Though we live in a world where teenage “dot com” millionaires and pop culture superstars have begun to distort our ideas of who controls the economy, the reality is that aging baby boomers are running the show, and from both sides. In this article, we discuss the reality of this baby boomer big-business binary, explaining the elderly consumption patterns and entrepreneurial initiatives that are causing economists to re-evaluate their understanding of economy-driving demographics.
Aging body boomers are major consumers, and that has major economy-driving implications, especially since they dwarf the millennial demographic both in size and spending. Indeed, the baby boomer generation is one of the wealthiest to date, with an unprecedented amount of disposable income. Marketers and business owners have known the value of pitching their products to these audiences for years.
Retirement is no longer synonymous with “slowing down.” It’s actually more of an opportunity to speed up and focus on the fun things in life – which often means dipping into hearty savings accounts to buy luxury items, plane tickets, and hobby supplies. According to consumer reports, over 50% of luxury item sales are made to members of the senior demographic, with many more funded by grandparents eagerly spoiling their grandchildren.
The Baby Boomers generation is highly entrepreneurial, launching millions of small business that continue to drive our economy forward. The Kaufmann Foundation reports that baby boomers are twice as likely to start a new business than their millennial counterparts. Plus, their businesses often start smoother and last longer; Baby Boomers have a better handle on the work/life balance – and larger professional network to dip into for referrals, suppliers, and other contacts – while the drive and ambition to chase their dream burns just as brightly in them.
But retirement isn’t all fun and games: in fact, many people’s retirement is little more than a career re-focusing. “The American Dream Never Ends,” as they say. Many aging baby boomers choose to start a new business, pursue a new passion project, or diversify their investment portfolio. As of last year, the Western entrepreneurial world was shown to be dominated by the over-50 crowd: 1.7-million entrepreneurs in the UK.
For many newly retired baby boomers, senior care franchise profitability makes their new career path a very easy choice. The reality is that senior care franchise profitability will never really wane. In fact, it will keep growing as our population continues to swell. We will all need care as we move into the later stages of life, and over 90% of seniors prefer to stay in their homes rather than relocating to a senior care center. That means that over 90% of the growing senior population will seek out senior care franchises. By 2030, senior care franchise profitability will reach an estimated $500 billion dollars in revenue. It’s a very promising option for baby boomers looking to explore a new career that’s as profitable as it is rewarding. The ease and affordability of senior care franchise start-up makes the decision even easier; there are processes in place to give first-time business owners a strong infrastructure, support system, and marketing push, putting profitability in reach of seniors of any experience level.
If you’d like to learn more about senior care franchise profitability, visit https://www.seniorhelpersfranchise.com/ for a helpful webinar with all the info you need to start an exciting, economy-driving career with our team.