Age is a very important demographic element that impacts a lot of businesses, especially small businesses. A company's products or services are more likely to appeal to certain age groups.
Now, younger people (under the age of 35 that is) are often the first consumers to purchase high-tech products such as cell phones, kindles, video games, tablets, MP3 Players and more...
Now, certain buying groups also have more buying power than others such as the Baby Boomers. Baby Boomers spend approximately $400 billion more than any other age group. That is a large chunk of the economic spending.
That is amazing and makes complete sense. They have the most in their savings accounts, so they are able to enjoy the finer things in life in comparison to the other generations that is... When they retire they are able to go on vacations to the islands, reconstruct their parts of their house, buy a new car, purchase rental properties, etc. Whereas say, a millennial would be scrimping and looking for as many deals as possible, in order to make that a reality.
However, businesses do get clients from all of the generations including Gen X and Millennials. It just means that their most loyal customers are probably the Boomers. Loyalty is the major distinction in the business realm.
Now of course, demographics can easily change. The younger generations could become the larger part of this market. So, do you want to go shopping now?
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