Among the six generations in the US, the Baby Boomer generation, also known as Boomers I refer to the individuals who were born between 1946 and 1964. Right after World War II, there was a sudden surge in birth rate which was referred to as a boom, hence came the name Boomers or Baby Boomer generation. They are also called “war babies”.
76 million people were born between 1946 and 1964, making it the largest generation until Generation Z (people born after 1997) surfaced. So it is no surprise that the baby boomer generation is a very influential group. It representing almost 30% of the population of the US. They manage to affect the economy because of their sheer number.
let’s also find out about Generation Z
Baby Boomer Generation
The explosion in the birth rate after World War II was known as the baby boom, with over 76 million babies being born in the United States. The reason for this huge surge in the birth rate was said to have occurred because of the aftermath of the war.
War is a very stressful situation for even the bravest person, so it was quite obvious that people were afraid of living their life normally when the 2nd World War started. After the war, people were overwhelmed with the relief and joy of the nightmare coming to an end. And decided to focus on starting or extending their family with the hope of a better future.
Those huge numbers of babies are now also the longest-living generation in history, leaving their mark in the economy. Their various purchase, job, education, taxes, etc. over the decades helped their previous generations, providing their retirement funds. Now they are retiring in millions, consuming the funds created by the later generations. Their economic power is evident as these boomers own majority of the personal net worth in the US.
Each generation has its personalities and characteristics depending on the time they were born in. Characteristics of the boomer generation suggest that:
- They are workaholics who shoot for their goals without fear
- They tend to question authority
- Very diplomatic and expressive in their body language
- They tend to be competitive, dedicated and self-reliant
- Prefer traditional media over social media
- They’re also said to be egoistical
- They seek recognition and gets motivated by it
This pretty much gives an idea about what to expect when you engage a boomer.
Number Means Power
As mentioned, for a long time, the boomers were the largest generation and they dominated every market as they were the target customers for most businesses. They were the largest group to vote in the early 1980s. After they graduated, the cost of college education skyrocketed due to the increased number of students. It is said that marketers analyzed boomers like no other from the time they were conceived. With their sheer number, the economy also went to boom as more people meant more business and more business lead to an economic surge.
They affected the market so much so that a drop in the economy was noticed when the boomers started to approach their retirement stage. They were renowned as big spenders and impulsive shoppers. By this year, 25% of the boomers in the US should be at least 55 years old, going well into their retirement plan. Retirement communities are getting ready to welcome their newest addition.
Retirement of the Boomers
Being the descendants of the greatest generation, the boomers are said to lead a much different lifestyle than their predecessors after retiring. Earlier generations had to struggle when it came to stepping down from their designated job posts as their retirement facilities were not as good.
After the war, economic prosperity made everything better. And the greatest generation had the chance to retire and live out their days peacefully at the age of 65. Boomers are said to have a life expectancy that is 10-25 years longer than their parents, the greatest generation. And with today’s facilities, they will not only enjoy their retirement but also have the chance to relish in it for much longer.
They also have more investment options than their previous generations, which some like to take advantage of. But many boomers suffered from their savings since they were pretty impulsive when it came to buying something. They didn’t think much before making huge investments and mortgages, for which they had to struggle later. The ones with a more level head have other choices to make.
Some prefer moving to the suburbs, away from the city’s hassle and some prefer urban areas for the advantage they are provided. The ones who still have the ambition to do something, prefer to look for employment offers. Those are the ones with the most energy. Many boomers are grandparents too who’d like to spend their remaining days looking over their loved ones.
In the end, every generation has something that the ones before them didn’t. That is the way of life and how the world moves forward. For the boomers, they managed to make a noticeable impact on the economy because of their numbers. Their traits distinguished them from others, no matter how stubborn they turned out to be. Their ambition and the urge to prove themselves from their places helped many of them accomplish astonishing achievements.