boomer Generation.

Boomer Spending

It is really quite interesting to examine how we appear to be spending our retirement savings or discretionary income. Of course a continuing significant element is spoken for in the context of real life practicalities including; health, mortgages, and our millennial offspring’s tertiary education. It turns out also though, that many of us are taking the opportunity to live out some of our erstwhile, and until now, unrealisable fantasies of our seemingly long past youth.

This generation which some would say could be defined by Jack Kerouac’s “On the Road” has only now began to indulge significantly in a travelling renaissance as retirees dominate boomer country highways in their motor homes or monopolise the once again growing sea cruise industry.

This sees those same men, who were perhaps once obsessed with 1950s and 60s-era muscle cars becoming, through retirement, in these early years of the 21st century, the most prolific of modern car buyers. This, at a time when those generations that have followed us, seem determined that we should all move toward a, petrol-motor-free, urban life. With the hope that, the yet to dominate E vehicle does indeed one day dominate. Surprisingly, as the developed country’s’ leading spenders on technology, we seem also to be facilitating the making of the science fiction, which we once pioneered, our new reality.

As our renewed spending abilities help us to reshape industries from Detroit to Silicon Valley and the wider world, it has become abundantly clear that boomers’ contemporary influence has also assumed an importance that is affecting the economy and culture.

The Contemporary Boomer Effect on Culture

We the Boomers are the first generation of Homonins on the planet to achieve 6 decades of quality life and still confidently expect many years ahead of us. There is an expectation that modern entertainment channels will be engaged in providing more content around topics which address the concept of naturally maintaining thoughts or dreams about what happens from 50 and beyond. Content that tells those stories that talk about continuing to want, and to have a need, for accomplishing meaningful things, while providing a legacy that will have left the world a better place than perhaps we found it.

Perhaps one of the most significant indications of our boomer renaissance evidenced in the last decade was, the quite marvellous, The Best Exotic Marigold Hotel; a movie comedy starring, amongst others, the Dames, Judi Dench and Maggie Smith with Bill Nighy, as three key figures in a cohort of British retirees on a relocation adventure to India. This 2011 movie had a production cost of $11 million and quadrupled that at the box office bringing home $45 million. Enough at any rate to attract what is often sees as the ultimate Hollywood seal of approval, a sequel, which of course was titled The Second Best Exotic Marigold Hotel.

Boomers Reclaim Pop

And so, as we enter the third decade of the 21st Century, boomers continue to be engaged in a revival of entertainment that shaped much of our youth: film, rock and roll, pop and television. James Taylor, Fleetwood Mac, Thew Moody Blues and the Rolling Stones tour regularly. Bruce Springsteen, now 70, continues to entertain on the road and release new albums which address the process of aging while point-blank refusing to get sidelined. Rolling Stone, whose former editor-in-chief Jann Wenner is now 74 and only sold his share in the magazine in 2017, continued to chronicle the lives fortunes and misfortunes of these aging boomer rockers with passion up to that point.

Chris Kelly, Associate Professor of Gerontology at the University of Nebraska at Omaha has been quoted as saying

“Bruce Springsteen, more than any boomer rocker, has managed to grow as an artist and age as an artist. That is something we haven’t seen in a rock star before, someone that has aged with his audience………..He is challenging his audience to embrace him as he is now.”

Springsteen’s album Wrecking Ball topped the charts in 2012 earning Springsteen $347 million on the album’s tour. Justin Bieber’s Believe tour in the same year only came in at $209 million, While Pink Floyd’s Roger Waters made nearly $460 million, and the Eagles made just over $250 million. Springsteen has since then released two more top ten Albums the last in 2019 ‘Western Stars’ acclaimed throughout the music industry

Appealing to The Boomer Influence

Television networks like CBS recognising the need targeted creation of more boomer oriented content, only to watch their ratings climb dramatically. The new median age of the broadcast television viewer is in their 50s, so TV companies and content creators, no great surprise are fishing where the fish are. Stars in TV shows are older, witness Jane Fonda and Martin Sheen in ‘Grace and Frankie’ a hugely popular show. Only a decade ago the networks were for ever seeking the next Friends to appeals to the thirty-something crowd. We are increasingly seeing significant numbers of actors who networks just wouldn’t have cast in shows in the previous two decades.

Booming Business

The spending and influence trends continue on an upward glide as we the boomers experience and witness our released discretionary spending ability. This is currently estimated at $7.1 trillion, and is estimated to rise to $13.5 trillion by 2032.

With Boomers discretionary spending sitting at $7.1 trillion rising to $13.5 trillion by 2032, the face of marketing and marketing targets are changing to match.

