There has been a lot of buzz about Baby Boomers being the largest and most affluent market in Canada. At Rafuse Group we define this group through various lenses with a look at what this means from a business and cultural context. Why bother? Because, as much as most marketers would like to have you think that this is a simple and easily understood segment, there is no one definition that has been adopted or that there is a bridge of consensus to step upon.
But who doesn’t like a challenge? Well, some people, but….
Well, the truth is, we’re all over it. So I figured that it would be best to begin by providing some initial facts on baby boomers in Canada. Following posts will at times delve into what this means for health and wellness, discovery and political action for organizational thinking and planning.
In Canada, the first of the baby boomers are celebrating their 65th birthday. This demographic is described as being born post WWII in 1946 through to 1966. Entering the workplace between 1960-1980, they are oftentimes considered as being able to enjoy a “golden age” of welfare and social programs in this country. (Read more).
Population forecast charts are bulging and birth rates have been falling steadily over the past decades. Canadians aged 45+ now account for 55% of the country’s adult population, approximately 14.5 million people (Statistics Canada July 2010 – Adults 19+). As Canada’s is expected to exceed 40 million by 2036, the number of senior citizens could double, outnumbering children for the first time. (Read more).
Between now and 2040, the number of working Canadians to those Canadians over 65 is expected to drop over 50 per cent even with new and projected immigrants. At present, for every person aged 65 or older, there are five Canadians that work and therefore, contribute taxes. If this fares to be true, inevitably, our tax base will erode as retirees outnumber younger workers and there will be significant financial consequences with health care costs and pensions with fewer children and grandchildren that follow.
But let’s get back to the current view of affluence. Did you know….
Canadians age 45+ represent 65% of all homeowners, 61% of stockholders and 58% of international vacation travellers. They are also the largest market for automobiles, health and wellness products (PMB Fall 2010 – Adults 18+). (Read more).
According to the Committee to Advise on Tropical Medicine and Travel (CATMAT), Canadians aged 55+ represented 34% of international trips (excluding the United States) in 2008. The travel industry predicts that the number of 50+ international travellers will have doubled between 1996 and 2016. (Read more).
Three-quarters of Baby Boomers go out to a meal at least once a week, while 10% eat in a restaurant at least 3 times per week. (Read more).
According to the Conference Board of Canada, 21% of Baby Boomers plan to remain in the workforce beyond the age of 65. (Read more).
In short, Baby Boomers shadow every other demographic, not only in size but affluence and spending ability in such industries as travel, lifestyle, health, beauty and real estate. But, they are definitely not a homogeneous group and smart marketers do not approach them as such.
Share with us Canadian boomer facts and even related stories that you think will help shed more light on this demographic with our readers.