Baby Boomer Generation

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Baby Boomers are the most powerful demographic group in history. Businesses thrives or fails based on their ability to keep pace with the likes and dislikes of this economic powerhouse known as the baby boomers. At 76 million strong, boomers have the influence to rule the marketplace and make sure they keep a place set just for them as the largest generation. Due to its large size, the Baby Boom generation has had a significant impact on society, business, and the economy. The impact of the generation has been felt in all areas of consumer spending, from increased sales of baby products when they were young; to rising demand for houses as they set up their own households; to growth in retirement savings vehicles as they prepare for their senior years. Members of the Boomer generation share many characteristics, making it possible for companies to target the group as a whole. But there is also considerable diversity. Boomers are more racially and ethnically diverse than older generations. Up-to-date consumer research helps companies target specific categories of boomers and develop products that take advantage of the changes in this important generation. Tracking Baby Boomers such as their consumption patterns, voting preferences and annual income has preoccupied demographic forecasters ever since this huge generation came on the scene in postwar America. There is no doubt that the approximately 78 million Boomers, born between 1946 and 1965, and still represent the huge demographic market segments. Now in middle age and in their prime earning years, Baby Boomers' economic influence is reaching its peak and, as in the past, the group continues to shatter the precedents set by earlier age groups: Boomers are... ... middle of paper ... ... parents, who suffered deprivations during World War II and vowed to give their children the things they didn't have. As teenagers, they experienced the new freedoms and conveniences of the 1960s and '70s everything from civil rights to TV dinners to souped-up American cars. Now, as adults, boomers are juggling adult responsibilities and facing the prospect of growing old. Yet more than 70 percent consider themselves to be "young at heart." Their attachment to youth culture impacts the way boomers interact with products and services. Unlike previous generations, babyboomers are closing the generation gap, "tuning in" to their kids, listening to their kind of music and traveling places with them. The baby boomers may be growing up, but as consumers, they are still young at heart. The big question mark for industry forecasters is, what happens 10 years from now?

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