The business community has traditionally ignored seniors. The generation born before 1946 are often referred to as the silent generation. Until recently those of 50 and over may have been titled the invisible generation, as far as marketers were concerned.

Newer companies, such as the US based Link-Age, a research firm also investing in companies specialising in the hugely financially significant, aging customer segment, espouse a goal to persuade marketers to seriously reconsider and cater for this new older but influential population.

What is increasingly evident is a significant shift change in who is controlling the developed economies, a shift from parents to grandparents. However, in marked contrast to their geriatric forebears, baby boomers are using their money to buy a lot more than walking sticks and denture cleaner. We boomers are reliving the vibrant and not a care lifestyle of our younger working years.

Booming Opportunity

A massively aging population is far more of an opportunity than it is a liability. Properly managed this could be a vibrant force for a new period of economic growth.

We Baby boomers are increasingly active in old age. We choose to travel more while forcing planners to rethink dramatically about the places in which we choose to live.

Urban cities all over the developed world are already remodelling with wider pavements to better accommodate our elderly and with bus routes tailored to achieve access to common needs, like pharmacies, medical centers and specialist clinics

Just by living longer, healthier lives than any previous population before us, we boomers are reshaping the world in an image to suit us so that we may enjoy it in a fitter, more vibrant, more mobile, more tailored to us, old age.

As Dame Judi tells us all in a scene from The Best Exotic Marigold Hotel, the sequel of which significantly stars 65 year old baby boomer Richard Gere as the heartthrob, “This is a new and different world, the challenge is to cope with it, and not just cope, but thrive.”

 

Conclusion

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Take a look at Wealthy Affiliate and understand how you can take advantage of this burgeoning market today.

I hope that you found this interesting and informative. Do leave comments and I guarantee to reply within one working day.

Kia Koha

Hamish

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10 thoughts on “Baby Boomers And The Economy”

  1. Thank you so much for sharing this informative and interesting article. As we boomers are  living longer, healthier and fitter lives, we are once again exerting  the economic influence that we have not been able to, since our twenties and thirties. This is a market that I know and understand as I am at the latter end of the boomer generation. I’ve been reading your Blog for some time and I agree that affiliate marketing appears to be potentially the most effective vehicle for  taking advantage of a growing market of which we ourselves are at the core. I intend to share your article with my social media friends so that they might benefit from your insights

    Thanks again for posting

    Md

    Reply
    • Thanks Md, yes I agree that affiliate marketing is an unparalleled vehicle for taking advantage of  a growing market of boomers with discretionary spending power.

      Thanks for visiting.

      Hamish 🧐

      Reply
  2. Completely agree with your perspective. I live in the UK and the economic spending power of the ever growing ageing population here is staggering. They love travelling, eating out, gardening, and just about every possible niche one can think of! An ideal demographic to target for any eithical afiiliate maketer. Thank you for an informative article, makes sense.

    Sandeep

    Reply
  3. I think it is an absolute shame that so many people are looking down on the Baby Boomer generation when they clearly have so much impact on society as we know it. I never really looked at it this way though, until you broke it down so nicely.  Thanks for giving me a new perspective on things and I look forward to seeing more posts from you in the near future. Great read!

    Reply
    • Thanks Steve, whether we like it not Boomers still hold a lot of the cards it is good for us to understand that and exploit it in a constructive way. 🧐

      Reply
  4. Thank you so much for sharing this informative and interesting article.A massively aging population is far more of an opportunity than it is a liability. Properly managed this could be a vibrant force for a new period of economic growth. I’ve been reading your Blog for some time and I agree that affiliate marketing appears to be potentially the most effective vehicle for  taking advantage of a growing market of which we ourselves are at the core.

    Reply
    • Thanks Bai Asha you hit the nail on the head there is a huge untapped opportunity for individuals in unlocking their creative and earning potential and capacity and it is relatively easy to do that with this kind of approach.

      Thanks for visiting

      Hamish

      Reply
  5. Wow, there’s really so much to learn about the baby boomers. I have to say that it is fascinating that they are really the true owners of Pop culture and that there are a whole handful still influencing it today. For baby boomers, retirement is clearly an ever concerning issue and It is no surprise that it is a prevalent topic for discussion on this kind of forum. I like this post a lot and it makes me wish that I could have  lived at a time when the boomers were the age that I am now, it would have been fascinating.

    Reply
    • Thanks yes I agree it was a fascinating time to be alive and I should know because being born in 1958 I was there LoL.

      Thanks for the comment appreciated

      Hamish

      Reply

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