Market Outlook: Retiring Baby Boomers
10,000 Baby boomers reach retirement age everyday.1
A Booming Demographic
Baby boomers belong to an 80 million strong cohort, double that of the previous generation. The 65+ age group is the fastest growing in the United States. Making up 13.7% of the country’s population in 2012, retirement-aged Americans are projected to make up 20.1% of the population by 2030 when all baby boomers have reached the 65 year mark. According to the US Census, in just fifteen years, there will be roughly the same number of children as there will be elderly.2
Real Buying Power
Although baby boomers represent just 32% of the U.S. population, they control 77% of the total net worth and have nearly $46 trillion of wealth, according to the Bureau of Labor Statistics. As boomers continue to hit retirement age in droves, they present opportunities for businesses who can accommodate their desire to age safely and independently. 4
According to an AARP survey, 90% of Americans prefer to age-in-place. Many baby boomers watched their parents age in group facilities with a lack of autonomy and seek a different outcome for themselves. In 1985, 21% of seniors over the age of 85 were living in nursing homes compared to just 16% in 2006. 5 In lieu of one month’s rent at an assisted living facility, a modern-day senior can instead invest in equipping their home with the mobility devices needed to maintain at-home independence.
101 Mobility Brand Dominance
In an industry characterized by single unit operators with no brand recognition – 101 Mobility stands out as a full-service mobility provider with a nationally branded presence. As the single largest purchaser of mobility equipment in the nation, 101 Mobility provides exceptional economy of scale for franchisees so they may focus on what is most important – the customer.
Want to learn more about the mobility industry and franchising with 101 Mobility? Browse through 101MobilityFranchise.com.
2 US Census, 2012. http://www.census.gov/prod/2014pubs/p25-1140.pdf
4 US New & World Report/Bureau of Labor Statistics, 2014. http://money.usnews.com/money/blogs/on-retirement/2014/06/27/how-to-profit-from-aging-baby-boomers