One of the largest markets for wellness products, is targeted directly at the needs and concerns of the "baby boomer" generation.
This generation, defined as those born between the years 1946 and 1964, represents the most affluent and influential section of the economy.
Over 90 million strong in the US and Canada, the "baby boomers" have had a dramatic effect on every facet of life. As this market segment has moved through life, they have literally dominated the marketplace. When they were infants, the marketplace responded with the prepared baby food industry – resulting in supercharged growth in that market …. from 270 million jars per year to 1.5 billion jars.
When the boomers reached their early childhood, the market responded with Frisbees, Hula Hoops, Skateboards, TinkerToys, etc ….. billions of dollars worth!
As the teenage years came along so did the advent of fast food franchises such as McDonalds, Burger King, Kentucky Fried Chicken, etc. Franchisees became rich as the baby boomers filled up on french fries, burgers, and soft drinks.
Community infrastructure was also dramatically effected. Elementary and High Schools were built at a break-neck speed to accommodate this generations educational needs. Social programs were implemented as a direct result of the huge numbers of new problems and opportunities that this massive group created.
Young adulthood brought with it changes in fashion preferences … which resulted in marketing phenomenons such as The Gap which went from $ 600,000 in sales in 1969 to 99 Million in 1976 … today those figures are off the map.
According to a report on CBS news, this same baby boomer generation now accounts for an incredible One Trillion Dollars in annual income! The marketplace continues to respond to this generations every whim …. now when you hear a music background for popular advertisements, it is likely to be an old tune from the 60's, and 70's.
As the baby boomer generation enters the fifth decade of life they have begun to approach the "aging process" as a not-so-inviting-prospect. Indeed they are doing everything in their power to slow down this process and to extend their lifespan with quality years. As one marketer commented: "They are entering middle age kicking and screaming."
In response to the realities of getting older, the baby boomers have discovered a new appreciation for, and an active pursuit of a healthier lifestyle. They are watching their diets, exercising more, and beginning to look seriously at natural / alternative and preventative healthcare. As a result, the Diet and Nutrition and Personal Care industries are now estimated to be a 56 Billion dollar annual market. They are expected to double in the next five years alone!
This is the marketplace that 'wellness' products and services are targeted at. Products that are specifically designed and formulated to address the needs and concerns of this aging population are perfectly positioned for growth and profits.
As a great marketing guru once said … "To be successful, always ride the marketing horse in the direction it wants to go." That marketing guru was my grandfather. He did not realize how profound his words would become. The baby boomers have spoken with crystal clarity … they want high quality, natural healthcare products that make them feel and look younger, give them increased energy, enable them to control weight, help them strengthen their immune systems, and give them a high quality of life.
Dr. Ken Dychtwald, author of AgeWave, states it this way … "Entire industries will rise and fall in response to this anti-ageing, anti-obesity, pro-longevity obsession." He goes on to say … "With the middle-aging of the boomers, we are beginning to feel the impact of the demographic 'age wave', whose mass and force will ultimately challenge every aspect of our personal, social, financial and political dynamics. "
As has been the case from the birth of the first baby-boomers, there now exists tremendous opportunity for companies and individuals who recognize the trends, and are able and willing to capitalize on them. You can be such an individual by recognizing the opportunity that wellness products present.