‘Third age’ takes charge of consumerism

Today, thanks to extraordinary medical, demographic, and economic shifts, most of us will live unprecedentedly long lives. Consequently, the world is witnessing a powerful new version of retirement—the Third Age—driven by the power and needs of the massive Baby Boomer generation. Consumers over 50 now account for more than half of all spending and control more than 70% of the country’s net worth. How will work, family, health, leisure, money, success, purpose, and retirement be transformed in the years ahead to accommodate two billion people over the age of 60 worldwide?

A book by researchers Ken Dychtwald and Robert Morison might have the answers. The authors say“What Retirees Want: A Holistic View of Life’s Third Age” explains how individuals, businesses, non-profits, and governments can best prepare to thrive in a new era—where the needs and demands of third agers will set the lifestyle, health, social, marketplace, and political priorities of generations to come.

“Over the past decade, our teams of researchers, psychologists, economists, and gerontologists have spent more than 70,000 hours investigating how the Boomer Age Wave is transforming every aspect of retirement,” Dychtwald said of work that went into the book.

Among other matters, the authors delve into which pioneering organizations and companies worldwide have created breakthrough products, services, and marketing that resonate with the quirky and demanding Boomer generation.

“Our research reveals the new world of opportunity and choice that today’s retirees have in all facets of their lives—and the nearly unlimited opportunities for businesses, nonprofits, and government agencies that want to serve them well.” Morison said.