Retailers Are Adjusting To The Surge In Baby Boomers
Each day, 10,000 U.S. Baby Boomers turn 65. If current trends hold, about 10,000 more will reach 65 every day through 2029. This massive demographic shift is not only sweeping through areas like housing and health care – it’s causing big changes in the retail industry. As brands market to the generation that grew up on Main Street and later saw the rise of malls and online shopping, physical store formats, product selection, and technology are evolving to better serve Boomers. I have covered the influence of Millennials and their desire for convenience and flexibility in the retail experience in previous columns. But it’s also worth explaining why Boomers are such a powerful force in the retail industry. A 2016 report by Visa projects that consumers over age 60 will continue to dominate U.S. consumer spending growth in the coming decade. In sheer numbers, there are more 60-year-old-plus consumers than there were a few years ago. Plus, Boomers are retiring later than their predecessors, retaining more debt, and spending more on travel and discretionary items than earlier generations. Read more at Forbes.
