No generation in American history is quite as celebrated as the Baby Boomers. They might not have changed the world like they promised in 1969, but by being the first generation to grow up with pop culture, it seemed like they would never get old. But, lo and behold, this year, Baby Boomers find themselves on the verge of the golden years. The question that many people exploring business opportunities are considering right now is this: how can I best service this huge demographic?
Anyone launching a business will want to be targeting a very defined market. But why not pitch that tent as large as possible? That is the argument of Susan Ward, who outlined ten possible areas to succeed with business via the baby boomer sector.
Some proposals are not surprising and have been proposed before on this blog. For instance, health and senior care franchises are only going to get more popular, given America’s rapidly-aging population and the recent rumpus over health care. Equally, fitness franchises stand to do well, as elderly people will need to preserve their health.
One of the most interesting suggestions comes in targeting the pet sector. According to Ward, baby boomers have elevated pets to near-human levels.
Baby boomer pets eat, sleep and do things with their people. They watch TV, they get dressed up, they have their own friends and their own doctors. They are a multi-million dollar industry!
It makes sense, too. Their children have grown up long ago, and pets fill that void. All in all, it’s a demographic that every entrepreneur needs to consider. There are many opportunities to take advantage of with this sector.