U.S. Census Bureau Analysis of Key Questions

U.S. Census Bureau Analysis of Key Questions

Has the "baby boomer effect" impacted market demand and market supply in your industry? If so, how? (Explain clearly)

In the retailing industry there continues to be a very significant "baby boomer effect" on every aspect of value chain operations, from the suppliers chosen to the technologies used to automate the logistics and fulfillment systems. The net effect of the baby boomer generation is to completely re-order the mix of products sourced, sold and serviced. The affluence of the baby boomer generation rove the adoption of superstore retail concepts, further changing the multichannel selling nature of the retail industry as well.

Given the breadth and depth of interests this specific demographic segment has, there continues to be entirely new brands being launched to cater to their tastes as well. What is remarkable about this generation's impact on the retail industry from a branding standpoint is the continual innovations in brand messaging by stage of lifecycle. The branding within the retail industry that is focused on the boomer segments is now aspirational in terms of health and youth, showing middle age men and women appearing to be decades younger. This aspirational aspect of marketing to Baby Boomers is also permeating merchandising and the use of social media to reach them as well. In addition to all these innovations in the retail industry, there continues to be innovations in packaging to streamline supply chain performance, while increasing track and trace functions of pharmaceutical drugs and medical products. Compliance has become significantly more focused on these products and has continued to also re-order how supply chains are measured and evaluated in retailing as wel. All of these factors are contributing to a much more streamlined retailing industry, with the focus on transparency and trust to the baby boomer consumer, who is now the catalyst reordering the industry's entire value chain.

Choose an industry and provide examples of how managers can respond strategically to market changes due to the aging of the population.