Aging Population Creates New Opportunities for Marketers
The historical emphasis on marketing has been to younger age groups (18–34, 18–49, Gen X, Millennials, Gen Y, Gen Z, Gen Alpha, and whatever comes next). Well, some of those younger age groups have aged, and today have both the numbers and the disposable income to be worthy of consumer marketers’ interest! (And many on the younger end of these groups have parents who need care.) Here’s a short argument for targeting them in their current stage – 50, 60, 70, and more – depending, of course on your brand.
They may not be stopping in for a triple-stacked burger or ghost pepper burrito, but they do have outsized spending power – and needs that include continuum of care from home services to assisted living to nursing home care. They also like to travel, want to remain active as long as possible, and age at home, which also means ample opportunities for home services brands.
Franchise brands targeting seniors have been “booming” for years, as have their prospects for future growth. Also booming are the opportunities this group represents. Here’s a quick sampling to start your entrepreneurial juices flowing (and perhaps redirect a few of your marketing dollars):
- “An estimated 17 million Baby Boomers will be 65 years or older as of 2030. According to Forbes, ‘The so-called longevity economy, which serves the needs of Americans over 50, is currently a $7.1 trillion market and composes 46% of the U.S. economy, according to Oxford Economics. As Baby Boomers continue to age, the market is forecasted to grow to more than $13.5 trillion by 2032.’ That would be trillion, with a T.” —Lendio
- “Much time and energy is paid toward marketing to Gen Xers and Millennials, but Baby Boomers are credited with holding $2.6 trillion in buying power, making them one of the most economically influential generations to date. Boomers have had the time to build their wealth, and many continue to do so well past retirement age. Seniors can afford to hire professionals to come to their homes and assist them with a range of services, opening the door for franchise owners who prioritize the wellness of their older neighbors.” —TruBlue Total House Care
- Learn more about Baby Boomers’ spending habits in 2021 (Lexington Law).
- More Boomer stats and facts from SeniorLiving.org:
- They make up 28% of the population.
- They are responsible for more than half of consumer spending.
- They control 80% of personal financial assets.
Interested in diversifying your portfolio and/or serving seniors? For a quick start, here’s a list of 15 senior care franchises to whet your appetite. (We don’t endorse any of them. For more information about franchise opportunities, visit franchising.com.)
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