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Boomers March 2013


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Boomers March 2013

  2. 2. PA N O R A M I X G L O B A LC U LT U R A L A N D C O N S U M E R I N T E L L I G E N C EPanoramix Global is a unique research consultancydesigned to help companies understand an increasinglycomplex consumer living in an increasingly dynamicglobal marketplace.
  3. 3. WORLD IN MOTIONGlobal Trends ShapingThe Boomer MarketAGENDASOCIETY • State of ChangeTECHNOLOGY • Urban TransformationENVIRONMENT • Sustainability: Planet Wake-up CallECONOMY • Uncertainty RulesPOLITICS • Culture Shock
  4. 4. G L O B A L T R E N D : S TAT E O F C H A N G E Part naturally occurring process, part man made. We are an evolving blend of mixing and merging and moving– progress and stasis. Some transitions are disruptive and some go unnoticed but the shifts and changes are meaningful and reflect who we are and how we live. SOCIETY
  5. 5. GLOBAL CHANGE !   Population: The world’s population reached 7 bn at the end of October 2011. 10 billion by 2085. — The United Nations !   Migration: Today nearly one billion of the world’s 7bn people are on the move —meaning one in seven of us is some type of migrant. – UN Human Development Report 2009 – IOM.Int. 12.2.11 !   Balance: In 2000, for the first time in history, there were more people over 60 than children below 5. By 2050, the older generation will be larger than the under-15 population. —UNFPA 10.4.12 guiguibu91-flickrSOCIETY
  6. 6. True New Zealand BOOMER EQUATION Global Forces PLUS Generational Characteristics •  Population growth •  More educated than their parents •  Migration •  More traveled and worldly •  Aging phenomenon •  Forever-young mentality •  Globalization •  Transitioning to a new lifestage •  Economic realities •  Longer lifespan expectation SOCIETY
  7. 7. Modern FamilyStep families: 42% of adults have a step-relationship--either astepparent, a step or half sibling, or a stepchild. This translates to95.5 million adults. – Pew Research Center 2011Single: At 31.5 million, the number of single women, 18–54 yrs old,in America has never been higher. 11.6% of women between theages of 45 and 54 have never been married, never been higher. –US Census Bureau, April 2011Multi-Gen families: As of 2010, 4.4 million U.S. homes held threegenerations or more under one roof, a 15% increase from 3.8million households two years earlier. – Census Bureau, CNN 4.3.12SOCIETY
  8. 8. U LT I - G E N E R AT I O N A L A N D N O N - T R A D I T I O N A L L I V I N GBoomers with boomerang children and aging parents, an increasingly multi-ethnicpopulation with a tradition of housing three generations under one roof, and evensingles who may need to double up with siblings or friends in this economy. A Pewstudy stated that 41% of adults, 25 – 29, are now living, or recently, with their parents. –New York Times 11.30.12 SOCIETY
  9. 9. STATE OF CHANGE IMPLICATIONS FOR THE BOOMER MARKET Global forces are bearing down hard. Boomers are going to continue to redefine their world and alter the market place •  Families: There is no more typical family •  Home: Age-in-place retrofits and including family members •  Death: They want to talk about it and make it their own •  Independence vs. dependence: For as long as they can •  Learning: Watch MOOCs fill up with boomers •  Diversity: The migrational flow will continue and affect the boomer profile, workforce, community and caregiversSOCIETY
  10. 10. G L O B A L T R E N D : U R B A N T R A N S F O R M AT I O N Urban centers are poised for radical growth and change as billions gravitate there, altering the very building blocks of the global culture. Will this transformation be a planetary threat or a call for innovation and renewal? Hard choices, good policy and smart technology are the key. TECHNOLOGY
  11. 11. U R B A N I Z AT I O N • Half of the world–3.5 billion–live in cities of 500.0 and expected to hit 5 billion by 2030 – United Nations (UNFPA) • Mega-city is defined as a metropolitan area of 10 million+. There are 21 megacities. In 1975 there were 3. –Wikipedia, National Geographic • Mega-regions: Mega-cities merging to form vast "mega-regions” stretching hundreds of kilometers and home to more than 100 million people. — UN TECHNOLOGY
  12. 12. SMART CITIES, CONNECTED CITIES IBM’s Smarter Cities strategy harnesses and integrates disparate city-wide data into a control center monitoring traffic, weather, crime, utility use for a more livable, efficient and safe city. guiguibu91-flickrIBM TECHNOLOGY
  13. 13. GREEN MAN+, SINGAPORE Singapore is working to become the smartest city and a 21st century metropolis. Green Man+ is an age friendly solution for keeping seniors active and independent. At intersections, elderly and disabled residents use special RFID cards that extend crossing times when tapped against traffic light poles. guiguibu91-flickr TECHNOLOGY
  14. 14. URBAN TRANSFORMATION IMPLICATIONS FOR THE BOOMER MARKET The science of cities and homes will continue to flourish with smart solutions and universal design enhancing and enabling a diverse set of lifestyles •  Home: networked living and health aids •  Transportation: Driverless cars, smart buses •  Social: Staying connected regardless of where we live or where our loved ones live •  Smart: Context aware sensors provide security and convenience •  Community: Active aging design with wider walkways and bike pathsTECHNOLOGY
  15. 15. GLOBAL TREND S U S TA I N A B I L I T Y: P L A N E T WA K E - U P C A L L Consumers are reusing, recycling, reinventing, and sharing but they still face a future of energy shortages, environmental degradation and climate change. Expect product choice and habits to change and their greenwashing radar to intensify. ENVIRONMENT
