Baby Boomers: A Profitable Niche for Small & Home Based Businesses
The baby boomers of today -- those individuals born between 1946 and 1964 -- are not the grandparents of yesteryears. They are not some demure grandmothers sitting on a rocking chair. Instead, they are active, busy and generally are doing a lot. Some are even going back to work, or starting new careers! If you are looking for a market to serve, there are tremendous opportunities in targeting the baby boomers. According to the Bureau of Census, the "baby boom" propelled the largest percentage increases of any age group in the 1990-2000 decade.
A Merrill Lynch study entitled “The New Retirement Survey" reveals how baby boomers will transform retirement. The study finds that "boomers are not interested in pursuing a traditional retirement of leisure. Instead, the majority of boomers plan to keep working and earning in retirement, but will do so by cycling between periods of work and leisure, thus creating a new model of retirement."
As such, services or products that cater to the changing perspective of baby boomers about retirement are growing. Opportunities are aplenty for small businesses as these baby boomers are leaving and buying new (often smaller) homes, moving to senior communities or even deciding to stay put. Many of the baby boomers are looking for specialized, unique, even high-end services – which a small or even home-based business can provide. Some possible services include eco-tours, home remodeling, financial services, specialized spas and even kayaking.
Another profitable niche to consider is an apparel business targeting senior women. Women over the age of 50 are estimated to stand at about 50 million in the United States today — a baby boomer woman turns 50 every 14 seconds. As a woman ages, her spending power typically increases — but marketers' interest in dressing her decreases! Only a few retailers are actively targeting this important market segment.
A Merrill Lynch study entitled “The New Retirement Survey" reveals how baby boomers will transform retirement. The study finds that "boomers are not interested in pursuing a traditional retirement of leisure. Instead, the majority of boomers plan to keep working and earning in retirement, but will do so by cycling between periods of work and leisure, thus creating a new model of retirement."
As such, services or products that cater to the changing perspective of baby boomers about retirement are growing. Opportunities are aplenty for small businesses as these baby boomers are leaving and buying new (often smaller) homes, moving to senior communities or even deciding to stay put. Many of the baby boomers are looking for specialized, unique, even high-end services – which a small or even home-based business can provide. Some possible services include eco-tours, home remodeling, financial services, specialized spas and even kayaking.
Another profitable niche to consider is an apparel business targeting senior women. Women over the age of 50 are estimated to stand at about 50 million in the United States today — a baby boomer woman turns 50 every 14 seconds. As a woman ages, her spending power typically increases — but marketers' interest in dressing her decreases! Only a few retailers are actively targeting this important market segment.
The baby boomer segment is a large, growing, and under-served market. If you are looking for a profitable niche, this is definitely one!
Share this Blog Post
posted by PowerHomeBiz.com @ 6:30 PM 0 comments links to this post
0 Comments:
Post a Comment
Links to this post:
Create a Link
<< Home