The first Baby Boomer hits retirement age in the year 2011. What types of information would assist you in forecasting market potential and future demand for products and services of this emerging "maturity market"?
What do people over 60 buy? Are they affluent? How is their health? Do they need more prescription drugs and health care? Are they buying second homes? Do they travel?
what are some of the past trends of the retirement age.
To forecast market potential and future demand for products and services in the emerging "maturity market" of the Baby Boomer retirees, there are several types of information that would be useful to consider:
1. Demographic data: This includes information about the size and growth rate of the older population, as well as factors such as life expectancy, birth rates, and immigration patterns. This data can help estimate the number of potential customers in the market.
2. Income and wealth distribution: Understanding the affluence of the older population is crucial for market analysis. Information about their income levels, savings, investments, and assets can provide insights into their purchasing power and preferences.
3. Health and well-being: Assessing the health status of retirees is important for understanding potential demand for healthcare products and services, as well as factors such as mobility and accessibility. Information about chronic conditions prevalent in older adults and their healthcare needs can be valuable.
4. Lifestyle and preferences: Researching the lifestyle choices and preferences of retired individuals can shed light on their spending patterns. This includes analyzing their buying behavior, interests, hobbies, travel habits, and housing preferences (e.g., second homes).
5. Historical trends: Understanding past trends related to retirement age can provide insights into the potential market size and demand for products/services targeting this population. Analyzing retirement age data from previous years can help identify patterns or shifts and make more accurate forecasts.
To gather this information, you can review various data sources, such as government publications, census data, market research reports, industry analyses, academic studies, and surveys conducted specifically for the mature market segment. Additionally, interviewing or surveying potential customers and conducting targeted market research can provide valuable insights.