Boomers and the Longevity Economy

The Longevity Economy is the term the AARP uses to describe the huge economic impact - and huge business opportunities - presented by the 100 million aging U.S. baby boomers and seniors.  

They claim the Longevity Economy is roughly the same size as the BRIC economies.  I'm not sure I agree that the opportunity is that big, but I certainly agree the economic footprint of our aging society is enormous and growing.

I learned about the Longevity Economy at the recent Boomer Summit, an annual event that "brings together the country's top businesses and organizations that are focused on the baby boomer and beyond marketplace."  

The Summit was outstanding and the audience and speakers included folks from interesting startups, service organizations, traditional small businesses, government agencies and foundations and large corporations - all targeted at better serving the needs of older Americans.

I went into the Summit already a believer about the growing economic impact of aging boomers and older Americans.  

I left even more convinced this will be a huge small business sector over the next decade (and longer).

I'll be posting more on this topic in the coming weeks, but for those interested in learning more a good way to start is to review AARP's presentation on the Longevity Economy.  It nicely summarizes their point of view and provides a lot interesting data on this market.

Comments

[Fax Authority]

I think you're right - the boomer economy is going to be a major component of the economy going forward.

It's also a reminder not just for people building products and services for the boomers, but also for people doing the same for the general population.

Software, for example, needs to be easy enough to use so that even the older generation "gets" it. I think that when the older generation became a major part of Facebook is when Facebook started to become a truly anchor its status as the best in social media.

Boomers have a harder time "getting" technology, but once they do they're usually the last group to switch to the new latest fad.