Nowadays, Boomers mostly have fun poked at them online for their conservative views and their love for everything they’re accustomed to. But along with the random things they enjoy and can’t let go of, they currently have a lot of influence on the world.
This generation makes up a substantial part of the population, especially in developed countries. As the third largest age group in the U.S. (recently surpassed by Millennials and Gen Z), they still continue to have a significant impact on the economy, the world of work, and consumerism.
Before diving deeper into the chokehold Boomers have us in, we have to go back to generational origins. It all started following World War II, in 1946 when more babies were born than ever before. 3.4 million, to be exact, which was 20% more than the year before. The spike in new births during this period is known as the baby boom (hence the name).
The country had to somehow adapt to the increase in children. For instance, the counties had to build numerous schools in the 1940s and '50s while simultaneously filling them with trained staff and teachers. In Los Angeles alone, a new school opened every month from 1946 to 1964. If math is mathing, it comes to about 216 schools in 18 years.
In 2022, this population totaled 69 million people in the U.S. Today, their wealth in North America makes them the main buyers and focus of companies.
An example is the wide range of anti-aging products that target this specific generation. It became widespread in 1981 when Maybelline's “Moisture Whip” was advertised by Lynda Carter (famous for her Wonder Woman role), who encouraged women to purchase it. At the time, the oldest person in this generation was 35 and was already targeted with various anti-age creams, which, according to experts, were full of empty promises.
In fact, Baby Boomers are living longer than any generation before them. Because of that, investments in healthcare and medical technology continue to grow as more of them age. It's predicted that the main problem in 2030 will be caring for the elders of this generation. To meet their care needs, necessary social and public changes will need to be put in place so it doesn’t become a long-term issue for society.
Additionally, as many of them refuse to retire, they are affecting the labor market. Boomers are holding onto jobs that could be filled by the next generation. Younger people’s career opportunities are already limited, and as the over-50 crowd stays put, it further impacts future employment.
