I came across two interesting articles I wanted to share - and why the information is important to companies selling products and services relating to the aging population.
"The Census Bureau forecasts that the 65-and-over population will rise from 38.7 million in 2008 to 88.5 million by 2050 and that the 85-and-over slice will swell from 5.4 million to 19 million. The actual size of this "age wave," though, could reach tsunami proportions, if a December study from the healthcare policy journal Milbank Quarterly turns out to be prescient. It predicts an average American life span of 86 years for a man and 93 years for a woman by 2050—more than a decade longer than now—and a grand total of up to 108 million seniors."- Excerpt from January 25, 2010 U.S. News and World Report article.
The first, Why Baby Boomers Should Rethink Retirement, from U.S. News and World Report discusses how seniors today are living more independently, dying less from lengthy and debilitating bouts of cancer, and are happier than they were in the past (according to a 2008 University of Chicago study). The article goes into pretty good detail about the impacts of an aging - and active - population on the individual and society as well as the challenges it brings to public policy.
The second article, Economy Forces Changes in Thinking about Retirement, discusses the economy's impact on senior housing including smaller homes, increased emphasis on bike paths and walking trails (and decreased emphasis on greens and fairways), a shift away from traditional "warm weather" retirement destinations, and the types of design features the 55+ population wants in their homes.
Some lessons from these articles:
When it comes to marketing to an older demographic group, strategies that may have worked in the past will not work with aging boomers. This is new territory for a lot of companies because historically people over the age of 50 have not been highly targeted by marketers because their spending power was minimal. But as a group aging boomers will have double the spending power of today's 60-70 years olds, will not consider themselves "old", are affluent, and will live independent and active lifestyles well into their 70s and 80s and beyond if they are healthy.
All of these changes will have a dramatic impact on how company's market their products and services - all companies, as well as how employers recruit and retain older workers.
"The Census Bureau forecasts that the 65-and-over population will rise from 38.7 million in 2008 to 88.5 million by 2050 and that the 85-and-over slice will swell from 5.4 million to 19 million. The actual size of this "age wave," though, could reach tsunami proportions, if a December study from the healthcare policy journal Milbank Quarterly turns out to be prescient. It predicts an average American life span of 86 years for a man and 93 years for a woman by 2050—more than a decade longer than now—and a grand total of up to 108 million seniors."- Excerpt from January 25, 2010 U.S. News and World Report article.
The first, Why Baby Boomers Should Rethink Retirement, from U.S. News and World Report discusses how seniors today are living more independently, dying less from lengthy and debilitating bouts of cancer, and are happier than they were in the past (according to a 2008 University of Chicago study). The article goes into pretty good detail about the impacts of an aging - and active - population on the individual and society as well as the challenges it brings to public policy.
The second article, Economy Forces Changes in Thinking about Retirement, discusses the economy's impact on senior housing including smaller homes, increased emphasis on bike paths and walking trails (and decreased emphasis on greens and fairways), a shift away from traditional "warm weather" retirement destinations, and the types of design features the 55+ population wants in their homes.
Some lessons from these articles:
When it comes to marketing to an older demographic group, strategies that may have worked in the past will not work with aging boomers. This is new territory for a lot of companies because historically people over the age of 50 have not been highly targeted by marketers because their spending power was minimal. But as a group aging boomers will have double the spending power of today's 60-70 years olds, will not consider themselves "old", are affluent, and will live independent and active lifestyles well into their 70s and 80s and beyond if they are healthy.
All of these changes will have a dramatic impact on how company's market their products and services - all companies, as well as how employers recruit and retain older workers.
Comments