Baby Boomers Have The Real Money (And Power)
Boris Mordkovich, a 30-year-old serial entrepreneur, had never considered developing products for the aging baby boomer market. One day, however, he saw that his parents had started using an electric bike that his brother Yevgeniy had modified for his wife and himself.
“Electric bikes are an equalizer,” said Mr. Mordkovich, who has also owned a software company and a small-business magazine. “They let the rider decide how much or how little they will pedal.”
This year, he said, Evelo, the electric bike company that he founded with his brother, will double its revenue to $4 million, and it is profitable. “There’s no shortage of potential customers,” he added.
The company is just one of many that are plugging into a wealthy slice of the over-50 demographic called the longevity market, whose annual economic activity currently amounts to $7.6 trillion, according toAARP.
With an estimated 74.9 million baby boomers, according to Pew Research Center, the biggest market opportunity for start-ups is older Americans rather than hip millennials. As members of the generation that defined rock ’n’ roll grow older, they are adding a wide range of goods and services to their lifestyles.
The staggering size of the total longevity economy — bigger even than Japan’s — has been attracting more entrepreneurs, deep-pocketed financiers and places to pitch new ideas in the past few years.
“Every dissonance of age is a marketing opportunity,” said Mary Furlong, a marketing and strategy consultant for the 50-plus market and author of “Turning Silver Into Gold.”
“There’s more talent coming into the market,” she said.
via New York Times