There are currently about 75 million baby boomers (born between 1946 and 1964) in the U.S., and they are the fastest growing segment of technology consumers. Whereas millennials consume the trending technology and move on to the next, baby boomers are different. Once they find a brand that appeals to them, they are extremely brand loyal. Contrary to popular belief, they are not resistant to technology or social media (to the dismay of kids and grandchildren across the country), and according to a study conducted by Forrester Research, boomers actually spend more on technology than any other demographic. Baby boomers control 70% of disposable income, and smart companies are adapting technology to appeal to them. Here are three examples of how the tech industry is focusing on baby boomers.
CAREGIVING The caregiving market is expected to reach $72 billion by 2020, according to a report from AARP, with a total spend on caregiving from 2016 through 2020 expected to reach $279 billion. Many baby boomers are currently caring for elderly family members, which is an extremely taxing and difficult task. Technological advances make it easier for boomers to stay on top of their loved ones’ health issues. An app called Medisafe uses the Cloud to alert family members when someone misses a medication dose. Caregivers also have an option for keeping track of elderly loved ones who may have a tendency to wander off or become disoriented and lost—the GPS SmartSole is a wearable technology that uses a shoe insole to track the location of the wearer.
TRAVEL 84% of boomers book their travel online. This is no surprise since the advance of technology has made traveling easier for everyone. From researching, price comparison, and booking travel, it is all the click of a button away. According to AARP, baby boomers spend around $120 billion a year in travel. For the boomer who wants a more hands-on approach than the typical travel booking site, there is Lola, a travel company that provides on-demand, personal travel service through a smartphone app.
FITNESS Baby boomers are focused on staying healthy, and technology plays a large role in helping boomers achieve this goal to ensure a more active lifestyle and, ultimately, longer lifespan. Evelo, an electric bike company, targeted the boomer market and saw a surge in sales. Boris Mordkovich, CEO and Founder of Evelo, noticed the huge market potential because his own parents, who are baby boomers, found the electric bike extremely useful. The bike is popular because it allows the rider to control how much manpower is used, and is more gentle on joints than traditional bikes.
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