Baby Boomers,
BABY BOOMERS: AN INSIGHT IN TO HOSPITALITY INDUSTRY Trends and future
AJAY THAMPI THARAYIL JAYADEEP
110112562
MIHM
The post world war era was a time of peace and opportunities. The safety level of life drastically increased and people started to look forward to the future for safer better and more productive conditions. The generation of people who were born immediately after the World War II (1946) and before 1964 were generally referred to as Baby Boomers. (Clayton W. Barrows 2012)
According to Clayton Barrows the year 2006 marked the onsite of the early boomers turning to their 60s. This was considered as the opening of a new niche in the market that demands fairly new ideas such as flexibility of employment, additional services and updated policies. The year of 2011 was even more stressed upon as boomer age group is going to get a jump start with 81 million or one-fourth of the entire US demographic turning to their 65. The sSheer size of this cohort is enough to obliterate any company that does not appeal to their specific needs.
The most important cohort in the history of the modern world is turning to its retiring years. This can only mean one thing, the hospitality industry worldwide is looking at exceptionally good business years. The main factor for this phenomenon being the availability of funds and leisure time with this particular cohort (Dennis 2005)
People tend to satisfy the materialistic needs in their initial earning years. The thought of travelling and visiting new places only occurs after the mid-life, when they actually have enough free time to complement the spending power. This will shoot up the hospitality charts with the 55-74 year age group being the major boosting factor.(Francese 2005). Full stops go after the reference rather than before.
The senior age groups are growing at a rate that no other group ever did. After 2010 the growth of this
AJAY THAMPI THARAYIL JAYADEEP
110112562
MIHM
The post world war era was a time of peace and opportunities. The safety level of life drastically increased and people started to look forward to the future for safer better and more productive conditions. The generation of people who were born immediately after the World War II (1946) and before 1964 were generally referred to as Baby Boomers. (Clayton W. Barrows 2012)
According to Clayton Barrows the year 2006 marked the onsite of the early boomers turning to their 60s. This was considered as the opening of a new niche in the market that demands fairly new ideas such as flexibility of employment, additional services and updated policies. The year of 2011 was even more stressed upon as boomer age group is going to get a jump start with 81 million or one-fourth of the entire US demographic turning to their 65. The sSheer size of this cohort is enough to obliterate any company that does not appeal to their specific needs.
The most important cohort in the history of the modern world is turning to its retiring years. This can only mean one thing, the hospitality industry worldwide is looking at exceptionally good business years. The main factor for this phenomenon being the availability of funds and leisure time with this particular cohort (Dennis 2005)
People tend to satisfy the materialistic needs in their initial earning years. The thought of travelling and visiting new places only occurs after the mid-life, when they actually have enough free time to complement the spending power. This will shoot up the hospitality charts with the 55-74 year age group being the major boosting factor.(Francese 2005). Full stops go after the reference rather than before.
The senior age groups are growing at a rate that no other group ever did. After 2010 the growth of this