April 6, 2017
Because the Millennial market is so over saturated and hard to keep up with, Baby Boomers present tech businesses with all kinds of opportunity. Teens and 20-somethings consume technology at a ravenous pace, only to then demand more. But the Baby Boomer generation is the complete opposite.
Baby boomers are now the fastest growing segment of technology consumers. They’re finally starting to adopt new technology as they realize how much easier it makes their busy lives. After all, many boomers are still taking care of grown children or grandchildren as well as their own parents.
Baby boomers are also spending more money on tech than younger generations. Not surprising when you consider Baby Boomers control 70 percent of disposable income and spend more than any other market group. They are also expected to inherit upwards of $15 trillion over the next two decades.
Top Opportunities in the Senior Tech Market
The next ten years is expected to be a prime time for tech businesses to gain Baby Boomer brand loyalists. Check out some of the most lucrative opportunities relating to this newly adaptive generation:
Some empty nesters are flying the coup for smaller homes, but many Baby Boomers plan to live in their current homes for quite a while. To do that, they’re investing in upgrades and improvements that will prove beneficial as they age. Innovative companies that can engineer aging in place systems and devices for the home that make it easier to get around and get things done will attract Baby Boomer buyers.
Example: Home stair lifts are becoming more common now that many seniors are receiving care at their house rather than a senior living facility. Manufacturers have gotten very good with the track engineering on today’s models. The chair is able to go in a straight line and around curves. A stair lift is a viable option for virtually any home now.
According to AARP, Baby Boomers spend around $120 billion a year on travel. They have a lot of free time after retirement, are relatively healthy and have a lot money to spend, which makes them the most travel-friendly generation alive.
Example: Google’s travel-related apps are great for Baby Boomers because they are streamlined and simplistic. Apps like Google Translate have a low learning curve and can make travel much safer for seniors.
It’s no secret that Baby Boomers put more emphasis on healthcare than younger generations. They’re more likely to have at least one or two prescription medications and invest in annual physicals. The older they get, the more health issues Baby Boomer know they’ll have to manage. Taking care of an aging parent is an even bigger undertaking for some Boomers. The health management sector of the tech industry is rapidly expanding with products designed for Baby Boomers.
Example: Envoy has gained a lot of attention in recent years for creating an innovative system that allows caregivers to find affordable extra help. The company’s website, software, and apps help users find vetted caretakers and helpers in their local area.
Baby Boomers are also focused on fitness as a way to stay healthy and avoid all those doctor visits. Modern day medicine is helping people stay more active later in life, which means senior fitness is a market that has the potential for growth.
Example: Electric bike companies like Evelo that target the Baby Boomer market have seen a surge in sales. The young founder and tech entrepreneur Boris Mordkovich realized he had a business model when his Baby Boomer parents began using a homemade electric bike. An electric bike is popular choice among many riders because it allows the rider to control how little or as much manpower is used.
Once kids are grown and off starting families of their own, some seniors find they have the time to take care of a pet. With no kids around and plenty of disposable income, many pets are pampered with creature comforts, and their owners invest in devices that make pet ownership easier.
Example: GPS trackers like Whistle make it much easier to find Fido if he escaped or got off his leash. For Baby Boomers that have physical limitations, this piece of tech can be essential in getting reunited with a pet.
Read more about business trends here on Tech.Co
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