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Turning Silver into Gold

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Turning Silver into Gold

How to Profit in the New Boomer Marketplace

FT Press,

15 min read
10 take-aways
Audio & text

What's inside?

Creative ideas for selling to the baby boomer market: how an aging population presents great business opportunities

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Editorial Rating

8

Qualities

  • Applicable

Recommendation

Most books that address the impact of the baby boom generation contain too many statistics and not enough insights. Mary S. Furlong tries to fight that trend with this slightly disjointed look at data and stories about companies that cater to this demographic group. She relays interesting sagas about entrepreneurs, but sometimes omits the richness of detail that would give them the practical impact they deserve. She weaves five baby boom trends (“global markets, longevity, technology, life-stage transitions and spirituality/giving back”) through each chapter of her analysis, as she discusses what the boomer generation might buy, how many of them might buy it and how you might market it. getAbstract finds that she offers good information and solid coverage of her subject.

Summary

Longevity Lives

In the old days, someone who turned 60 years old was entering the twilight of life. Today, the number of people who are 60 and older is growing faster than ever. Baby boomers born between 1946 and 1964 seek new ways to entertain themselves, new places to visit, new ways to make money and new tactics for getting more family time.

In the U.S. today, 45% of the population is older than 40 – the healthiest, wealthiest and best-educated demographic group ever to reach this age. This racially and ethnically diverse market segment is made up of independent adults, either single people or couples, This racially and ethnically diverse market segment is made up of independent adults, either single people or couples, some living with their kids and some empty nesters. Some baby boomers are still working and assisting their adult children financially. People older than 45 hold 77% of U.S. financial assets, and control 70% of its wealth and the majority of its discretionary spending. If you are healthy, and you exercise, watch your diet and do not smoke, you can live into your 80s. By 2050, estimates indicate that the U.S. will have one million people who are 100...

About the Author

Mary S. Furlong, Ed.D., founded a consultancy about marketing to baby boomers. She teaches at Santa Clara University in California. She founded SeniorNet and has produced numerous venture capital summits. She also wrote the Grown-Up’s Guide to Computing.

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