Baby Bommers, the Future Growth Engine
Why is the baby boomer generation a golden opportunity?
It doesn’t take a rocket scientist to figure out that a growing population contributes to higher purchasing powers. So who are they? As Taiwan is progressively entering the “Aging” society in 3 years, proportion of population aged over 65 will rise to 14% and will be greater than that under 14. The increase of senior population brings more demands and opportunities.
In addition to the future estimation, where does it stand now, and, what are the characteristics that define baby boomber as the golden opportunity? According to governmental data of Taiwan, the population of baby boomber (50-65 years old) has increased one million from 2008 and 2013. Although the growth is not significant, the baby boomber population still represents 22% in total. As baby boomber generation enjoyed Taiwan’s golden era of economy booming, they are considered the wealthiest group. More importantly, baby boombers continues to increase from 50.4% (2008) to 54.7 % (2013) as the breadwinner of the house.
How’s their current health status? Can it possibly bring us any opportunity?
From the findings in “Nielsen Aging Report”, Taiwanese are generally quite confident in their current health states as 65% rate themselves healthy. Having good metabolism and sharp cognition are the top priorities of staying healthy and young.
Current top 3 health issues are the increasing amount of grey/white hair; poor vision/declining eyesight, and wrinkles. Actions taken, such as supplements and diet control, are relatively fewer compared to other pain-induced or life-threatening health issues which receive more professional medical attention. So this leaves the door of market potentials for the concerning symptoms they currently have and foresee in the future. Top 20 health concerns and preventions are also explored in the “Nielsen Aging Report” to identify the underlying potential market.
Virtual shopping is still dominating while online shopping remains raw whilst having the potential to grow!
Convenience stores and traditional markets are the top purchase channels for baby boombers. Online shop users doubtlessly remain relatively low; still, 26% baby boombers show interest in online shopping. The opportunity lies in how to get them started.
To learn more about baby boomber generation, please click “request report download”.