As the aging population grows, investors and entrepreneurs are searching for ways to innovate and capitalize off the largest generation ever. Those 50-and-over make up one-third of the U.S. population, making the baby boomer generation a lucrative demographic for businesses to target. Service providers and the consumer market are pivoting their focus to an older population from healthcare to real estate. Companies are redesigning their current business models and seizing new opportunities to cater to the needs of aging adults. Here are five companies finding success in the baby boomer market as more and more people join the retirement pool.
The Wow Computer
New smartphones and computers may be notoriously difficult for baby boomers to master, but living in the 21st century without being digitally connected is challenging. Luckily, tech companies are taking notice of the need for easy-to-use devices and products for aging adults. The Wow Computer is one such product being marketed directly at seniors as an alternative to the traditional, often more complicated PC. With a simple, direct menu, the Wow Computer allows seniors to access their email, video chats, a web browser, and a selection of popular games with a simple click. Seniors no longer need to rely on their younger family members to learn and navigate a complicated piece of technology.
It can be anxiety-inducing for adult children living away from their elderly parents not to know how their beloved family members are doing day-to-day. TruSense can put families’ minds at ease with a simple network of internet-connected sensors that includes motion sensors, contact sensors, and water leak sensors. As a passive monitoring system, there is no “big brother”-like camera system, ensuring your family members’ privacy as they live independently. However, the sensors will send you customizable alerts so you can monitor your loved ones’ day-to-day lives and make sure they’re safe and healthy.
Royal Caribbean and Carnival Cruise Lines
Though they may be aging, baby boomers with a sense of adventure don’t want to be stuck at home. While they may not be able to go off on adventures they would have taken in their youth, traveling is still a priority for many older adults. Luckily, cruise lines provide the comfort and luxury many baby boomers seek when they still want to see new and exciting locales.
In 2018, 37% of all cruise passengers were over the age of 50, and it’s no wonder why. With the convenience of all-inclusive meal plans and endless entertainment options at all hours of the day and night, cruise lines take the stress out of planning a vacation. For elderly couples or individuals wanting to travel in style, taking a cruise is a no-brainer.
Ecommerce has come to rely on the aging population’s business, and Amazon is no exception. While Amazon does cater to a broad audience, baby boomers, in particular, have come to rely on the convenience the company provides. You can buy almost anything from Amazon’s marketplace, from smartphones to clothing. Their grocery delivery services can have all the ingredients you need to make a healthy and delicious meal on your doorstep in only a few hours. Amazon can deliver nearly anything else you need overnight.
For baby boomers who may not be as mobile as they used to be or simply want to avoid crowded retail spaces, ordering goods online is an easy and quick alternative to traditional shopping.
While many people have learned to recognize internet scams and fraudulent emails, seniors who aren’t tech-savvy often fall prey to malicious online con-artists. True Link saw the demand from adult children wanting to protect their loved ones from falling victim to fraud. With True Link’s prepaid credit card, you can monitor your family members’ financials, set spending limits, and stop suspicious payments from going through. While True Link still allows your elderly family members to maintain their financial independence, you can ensure their money isn’t finding its way into the wrong hands.
The bottom line
As baby boomers continue to retire and the workforce’s demographics change, there are sure to be significant economic and social changes on the horizon. Businesses are more aware than ever of the needs of their target audiences and are committed to ushering in a better future for all consumers, both young and old.