A person born between 1946 and 1964 is commonly known as a “Baby Boomer”. They were born post World War II and many countries experienced an unusual spike in birth rates, a phenomenon commonly known as the baby boom. These people are in their forties or older and most of them are in their prime in earning power. Although they consist of about one-third of the world’s population, they account for about two-thirds of the sales. Most of them are expected to live into their eighties. Hence they are a significant group of people for the right target markets.
So, what do Baby Boomers want?
Baby Boomers want to feel young, stay fit and be active. They want to keep a youthful appearance. In other words, they don’t like to look ( omit “growing”) old. Despite their effort, they can’t keep away from degenerative diseases which are creeping into their bodies. They look for smart solutions to their health and ageing problems.
A growing number of baby boomers are using nutritional supplements to maintain optimal health and combat rapid ageing. They are using these supplements to prevent or reverse the degenerative diseases that plagued their parents.
Baby Boomers’ high disposable income combined with their growing concerns about health are the foundation for the exponential growth of the Health and Wellness Industry.
Paul Zane Pilzer who is the world renowned trend forecaster, best-selling author, entrepreneur and economic advisor to past US Presidents said this:
“When I look forward to the year 2010, I see a clear one-trillion, dollar (US) business just in the growth of existing products and services in the wellness industry and that doesn’t include new products and services that are currently in the laboratory and coming down the pike.”
Today, more and more evidence from the Journal of American Medical Association (JAMA) influences many people to take their health into their own hands by using nutritional supplements based on scientific research.
In the Benefits of Nutritional Supplements, The Council for Responsible Nutrition (based in Washington, D.C.) reviewed over a decade’s worth of scientific research measuring the health benefits of multivitamins and other nutritional supplements.
They found that nutritional supplements can promote health and help prevent disease among the baby boomers.
Annette Dickinson, PhD and author of the report, said,
“The critical mass of science now building around the material impact of supplementation on adults in mid-life is extremely positive.
The data underscores the opportunity baby boomers have to significantly improve both their short and long-term health outlook with very simple lifestyle changes. Like not smoking and getting regular exercise, supplement use is now being shown to have a dramatic, positive effect on health”
Timing of Health and Wellness Market:
The Health and Wellness Industry is the largest group in the Direct Marketing Association. Many companies aim to be listed on the Stock Exchange in order to obtain public funds for the growth of their businesses. This industry will experience substantial growth in the next few decades.
Do you want to be one of the smart people who recognize the trend and use it to start their own home based businesses? If you have not owned a home based business, this may open up an opportunity for you that offers you the benefits that include the following:
1 Financial Freedom
It offers you another stream of income flowing into your life on an ongoing basis so that you can fulfil your desires such as having a new home or car, holidays and travel, children’s education, caring for aged parents, quality retirement, etc.
2 Time Freedom
When you have a large passive income, you can decide how much time to spend as you wish instead of working at a job or running a business from dawn till dusk for the best years of your life.
3 Good Health – Being in the business, you also take the products for you walk the talk. That gives you vitality, good health and well-being.
The Wealth and Health Crisis
Many people are ill-prepared for retirement. Most underestimate the amount of savings they require to live comfortably in their golden years. As life expectancies continue to improve, and costs continue to rise, there is a real concern that the superannuation nest-egg alone will not be sufficient for most, in their old age, to maintain the lifestyle they are accustomed to. Health bills could consist of a substantial portion to your overall expenses.
There is a saying that by the time you can have your superannuation fund, its purchasing power has been reduced by inflation to about 20% of what you can buy today.
The solution is not to save more (although that’s a good piece of advice), but to earn multiple streams of income.
Leverage Your Income There are many ways to earn money. Straight salary is linear income. It does not matter whether you are a doctor, dentist, lawyer, accountant, engineer, teacher, or whatever you get paid by the hour for only when you work. No work, no pay.
Worse still, nowadays, more and more high paying jobs will be performance-based. This means bonus which consists of a fair portion of the total remuneration is only payable if what you agreed to deliver has been delivered on time, not how many hours you spend on the job. As a result, long hours and stress are quite common.
Professionals and employees trade their own time and effort for money. But there is a limit to how much wealth one can accumulate this way.
The best way is to earn residual income – income that keeps flowing to you even when you are not working like owning investment properties in real estate or shares, copyrights created by authors, pop artists and successful network marketers.
Most multi-millionaires use leveraging in one form or another to generate wealth. They understand that the combined time and effort of many people always offer a much bigger income potential than what one can earn alone. Network Marketing is one of these kinds.
There is a saying, “Do not depend on just one main source of income for when that stream of income dries up, you are in strife. Instead it is prudent to have multiple streams of income which will reduce your risk of exposure to unwanted events and will still able to take care of your family and yourself well.”
Create A Residual Income Stream Workers get paid each hour, each fortnight, or each month that they provide a service.
Smart people continue to earn into the future, based in part on initial efforts. This residual value gives them not only the money, but the time freedom to enjoy it too. A type of business is a home business in Network Marketing which could meet this criterion
Despite prejudices and misinformation, the network marketing industry has grown to over USD 100 billion in revenue. The ageing of baby boomers; Generation X ( in the thirties of age) and Generation Y (from 18 to thirty of age) who place more emphasis on balanced lifestyle/family than that of their parents will lead to a boom in the health and wellness industry.