Between 1946 and 1964, more than 76 million children were born in the United States who would become the most influential generation of our time: the Baby Boomers. The Boomers have blazed a social trail and left a lasting mark on the American economy and now, this January, the first of the Baby Boomers are turning 65 – officially hitting senior status.
As this happens, the United States is bracing for an extraordinary population shift. Experts predict this mass aging trend to significantly affect economic and social dynamics for decades to come, providing both major challenges for families and big opportunities for business in the senior care industry.
Starting this month:
• About 10,000 Boomers will turn 65 every day.
• The U.S. population will add one new senior every 13 seconds.
• This phenomenon will continue, every second and every day, for the next 18 years
Businesses everywhere will have challenges meeting the needs of these senior consumers, the wealthiest generation in our history. One key difference between the Boomers and their previous generation, the Traditionalists, is that Boomers have spent more freely, and are used to being catered to. "The demand for healthcare and in-home services is already the highest it has ever been," said Lynne Sinclair, owner of Senior Helpers of DuPage, a local office of the national in-home senior assistance provider. "Boomers will want to stay independent in their homes as long as they can. This will only increase the demand for healthcare services in addition to all kinds of in-home services. We are constantly adding to our staff of senior assistants, and over the next several years as the Boomers continue to age, we're going to see unprecedented growth in our industry.”
Whate Lies Ahead for the U.S.*:
• There are currently about 37 million seniors in the U.S.
• Seniors account for 12 percent of the population
• As Boomers age of the next 2 decades, there will be more than 70 million seniors in the U.S.
• Seniors will account for more than 20 percent of the population by 2030
• At that point, 1 in 5 Americans will be a senior
Growing Older,
“As people age, they have additional challenges that they must deal with. Decreased vision, decreased hearing, health problems, frailty, loss of mobility, are some of the physical challenges that seniors often face. Those businesses that can recognize these needs and adapt their products and services for these consumers will be the ones who capture the business generated by these senior consumers.” Sinclair said.
