Quick cash, fast food, drive-thru, speedy service – call it what you like. When baby-boomers want it, you’d better provide it immediately. The message is the sooner the better!
If you can provide customers with a time saving option, they’ll pay for it.
This could be anything from delivery services and house calls to drive-thru windows and easy-access express locations. For example, parking can be time wasting and expensive. This is why my brother in Australia uses a drive-thru bank every day. Expect to see more drive-thrus for traditionally inconvenient businesses like dry cleaners.
No longer is time and money being calculated in the traditional sense. Money saved to drive out of the way to save a dollar is now considered valuable time away from the family or other interests.
Think about mobile phones. They are reasonably expensive to operate, but people find them quick and easy to use. People will pay for convenience.
Baby-boomers are busy people and that explains why one of the fastest growing franchise types in the USA is the business of concierge services. Another growing profession is personal organizers to help clients manage their busy lives.
Couples are putting off having children until their 30’s or over. They want to have FUN! And even when they do have children, he may be the one to work from home and look after the kids, because she’s in the banking industry on $40,000 more than he is.
Guess what?! These people will have two incomes and lots of money to spend. Before the patter of little feet are heard at least. (D I N K S) Double Income, No Kids. These are the baby-boomers’ kids growing up . . . and there have never been so many.
A Lively Longer Life!
Back to the baby-boomers themselves. Their life expectancy has increased substantially. He will, on average*, retire at 57 and live for another 27 years. She will retire at 55 and live for another 32 years.
So what does all that mean? It means that they will live in retirement for almost as long as they have worked and what do you think they will want to do? Not mow the lawn any more. They will (and do) want to travel and go to restaurants. No longer will they want to live in the outer suburbs with a big plot of land. They will want to sell their big house with its large maintenance requirements and that s on and daughter will have to find somewhere else to live. (That’s another story).
In most cases, they’re going to sell their large section with house in the suburbs. They’ll trade the spa, pool, open spaces and everything that opens and shuts for a 50 to 100 year old house in the inner suburbs for more money! And they will absolutely love it. They might even describe it as the best thing they ever did.
So what else do we know about them? Well, in the last 15 years of their lives, 80% of the money they spend will probably be on their health.
What’s Going To Be HOT?
Home Services, pre cooked meals delivered to the door, cleaning and ironing, home care (too expensive to do it yourself and who wants to anyway) and home maintenance, gardening, car detailing and car wash outlets and travel agencies. Phew! Let me take a breath as I continue…Tour operators, financial services, optometrists, high quality reasonably priced ethnic food, club memberships, golf clubs, medical and dental, life insurance……. home computers and software, fast food. (remember the 14 year old children of the 40 plus group), banking and mortgage lending and the list goes on.
It is an exciting, fast-paced, ever-changing world. You certainly don’t have to agree with everything I said here, but hopefully I have got you thinking!
*Statistics and trends may vary from country to country.
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