Several years ago I heard author David Wolfe speak at a marketing convention about how people in different stages of their lives have different "hot buttons" with regard to marketing. Furthermore, he postulated that the "hot button" values of the majority are subconsciously inherited by the minority. He talked about the maturation of humans throughout their lives and how examining age demographics will give us clues to market sentiment. This is a guy who has spent a lot of time studying both psychology, demographics, and marketing. When he reminds us that 20 years ago he predicted the current falling housing market, it’s time to sit up and listen to what else he has to say about age-related demographic forces on the economy.
David has started a new series on his blog about the impact the aging baby boomers will have on our economy. It doesn’t matter if you’re not an economist or marketing person–the two articles up so far are easy enough for anyone to follow. To sum up his message thus far, he points out that in America, spending tends to peak at about age 48 and steadily decreases all the way to and through retirement. Baby boomers, who have been such an economic force in our country for the last few decades, are in a life phase in which they are spending steadily less. What does that mean for our economy? I’m looking forward to reading David’s essays to find out.