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Mary Furlong Silver Economy 2006

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Presentation during Masterclass on entrepreneurial opportunities on emerging babyboomer market.

Presentation during Masterclass on entrepreneurial opportunities on emerging babyboomer market.

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Mary Furlong Silver Economy 2006 Mary Furlong Silver Economy 2006 Presentation Transcript

  •  
    • Global Economy and Global Demographic Shift
    • Longevity ~ Financing Longer, Healthier Lives
    • Technology ~ Innovation Enhancing the Quality of Life
    • Lifestage Transitions ~ Creating Opportunities to Serve
    • Spirituality ~ Returning to Core Values
    China will have about 630 million people age 50 and above in 2050 - UN population projection, 1998 Top Five Boomer Trends
  • Today’s Conversation: Creating the Most Value and Finding Opportunities in Four Areas
    • Health and Healthy Living
    • Entrepreneurship and Work
    • Entertainment
    • Spirituality and Giving Back
  • Healthy Living ~ Market Size by Category North Castle Partners LLC
  • Boomers and Healthy Living
    • 83% use vitamins
    • 76% some form of exercise
    • Dramatic increase in health club membership – 55+ are fastest-growing segment of health club members
    • WebMD growth
    • Growth of yoga; yoga journal; cruises
      • 74% of health clubs offered yoga in 1999, up from 38% in 1995
    • 28 billion mail order prescriptions 2001
    • Intel, VC Firms
    • Job related Health Care
    • The 50+ demographic accounts for 45% of all healthcare spending
    • Health food retail sales have grown 23% per year over the last 10 years
    • The weight loss industry in the U.S. is estimated to be a $35 billion business
    • Use of spas has grown by a factor of 5.6 times over the last 10 years
    • 63% percent of physicians are currently giving patients nutritional advice, up from 49% in 1996
    • The most common reason for using supplements is for general health and wellness, rather than as treatment for an existing condition
    Boomers and Healthy Living The anti-aging product market is expected to grow to $29 billion by 2007
  • Example ~ Innovative Technology in Healthcare Wearable body monitoring products and services
  • Smart Entrepreneurs are Tapping the Boomer Market
    • U.S. households headed by someone 40+ hold 91% of America’s net worth
    • The burgeoning U.S. boomer market is now over 78.2 million (born 1946-1964) - and represents more than $2 trillion in annual spending
    • People 50+ in the U.S. comprise 66% of all stockholders
    • They account for over 50% of all discretionary spending
  • Third Annual Silicon Valley Boomer Venture Summit Boomer Business Plan Competition $10,000 Grand Prize Winner Selected venture capital firms that support entrepreneurs serving the boomer market: Sequoia Phillips Draper Fisher Jurvetson North Castle Partners John White, CEO, iRhythm, Stanford, CA - an easy-to-use cardiac rhythm monitoring device and Amy Pruitt, Santa Clara University
  • Entrepreneurial Corporations Repositioned to serve the boomer marketplace: Philips – Technology and Healthcare Intel – Technology and Healthcare Intuit – Financial Services and Healthcare FedEx Kinko’s Qualcomm UPS Geek Squad/Best Buy Comcast Herman Miller AARP Discounts Costco Chico’s Clothier Kauffman Foundation – The Entrepreneurial Imperative http://www.kauffman.org/
  • Innovative Entrepreneurs Positioned to serve the boomer marketplace:
  • Entertainment, Passion, Play, Learning Drivers: Escapism, Connection, Fulfillment
    • Mastery
    • Gardening
    • Golf
    • Music
    • Digital photography
    • Catered peak experiences
    • Connections
    • Pets - 100 million
    • Hobbies – a $25.7 billion industry in 2001
    • Scrapbooking - $2.5 billion in sales, 2003
    Of interest ~ Most Harley-Davidson motorcycles are being sold to people over 40 and 50. Best Buy has opened a new store, EQ Life , targeting mature woman. “Health, wellness and technology in harmony” http://eq-life.com/
  • U.S. Casual Online Gaming – Mass Market Entertainment
    • 70+ million people play online casual games at least monthly
      • Approximately 50% of all US online population
    • All ages play online gamers
      • 40% are age 40 or older
    • 59% of Casual Gamers are Female
    • Tend to be middle income
    © 2006 Frank N. Magid Associates, Inc. Age 13-17, 12% (6-11 mm) Age 18-39, 48% (32-38 mm) Age 50-64, 20% (11-17 mm) Age 40-49, 20% (11-17 mm)
  • Video Games: It’s an Growing Business. Boomers are Playing In 2006, 25% of gamers are over 50 ESA 2006 Report (Entertainment Software Association) and Ages Entertainment Source: NPD TRSTS. Includes HW, SW, PE for consoles & portables; excludes PC SW as illustrated by SOA Market Research. The total video game market in 2006 has begun to pull away from 2005.
  • Spirituality and Giving Back
    • 75% of men and nearly 90% of women report that spiritual well-being is important to their quality of life
    • 56% of Americans 45+ attend church at least every 2 weeks
    • 40% report that helping others is the most satisfying spiritual/religious experience
    • 42% say they are “very spiritual” – 34% say they are “very religious”
    • 52% surveyed boomers have a “quiet time” during the week
  • Reaching Boomers: They are Online in Record Numbers Source: Safa Rashtchy, Piper Jaffray, The Future of the Internet and Boomers, June 20, 2006, Silicon Valley Boomer Venture Summit Boomers: Represent between 38% - 40% of Internet users Broad Internet users with heavy use of productivity and communication tools and largest eCommerce demographic
  • What’s Next?
    • The wireless and empowered boomer offers unprecedented business opportunity on a global scale
    • New communities and connections will catalyze social change
    • The boomer revolution will be the deepest and most significant in our history
      • It will influence the cars we drive
      • The way we live
      • The countries that we travel to
      • The causes that we give to
      • The children that we raise
      • The grandchildren that we celebrate
      • The legacy that we leave
  • About Us Silicon Valley Boomer Venture Summit & $10,000 Boomer Business Plan Competition June 19, 2007, Santa Clara University, Santa Clara, CA www.boomerventuresummit.com Upcoming Book…. Turning Silver into Gold: How to Profit in the New Boomer Marketplace , Mary Furlong, Ed.D, Prentice-Hall, March 2007 What’s Next Boomer Business Summit March 5-6, 2007, Hyatt Regency Chicago www.boomersummit.com Mary S. Furlong, Ed.D CEO Mary Furlong & Associates 3527 Mt. Diablo Blvd. #128 Lafayette, CA 94549 [email_address] 415-902-8671 http://www.maryfurlong.com