Generation Y is considered to be those individuals born in the early 1980s to 2000s. I saw a projection about their impact. By the year 2025 they will occupy 75% of the work force. Yes, they will be a force and yes, we should be studying their habits (hot buttons) which will undoubtedly be different that we are experiencing with our current target market.
Now let me share another equally if not more important and impressive statistic: the older population – persons 65 years or older – number 44.7 million in 2013, about one in every seven Americans. By 2060, there will be about 98 million older persons, more than twice their number in 2013. The needs of this population segment, in my opinion, will be much greater than that of GEN Y.
Early studies on GEN Y show that only 11% define having a lot of money as a definition of success. To the older generation, earning and retaining money is very important. For those that can afford it, I believe that a lot of money will be spent on items that will enhance their quality of life and their vision of a luxurious retirement.
People 65 years of age and over are statistically considered the older generation. Other than a small number that have achieved financial independence, there will be a need for jobs for this segment of the population. I also believe that a part of this group will have to start a business to help with retirement expenses. They will need education and support. In my experience this age group is a lot more dependable and willing to accept direction. New types of medicine and new cures for many sicknesses that used to end a life have not extended the working years, in my experience, to 80+.
I believe that there is a great opportunity for business owners who can provide a service/product to older Americans. Marketing techniques may not keep up with the latest and greatest social media offerings, although they will help. Trust and reliability may be the key marketing may be the key marketing words that older Americans will be searching for.
For those willing to add this market segment to their current business targets the rewards will be great, but so will the work in developing and implementing the marketing reach necessary to impact them.
If you have an interest in this great opportunity, call us to discuss the possibilities.
I keep the telephone of my mind open to …abundance. Then whenever doubt, anxiety, or fear try to call me, they keep getting a busy signal – and soon they’ll forget my number.
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