The Boomer market is 76 million strong. Due to their sheer numbers, Baby Boomers have been responsible for the grow th of many industries eager to meet their needs throughout their lives. As they age, the large population of Boomers will create a fundamental shif t in the demographic structure of the nation, as the first wave of Boomer retirees enters the health care system.
While Boomers transition from one stage of life to the next, their desire to maintain independence, vitality and relevance will be challenged by their advancing age. Boomers’ mantra to stay “forever young” will then create major opportunities for industries to help them meet these desires.
One major benchmark for industry will be catering to an aging but diverse population, a generation that spans from the birth of Barbie and Woodstock to the Vietnam War. The Boomer generation is known for its resilience and its overarching need to influence government and policy, from dietary supplements to the food industry. The health and wellness surge we’re currently seeing can be attributed, in large part, to the health-committed Boomers. And while their desire to remain healthy is strong, rates of obesity, diabetes and heart disease (to mention a few) among this generation are growing at an alarming rate. This duality creates opportunities for industries that position themselves to help Boomers overcome their health challenges.
Annual research conducted by The Natural Marketing Institute (NMI) among 1,500+ U.S. Boomers in early 2007 provides rich insight into the Boomer lifestyle and identifies many marketplace opportunities.
While nine out of ten Boomers believe the lifestyle choices they make will allow them to live longer and healthier lives than their parents, a growing body of evidence is starting to reveal Boomers may be entering their retirement years actually less healthy than their parents. While it may be too early to tell, many of Boomers’ health conditions may be related to a more sedentary lifestyle, such as working behind a computer and commuting to work, compared to their parents, who may have been engaged in more labor-intensive or activity-oriented jobs. The advent of fast food, technology and television may also play a large part in Boomers’ less-than-healthy lifestyles. Needless to say, lifestyle choices appear to be weighing on their health status as Boomers show high management of a number of health conditions.
Condition Management
Boomers expect to live to an average age of 81 years old, and half want to live to be 100. However, 26 percent feel they are less healthy than they expected to be at their current age, and half of Boomers feel their physical health is worse than just 10 years ago—perhaps not surprising since only 11 percent rate their health as excellent.
The number of health conditions Boomers are managing may be contributing to their overall less-than-healthy status. The top conditions they are currently managing are the need to lose weight (40 percent), high blood pressure (35 percent), joint pain (30 percent) and high cholesterol (29 percent). As high blood pressure and obesity are both serious risk factors for heart disease and stroke—the number one and number three causes of death in the United States, respectively—Boomers appear to be headed towards early “retirement”.
While Boomers’ futures may seem bleaker than anticipated regarding their health, they do make the connection between a healthy lifestyle and an extended lifespan, with over half (57 percent) connecting a healthy lifestyle to the desire to live longer (Figure 2).
Interestingly, half of Boomers were driven to a healthier lifestyle to look better. Playing on this vanity issue may be one way to increase compliance to a healthier mindset, as evidenced by the significant growth of the cosmeceutical industry.