Baby Boomers by the Numbers

Baby Boomers by the Numbers

So, why am I so fascinated with the baby boom generation? The main thing that turns my crank is the sheer power and influence this demographic has on the world. It is those of us born between 1946 and 1964 that have shaped the world we know today, and whether we have done a good job or a terrible one is very much up for debate; but one thing is for certain; while there are still so many of us you can’t ignore us!
In past generations, as the older demographic heads toward retirement it becomes less somewhat less significant in the bigger scheme of things. If we think of the generation that preceded the boomers it is less in touch with the generation it beget; far fewer people 66 and over are Internet savvy, and they have less in common with their children when it comes to the way they live their lives. Now think of Boomers, who are going on sixty but acting like forty. They are connected to the worldwide web, where they email, book travel and are one of the fastest growing demographics on sites such as Facebook and LinkedIn. Far from fading into gray, this generation has a higher profile than either generation x or y! Love us or hate us, you can’t ignore us!
So, how big is this demographic? If you are considering marketing a product to Boomers, or want to judge for yourself the influence they have it’s important to know how many people we are talking about.
Here are a few facts and figures to get you thinking and to prepare you for future discussions about all aspects of Boomer life.
Worldwide there are estimated to be 450 million baby boomers.
Their estimated spending power is over $2 trillion USD.
There are around 80 million boomers in the US.
5 million turn sixty years of age every year:
416,666 per month
96,153 per week
13,698 per day
9.5 per minute
a boomer turns sixty every 6.3 seconds
and every 7 seconds a boomer turns 50.
People 50 and over are the fastest growing demographic worldwide.
In Canada there are approximately 11 million boomers (one-third of the population).
In the United Kingdom there are 20 million people over 50 years of age.
Australia has 5 million Boomers, New Zealand around 1 million.
So how big is this population bulge – are these numbers really so startling?
Well, US census figures show that in 1950 there were just 12.2 million people over the age of 65. Just 60 years later (2010) there are 40.2 million, and by 2020 there will be a staggering 54.8 million senior citizens in the U.S. If we project a little further the US Census Bureau predicts there will be approximately 72 million people 65+ by 2030 more than double the number at the turn of the century (2000: those 65+ equaled 34,991,753).
In the U.S., when we consider almost any aspect of life, be it the stock market, the economy, healthcare, travel, retail, employment, availability of skilled workforce – just about anything in fact we have to consider the 26% of the population that are classified as baby boomers.

Baby Boomers by the Numbers

by Mike Wicks on Dec 03, 2009

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