Affluent Marketing
At last week’s Mal Emery Platinum mastermind get together, we briefly discussed how there’ll be a massive transfer in wealth in the coming decade or more, as the parents of baby boomers pass away and wealth is transferred in greater amounts to the baby boomer generation.
That transfer of wealth will generate an increasing amount of spending on products and services aimed at an increasingly affluent generation who are no longer prepared just to sit out retirement, but want experiences, services and products to actively enjoy life after work.
Here’s one indication of the amount of wealth being transferred, at least in the US:
“The numbers are staggering. According to the Boston College Center on Wealth and Philanthropy, over the next 50 years, the wealthiest Americans will leave behind an estimated $27 TRILLION dollars.”
– High Net Worth on CNBC, 16 August 2008
(On the CWP website, the figure is even higher — they’re reporting intergenerational wealth transfer of $41 trillion by 2052 — in 44 years).
It certainly reinforces that discussion … so what can you do in your business to make the most of this opportunity? How can you package and present your products to attract affluent baby boomers to your business?
If you haven’t already done so, you should be taking note to ensure this lucrative market is not overlooked.
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