NEW CHALLENGES WITH AGING POPULATION

41 ~ Wednesday, December 9, 1987 ~ North Shore News

Baby boomers to continue economic influence

THE LIKES, needs and require-
ments of the baby boomers — the
population surge born between
1945 and 1963 — will have as
much impact on the Canadian
economy as it ages as it had in its
youth, according to Clarkson
Gordon/Woods Gordon marketing
and economics specialists. The
assessment is announced in the
2tst edition of the firm's annual
market forecast, Tomorrow's Cus-
tomers.

Said lan Gordon, a principal
with the marketing and economics
group of Woods Gordon
Manageme: Consultants, ‘‘The
aging of this group of people br-
ings with it a host of potential
problems and challenges. The baby
boomers have come to expect the
good things in tife — in food,
drink, cars, clothing and travel,
for example. There is every reason
to believe their tastes will continue
in the same vein as they grow
older. The aging boomers thus
represent the last, vast uptapped
market in our society.

‘*Manufacturers

and = service

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Handsworth
WVSS
Sentinel
Seycove
Windsor
Hillside
Sutherland

Conducted by the

Van School Boards.

Carson Graham Tues., Jan. 19

NORTH SHORE DRIVING SCHOOL LTD.

in cooperation with the North & West

providers who want to take advan-
tage of this market would be well
advised to begin competing now
for the seniors’ business, in arder
to become established by the time
the majority of the boom hits.
Remember, in the year 2000, the
first of the baby boomers will turn
$5,""

Also by that time, many Cana-
dians will be living approximately
as long in retirement as they do in
their working lives, according to
the market forecast,

“Think of the changes and pro-
ducis that will be in demand," said
Gordon. ‘Large print on labels,
intraocular Jenses (to permanently
correct sight), cosmetic surgery,
specialized exercise equipment, as
well as the assisted travel tours and
retirement communities which are
already being created. Even now,
on a per capita basis, seniors are
increasing their spending faster
than the average in health care,
entertainment, recreation, gifts
and coiutributions.’’

The aging boom generation will
be able te afford their comforts.

Mon., Jan. 18
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Thur., Feb.

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Canada’s seniors currently receive
about two-thirds of bond and bank
interest, and almost half of all
dividend income in the country.

A recent Woods Gordon study
of he RRSP market has noted thar
in [0 years, virtually every working
Canadian earning more than
$25,000 (in 1987 dollars) will have
an RRSP. Baby boomers without
company pensions who have made
maximum contributions to private
plans will enjoy retirement incomes
equal to the best company pension
plans.

Baby boomers, however, are not
a homogeneous market, said Gor-
don, ‘‘The widely used term ‘baby
boomer’ actually covers a diverse
number of lifestyle choices, values
and attitudes, each of which af-
fects the Canadian marketplace in
different ways.

“They actually can be divided
into two major segments: the ‘‘St.
Laurents’? (1945-57) and the
“‘Diefenbackers’’ (1959-63; named
for the prime ministers of those
eras). The former have kept the
social consciousness that was so

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304 at 3:15.

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much a part of the 1960s,

“For instanee, they have in-
creased their gift giving at a higher
taie than the Jatrer group. Also,
they have been prepared to spend
more on themselves, rather chan
acquiring more physical passes-
Sions. Recreation, reading and
education are high on their priority
list and they spend less on alcohol
and tobacco.

“The Diefenbaker group, on the

other hand, has different stan-
dards. They have increased their
expenditures on aleohal, while
spending on tobacco has remained
virtually the same.*"

The two groups alsa face vastly
different career paths. When the
St. Laurents were finishing univer-
sity and entering the workforce,
there were many opportunities

See Baby
Page 42

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