Boomer Cohort Analysis
Discuss what product or service you would create for the Boomer cohort if you were an entrepreneur? Why this product/service? What is the need and how do you think boomers will respond to it?
According to Deloitte, the Boomers who were born between 1946-1964 are the largest generations in US history estimated at 80 millions people.Today, the oldest boomers are in their 60s. They own 75% of the wealth of the country and spend more than any other group cohort. The boomers enjoy pleasing themselves by spending money for their needs and desires. If I was an entrepreneur I will create an online shopping marketplace of fashion clothing, accessories and products for older adult women. As people grow older, whether you are short or tall, fat or skinny,
our bodies shape changes and many older woman find it hard to shop for fashion clothing. The lack of attention to older adults shopper is so obvious in the fashion industry because there are not many options available to them compared to other group. It is as if fashion is ageist. My marketplace place will offer a selection of fashion clothing from business casual to evening gowns, and beauty products from different designers that they can purchase directly from the site. It will include fast delivery and an excellent customer service. There is a rise in online shopping especially for younger generations that saves time for many of us all around the world, and I think that boomers should be part of the movement as well. I think the boomers will love my online marketplace. Older women will enjoy browsing through many options online in one place in the comfort of their homes.
We are seeing more involvement of boomers with technology, talk about how you as a young person can leverage the fact that so many older adults are online
Boomers are increasingly using technology. In today’s age, the majority of the population uses the internet daily. Almost everything is online and it forces people to keep up technology. Older adults use technology such to stay in touch with their family, to watch the news or read emails, or for those who are still in the workforce, most jobs involve the use of technology in some way. Boomers are also active on social networks such as Facebook, LinkedIn, or dating sites. I believe that it’s a good thing to see more boomers becoming involved with technology because it is becoming essential in the society. As long as older adults are taught how to safely use technology, it will definitely be of great advantage to them.
What are some of the major implications of the boomers and the workforce?
The boomers who are a large percentage of the US population are becoming the older. They are expected to go to retirement soon, which means that the workforce will comprise of a larger younger generation. But the boomers are reinventing what it means to be retired, because many of them work longer or postpone retirement. There were changes in social security benefits and according to the Boomers 2.0 video, social benefits at 62 years old is $2,639 and almost double $4,675 when you retire at 70 years old. Today many seniors are going back to work and they are also training in new skills. Some are doing consulting or opening their own business. It’s their way of keeping busy after retirement, which is in return good for all of us.
According to Deloitte, the Boomers who were born between 1946-1964 are the largest generations in US history estimated at 80 millions people.Today, the oldest boomers are in their 60s. They own 75% of the wealth of the country and spend more than any other group cohort. The boomers enjoy pleasing themselves by spending money for their needs and desires. If I was an entrepreneur I will create an online shopping marketplace of fashion clothing, accessories and products for older adult women. As people grow older, whether you are short or tall, fat or skinny,
our bodies shape changes and many older woman find it hard to shop for fashion clothing. The lack of attention to older adults shopper is so obvious in the fashion industry because there are not many options available to them compared to other group. It is as if fashion is ageist. My marketplace place will offer a selection of fashion clothing from business casual to evening gowns, and beauty products from different designers that they can purchase directly from the site. It will include fast delivery and an excellent customer service. There is a rise in online shopping especially for younger generations that saves time for many of us all around the world, and I think that boomers should be part of the movement as well. I think the boomers will love my online marketplace. Older women will enjoy browsing through many options online in one place in the comfort of their homes.
We are seeing more involvement of boomers with technology, talk about how you as a young person can leverage the fact that so many older adults are online
Boomers are increasingly using technology. In today’s age, the majority of the population uses the internet daily. Almost everything is online and it forces people to keep up technology. Older adults use technology such to stay in touch with their family, to watch the news or read emails, or for those who are still in the workforce, most jobs involve the use of technology in some way. Boomers are also active on social networks such as Facebook, LinkedIn, or dating sites. I believe that it’s a good thing to see more boomers becoming involved with technology because it is becoming essential in the society. As long as older adults are taught how to safely use technology, it will definitely be of great advantage to them.
What are some of the major implications of the boomers and the workforce?
The boomers who are a large percentage of the US population are becoming the older. They are expected to go to retirement soon, which means that the workforce will comprise of a larger younger generation. But the boomers are reinventing what it means to be retired, because many of them work longer or postpone retirement. There were changes in social security benefits and according to the Boomers 2.0 video, social benefits at 62 years old is $2,639 and almost double $4,675 when you retire at 70 years old. Today many seniors are going back to work and they are also training in new skills. Some are doing consulting or opening their own business. It’s their way of keeping busy after retirement, which is in return good for all of us.