  16. 16. L I M AT E C H A N G EAround the globe, seasons are shifting, temperatures are climbing and sea levels arerising. Meanwhile, our planet must still supply us – and all living things – with air, water,food and safe places to live. Climate change will rapidly alter the lands and waters weall depend upon for survival, leaving our children and grandchildren with a verydifferent world. –The Nature ConservancyE N V I R O N M E N T
  17. 17. Emilion Zagheni-MPIDR AGING INFLUENCE ON C L I M AT E C H A N G E Demographic analysis reveals that the CO2 emissions increase until around the age of 65, and then start to decrease. For the U.S. this means that, although the aging of the population will lead to a slight overall rise in CO2 emissions over the next four decades, the long-term trends indicate that increasing life expectancy will result in a reduction in emissions. – Emilio Zagheni, MPIDR 11.7.11ENVIRONMENT
  18. 18. BOOMERS BELIEVE INS U S TA I N A B I L I T Y•  66% expressed concern about the air / water quality, processed foods•  92% preferred less toxic construction and maintenance materials•  97% were leaning toward high energy efficient heating and cooling systems for their home•  85% were interested in a home with a smaller carbon footprint and less operating costs. –Environmental Leader 2.29.12
  19. 19. SUSTAINABILITY: PLANET WAKE-UP CALL IMPLICATIONS FOR THE BOOMER MARKET This is the generation that took part in the original Earth Day. Rekindle that passion from an earlier era, growing sense of global civic responsibility, and desire for a positive legacy. •  Health: Personal care, food, cleaning supplies, etc. •  Retail: Local and DIY are mainstreaming •  Water: Water footprint will be the new nutritional label •  Travel: Travel options without the carbon guilt •  Home: Simple energy conservation solutionsENVIRONMENT
  20. 20. G L O B A L T R E N D : U N C E R TA I N T Y R U L E S There is a new economic reality and it is uncertainty. Double-dip recession? Depression? Collapse? Make no mistake — fear and anxiety are fungible. We are all worried about what move to make next and what the future holds.ECONOMY
  21. 21. G L O B A L U N C E R TA I N T Y “The economic recovery remains fragile and uncertain, clouding the prospect for rapid improvement and a return to more robust growth. The outlook is weak in both high income and developing country economies.” –Jim Yong Kim, President, World Bank Group Jan 2013 ECONOMY
  22. 22. Economic Lives In Flux Dependency ratios: In North America and advanced Europe they are expected to increase from 24% to 48% of the total population in advanced economies by 2050 – Reuters 4.12.12 Social Security: Reform is being talked about by governments around the globe, such as Japan, Germany, Australia, and France, where talking of raising the retirement age led to violent protests. –New Vision, The Daily Beast, The Telegraph, MSN Money 2012 Retirement: 82% of consumers are worried about their post- retirement finances, and 57% believe their standard of living will drop when they stop working. –Accenture 2012ECONOMY
  23. 23. WORKING LONGER “I think the jobs will be there,” –Richard Johnson, The Urban Institute Pointing to the smaller number of workers following the Boomers: “The demographics suggest employers will have no choice but to hire older workers.” –Kevin Cahill, economist at the Sloan Center on Aging & Work, Bloomberg Business Week ECONOMY
  24. 24. UNCERTAINTY RULES IMPLICATIONS FOR THE BOOMER MARKET The optimistic, forever young generation is faced with the last third of life and a new reality. •  Sandwich: Caring for parents, adult children, children, grandchildren •  Home: Adult children are less likely to be able to buy their own homes, multi-gen living may benefit both •  Workplace: Potential brain drain and a managerial shift to Gen X and Millennial styles •  Employment: Migration may be necessary to fill jobs •  Work: More entrepreneurial efforts to build retirement funds •  Retirement: Products that accommodate diverse styles, scenariosECONOMY
  25. 25. G L O B A L T R E N D : C U LT U R E S H O C K The ground shifts beneath our feet as we transition to a new world order and as political systems, governments, institutions fail and fail us. Leaders and citizens head- butt the status quo.POLITICS
  26. 26. USAID_IMAGES-flickr.comM U LT I P O L A R W O R L D “The BRICS and Beyond will be where the fight to control future economic growthand social development will take place. It’s a multipolar market landscape, based ondramatically different economic, social and political systems. Politicians, along withcompanies, are still trying to find and control their place in the new world order, even as trust in governments falls, nationalism rises, and power shifts towards the people. The potential for radical political shifts at home and between nations is rising.” – The Economist 11.26.12 POLITICS
  27. 27. AT O D D S W I T H Y O U T H ? “In Spain, voters over 60 now make up more than 30 percent of the electorate, up from 22 percent in 1977; in 2050 they will constitute close to a majority. The same patterns can be seen in other European countries and in the U.S. as well. As a result, boomer–and senior– dominated parties, both right and left, generally end up screwing young people.” –Joel Kotkin, The Daily Beast 6.4.12 POLITICS
  28. 28. Social Rights The U.S. Equal Employment Opportunity Commission (EEOC) has seen a significant rise in the number of age- related complaints filed. In 1997, there were 15,787 complaints and in 2011 there were 22, 465. – 10.1.12POLITICS
  29. 29. CULTURE SHOCK IMPLICATIONS FOR THE BOOMER MARKET The generation known for fighting discrimination and supporting the rights of others now find themselves in the heat of it again •  Backlash: Anti-boomer backlash will be an issue •  Social rights: Ageism will mobilize this group •  Elections: Boomers as voting bloc •  Social Policy: Economic burdens of caring for themselves and extended families will affect social policy as this group may require acknowledgment and helpPOLITICS
  30. 30. WORLD IN MOTION GLOBAL TRENDS SHAPING THE BOOMER MARKET March 2013 Mary Meehan mmeehan@panoramixglobal.comJustinMN-flickr