The present dominant generation in America, Baby Boomers are people born after the end of World War II between 1946 and 1964. Born at a time of austerity, this group later experienced relative prosperity and the emergence of a mass consumer society.
Baby Boomers are right now facing a world that’s unlike anything ever conceived before. Up until 2008, Boomers, although not known as prolific savers, were optimistic about their retirement prospects. Retirement plans have certainly changed and Boomers are embarking on setting yet another trend – Unretirement.
Baby Boomers are doing a lot these days and are reshaping what it means to grow older. They use the Internet and are characterized by optimism, personal gratification, team orientation, health and wellness, personal growth, work, and involvement. Compared with their parents, Boomers are healthier, better educated and living well into their 80s and beyond. Healthcare will obviously be an important issue as this group ages.
Retirement of the Baby Boomer generation may mean that more jobs will eventually open up, but how do we replace the skills that a lifetime of experience teaches?
Boomers demonstrate a changing attitude towards inheritance, with surveys suggesting they are more likely to want to use their wealth to enjoy life than to worry about leaving a bequest. Baby Boomers are an important segment for retailers, not only because of the sheer size of the population segment, but also because people in this age group have typically been big spenders. Marketing to Boomers is important, and realizing that their spending habits are completely different from their parents is crucial.
Author, Kimberly Smith
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