At the 2017 Women’s Business Enterprise National Conference (WBENC), attendees were told “your business needs to be unique, fill a void and provide a valuable service in the marketplace.”
While some business owners are looking to offer something new and hip for the younger generation, others are looking to tap into earlier generations, ones with more expendible incomes.
A perfect example of a unique product focused on providing convenience is Amazon’s Echo. The potential appeal to seniors was so great it garnered a SNL parody with “The Echo Silver.” If you haven’t seen the skit here’s the link. Another practical technology solution focused on boomers is Great Call’s Jitterbug Smart Phone which includes various health and safety applications.
Even though boomers may only be 25% of the population, they make up 52% of the healthcare spend. Life sciences and digital health companies tout they can save healthcare dollars by providing cost-effective options for monitoring patients and promoting better health habits. Fitbit is among many other top growth companies. Homecare agencies offering apps, making it easier for the sandwich generation who are caring for elderly family members to find and match caregivers, have raised millions of dollars from top venture capatalists according to Jody Holtzman, senior vice president of market innovation at AARP. Filling a void in the lives of 50+ year olds, Stitch helps seniors find the companionship they need through online discussions, local events and worldwide travel.
Why is the boomer generation as consumers so important?
In 1973, older consumers comprised 25% of discretionary spend; by 2013, they drove 35% of all discretionary spend, according to Forrester Research. They’re also the only consumer segment that has made gains in real income since the 1970’s. Per the U.S. Census Bureau’s 2015 estimate, boomers (born between 1946 and 1964) are numbered approximately 75.4 million, and whose annual economic activity is roughly $7.6 trillion, according to AARP.
Article link: More start-ups are targeting baby boomers