Boomers, You Are The New Economic Dynamo

cq5dam.web.420.270Pictured above are Halsbrook CEO Halsey Schroeder and her model. The newly founded online retailer caters to the older retail market offering chic, high-end attire. Halsbrook joins fashion chains Chico’s and NYDJ in marketing to women who’ve moved beyond their 20’s.

These companies have seized upon the opportunity which American Baby Boomers present by holding 80 percent of the country’s personal net worth. John Burgess writes in the latest AARP Bulletin, “Imagine an economy that ranks No. 3 in the world, after the United States and China. It’s got more than 100 million consumers generating $7 trillion a year in goods and services. They’re generally better off financially, with special interests in health, exercise, leisure travel, Internet shopping and digital gadgets. Every year, their numbers and buying power expand.” Burgess calls the American 50-plus population the “longevity economy” because they are working longer and spending more, especially in entertainment and apparel.

Despite these numbers, the country’s 50-plus group does not receive the attention it deserves in this economy. Jody Holtzmann, a member of an AARP campaign to change this perception, portrays this market as one which will enrich the corporations which cater to it. Companies need to focus on the buying power of this group by creating new lines focused on them, as Schroeder did. Not only the traditional concerns of health care but new technologies, which Boomers have embraced, as well as fitness, travel, clothing for younger looking older people, dating concerns, etc. Holtzmann is leading the charge to change the 50+ public persona. “A key objective: Build interest among the country’s venture capital firms, which have hatched many breakthrough technologies. He’s pushing investors to pose a particular question to every start-up that comes calling: ‘What’s your 50-plus strategy?'”

http://www.aarp.org/money/investing/info-11-2013/baby-boomers-key-to-economic-growth.html

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