Life marches on – at the older end, baby boomers are on Medicare. A few years ago when I began writing this blog, a senior was a senior – 65+, albeit with the potential for a very long life. As boomers stomp into Medicare eligibility at 10,000 per day, they too have something in common with seniors. But we don’t describe them as seniors. (How funny will that be in 10 years when they are 77?) Anyway, in a world in which women outlive men, in which there is so much buying power in the so-called world of baby boomers, shouldn’t marketers get really excited about marketing to boomers? I mean they represent 80 million people. And according to the Forbes article about the Longevity Economy, the disposable income for Americans aged 50+ was more than $3 trillion. Hint, 50+ is the AARP designation for its membership and spans age 50 through the oldest old. Luckily, the youngest boomer aged 49 turns 50 next year – synchronizing boomers and AARP.
Five Market Overview versions later -- let's recap. Launching a business venture takes excessive confidence -- or an extreme lack of common sense. Four years ago, after 7 months of random ranting in a blog, an awkwardly-titled Aging in Place Technology Watch analyst business was launched at the 2009 What’s Next Boomer Business Summit. Both of those were in conjunction with posting and promoting an initial report -- Technology for Aging in Place Market Overview (2009). Now more than four years later, an updated version has been posted on this site. The press release titled "The Longevity Economy Goes Mobile" is ready -- and so there's time for a bit of reflection. Since 2009, how much has changed: the environment in which technologies are discovered and utilized is radically different. Entrenched social media tools like Facebook, Twitter, LinkedIn et al. make it different; the rise of smart phones and tablets as platforms, so different; and the rise and fall and rise of crowd-funding make starting up a company very different; boatloads of blog sites offering a cacaphony of tidbits also makes learning about new technology difficult -- and different.
MetLife Mature Market Institute work is done. It’s been a bad year for losing the stalwart icons of life and thought. Car Talk stopped producing new shows because Tom and Ray had had enough and that means that all those Saturday shows are repeats. Jean Stapleton (Edith Bunker) passed away. Then recently I received a note recently from Dr. John Migliaccio at the MetLife Mature Market Institute: “As of June 1st, 2013 the MetLife Mature Market Institute will cease to produce new research and materials, or have the MMI team available. MMI content will continue to be available for use on the MMI website for a period of time.” This is the MetLife that segmented the ridiculously broad boomer population into younger, middle and older boomers and produced that gut-wrenching report “Buddy Can you Spare a Job?” in 2009 about baby boomers looking for work. MMI sponsored Aging in Place 2.0 in 2010 that looked at the challenges to actually realizing the AARP responder vision of remaining in their home.
MetLife study pegs older at 40. Down it goes. No, that’s not the value of the dollar. It’s the line at which 'mature' markets and older adults are segmented and studied in this doom-and-gloom study. The latest from MetLife -- On the Critical List – mulls the impact of obesity and the rise of chronic disease among the 40+ population, but on page 9, it’s coughing up a technology to promote independence – you guessed it, the Personal Emergency Response System (PERS). Sure. Meanwhile, on the other end of the demographic dial, we find an impressive rise in a population living to 90 and beyond. Now the fastest growing group in the older population, some suggest that a change in the definition of the oldest be moved from 85 to 90. And life expectancy continues to rise among those who might have the money to buy goods and services, creating a viable target markets for sellers of goods and services.
