Many businesses are youth-obsessed trying to find ways to better connect to Generation X and Millennials***.
This is important, of course, as decision makers become younger and exhibit different attitudes and behaviours.
But the aging Baby Boomers can’t be ignored. The current 50- and 60-somethings control nearly half of the world’s wealth and disposable income. What’s more, they are nowhere near the end of their working lives.
Futurists and researchers predict there will be a huge upswing in small businesses started by over-50s in the next decade, and growing markets in all products and services aimed at the over -50s. Don’t miss out. Factor in this target group.
New demographic trends will affect your business as this decade unfolds. It is a turbulent and uncertain decade that lies ahead. The past few years of recession show more than just an economic crisis – political, social, environmental, corporate and personal norms have changed dramatically. Entrepreneurs in many industries are saying that they hope things will “get back to normal soon”. That is not going to happen.
We have to consider the new realities of the business world and understand and manage the trends.
Is your business aimed at a particular generation? If so, is it the ideal target group?
*** Millennial Generation (or Millennials) also known as Generation Y, Generation Next, Net Generation, Echo Boomers, describes the demographic following Generation X. As there are no precise dates for when the Millennial generation starts and ends, commentators have used birth dates ranging somewhere from the mid-1970s to the early 2000s. Characteristics of the generation vary by region, depending on social and economic conditions. However, it is generally marked by an increased use and familiarity with communications, media, and digital technologies. In most parts of the world its upbringing was marked by an increase in a neoliberal approach to politics and economics. In the workplace, Millennials assertively seek more feedback, responsibility, and involvement in decision making.
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