Are You a Baby Boomer? Defining a generational cohort and their anticipated expectations, needs and services living out their Golden years.
Do you know what you are? We’re not talking about what gender or religion you are. No. We are talking about generational cohorts.
“What may that be?” you ask.
It’s a way of describing a group of people, usually based on a period in which they were born, not their age. The reason why it’s their birth period is that as a generation they all get older in groups. Generational cohorts are a quick way of labeling about 20 years of behavior, attitude, and shared circumstances in the way they were brought up in the world.
There are several generations you may have heard of, the latest being Generation X, Millennials, and Generation Z.
What is a Baby Boomer
Another one of these generational cohorts is called a baby boomer. These are people that were born between the end of World War 2 and the middle of the 1960s. They make up a large portion of the world’s population, representing 21.19% of the population in the US in 2019.
The reason for this is due to the spike of births that happened after the war, totaling 76 million babies just in the United States. And that is why they have been labeled baby boomers.
Some of the causes of the boom may be due to people putting off families because of the uncertainty of the war and the sense of recovery and hope after the destruction during the war.
Baby boomers are one of the longest generation cohorts in history and have been called the longevity generation. You can see many of them still working or getting ready to live out their golden years.
You can see the impact of this generation by looking at some of the stats. A study was conducted in 2016 that found baby boomers spend about $7 trillion per year on goods, which is expected to increase to $13.5 trillion by 2032.
With their life expectancy increased compared to their parents, you will see that baby boomers are having a longer retirement period. But this comes with its problems. They need to make sure that their retirement fund is enough so they can retire when they need to.
For those that don’t have the money, retirement may not be an option until much later on in life.
You will see that baby boomers are the type of people that are still consuming traditional media such as television, newspapers, and radio. However, you may see that some of them are trying to embrace technology by having a smartphone so that they can still connect with their family. They are often on Facebook, sharing and liking family photos.
Baby boomers are the type of people that still like to go into banks and perform transactions, and you’re likely to see them carrying cash to pay for things.
So do you think you’re a baby boomer? You can easily find out by doing baby boomer trivia and seeing how well you do.