When the recession is over Boomers will have their financial feet on the ground according to Ken Dychtwald, Ph.D., Psychologis, Gerontologist and author. Mature adults can no longer be ignored. He describes 5 key factors that will reshape supply and demand as boomers move into maturity:
1. The boomers are going to live longer than any previous cohort. This generation is coming to grips with the idea that a 90- or 100-year life will become commonplace. And as they search for the “fountain of health,” they will try all sorts of things to stay young longer.
2. They will reinvent themselves again and again. They changed majors in college and haven’t stopped shape-shifting since. Twenty percent have changed religions and 50 percent have changed spouses. They are also far less likely than previous generations to be brand loyal – and far more open to new ideas and products.
3. Their entry into new adult lifestages including empty-nesting, caregiving, grandparenthood, retirement, widowhood, and rehirement–each with its own challenges and opportunities, will give birth to a wide range of products/services.
4. In an attempt to “live within their means” (a new experience for most boomers) while trying to improve the quality of their lives, they’ll undergo a psychological shift from acquiring more material possessions toward a pursuit of enjoyable and satisfying experiences.
5. Maturity is about to get interesting! The boomers will bring a level of adventure, nuttiness, intellectual curiosity, and sexuality to a stage of life that has been relatively bland to date. They are about to change maturity into the 4th of July.
In the same article for the Huffington Post, “The “Boom” Times That Are Waiting On The Other Side Of Today’s Recession“, Dr. Dychtwald goes on to talk about trends he sees for the coming age wave including body enhancement, life coaching and technology.