NEW YORK – Thanks to Boomers, the fastest-growing segment of the population over the next 10 years will continue to be people over the age of 50, expected to grow by more than 15 million — nearly triple those age 18 to 49. That disproportionate growth will affect nearly every industry, growing the consumer base of sectors that already serve older consumers (e.g., health and finance) and aging the consumer base of mainstream sectors.

Earlier this year, NACS Magazine addressed the importance of the Baby Boomer demographic for the convenience industry, in “Golden Age.”

In an article this week on MediaPost, author Mark Bradbury examines how far-reaching the influence of Baby Boomers will be, particularly on six key business sectors: 

1. Financial Services: Every day for the last five years, 10,000 Boomers reached retirement age. That trend will continue over the next 14 years, with increasingly savvy consumers who learned from the recession to take a more proactive role in managing their money. As Boomers continue to reinvent retirement, companies will succeed most by monitoring their changing needs and providing customized solutions.
2. Employment/Business Services: After retiring from full-time jobs, many Boomers continue to seek new work opportunities. This is creating a greater need for job placement and training services for older workers. Other retiring Boomers will start their own businesses, creating an increased need for business-related products and services.
3. Wellness & Fitness: The wellness/fitness industry has a huge growth opportunity when it comes to marketing to Boomers. Seven in 10 Boomers currently manage their diets, and they cite a desire to improve their health as a top reason for doing so. Boomers are increasingly using wearable fitness devices and health apps to monitor and improve their health. As a result, they are creating a demand for wellness and prevention products and services that will only grow as they age.
4. Health Management: Boomers in their 50s and 60s, and, soon, their 70s, will increasingly need assistance managing a variety of health ailments related to aging, creating a greater demand for non-physician medical professionals whose services will rise in popularity as an alternative to help control health-care costs.
5. Travel: Boomers love to travel, and retirement will give them greater flexibility to hit the road, providing growth opportunities for many in the travel industry. Indeed, the market of retirement travelers will grow by 36% over the next ten years, which will mean 8 million more retired domestic travelers and nearly 4 million more retired foreign travelers. Retired travelers spend 12% more than employed travelers on domestic vacations and 23% more on foreign vacations.
6. Brain Games: According to the Alzheimer’s Association, every 67 seconds someone is diagnosed with Alzheimer’s disease and one in every three seniors dies from dementia. Boomers are indeed worried, and the brain fitness market has grown dramatically due to Boomer investment in games and services that aim to improve mental dexterity and brain fitness.