Not only are they the first generation to think outside of the “work all your life for one company to receive the golden handshake” box, but most are changing their professions at least once along the way.
Over the next 10 years Baby Boomers are scheduled to retire at an unprecedented rate of about one per every 8 seconds. They are also expected to inherit a lot more money than their previous generation.
7.4 million Boomers own their own business. Their favorite activity is travel. As a group they continue to enjoy having the highest median household income of any group. They are entrepreneurial, in better health than previous generations and are staying active.
All major marketing trends have been fueled by the Baby Boomers size and buying power. For example: they were
behind the growth in baby formula sales, behind the housing boom when they started to purchase their first homes and now travel is being affected by their enormous buying power.
It is projected that the travel industry will become a $14 Trillion dollar business worldwide in the next 10-20 years.
Home business and travel is an ideal market for Baby Boomers who wish to stay active, earn extra money to supplement their lifestyles and travel at a discount.
Coastal Travel Vacations directors are targeting Baby Boomers in the publications they read as well as in online advertising.
The number of Baby Boomers who have started their own business is up by 20% + since the year 2000.