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baby boomers in soup

February 20, 2012

The details we miss with Baby Boomers

We have heard a lot about Baby Boomers since the word became a popular one that most of us have lost interest on what these generation stands for until now. A lot of people especially those from developing countries are yet to understand what baby boomers means. In the business environment, these are people who are affecting our economy as they retire, make purchase decision and take up new business. For those in developed countries, these baby boomers are the force behind a lot of decisions that their government make. This brings to the question, who are these baby boomers?

A lot of people have explained this word in different ways according to the year they are coined from. However from the United States Census Bureau, these people are those whose birth dates started between the year 1946 and 1964. And from this era, more baby boomers have their years and characteristics. Some of these baby boomers have become grandparents depending on the age range that I would explain later while some are still active in business or about retiring from business.  There have been a lot of changes in the world especially in the business or economy sector because of these baby boomers. Take for instance, the various policies that are made by different governments in the world that have something to do with the health or social security of that country. These are areas that are affecting countries directly or indirectly where business is concerned.

Business and Baby Boomers

There are different type of businesses in the world which are the small, medium and the large scale businesses. These businesses are directly or indirectly affected by the policies that governments make and also on the population of that particular country. What has population got to do with business? When a country is experiencing a decline in her baby boomers population especially in the work force, there is a huge demand on the medical and social security sector of that country. What happens in an economy that is affected by this is that the focus is on the welfare of these baby boomers and less on the business growth of that nation. This is not the less of the challenge of the baby boomers, when they leave position for retirement; there is a huge demand to close the gaps they left.

 However, this decline can be a boast to the economy of businesses because there is less in the huge planning of the economy with social security and medical care decreasing. And, when there is an increase in population of baby boomers, some business gain from them like the manufacturers of health related products and those in the real estate equally have an advantage. But this is not for every business because some of the businesses are affected by the number of baby boomers especially when the government is trying to make policies that are favorable to these baby boomers.

Baby Boomers and their eras

Generation

Period

Baby Boomers

1943-1960

Generation X

1961-1981

Generation Y

1982-2001

Generation Z

2001 – onwards

The year for these Baby Boomers are classified into four generations which include; Baby Boomers, Gen Xers and Gen Y. These could be redefined by different writers but we would be going with these four divisions in this article. One thing about these Baby Boomers is that they are the ones who are the lucky species on earth with rapid development in the world. And advancement of science and technology met them and equally helped them in doing their businesses especially the advent of internet. Those whose birth year fall from 1925- 1942 are mostly our matured citizens of the world who witnessed World War II. And they are the ones who are upholding culture and tradition of so many nations. They can be called the traditionalists because of this.

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