Turning Silver to Gold

Abstract

The end of the working baby boomer era presents several opportunities and challenges to all communities across Canada. Entrepreneurs and business development managers have to consider the unique opportunity presented to them with the shift in the age demographics, and adapt to cater to the needs of the largest and more influential group. Research indicates that seniors over the age of 50 have about 55 percent of all discretionary dollars in Canada to spend on luxury goods and travel. However, with the entry of baby boomers into the senior demographic, there is a significant shift in mindset and spending which presents a unique situation. While the older generation focused on saving and investing, the newer generations are less hesitant to spend. With excess capital spending power and very unique tastes and ideas, seniors are considered an important component of Canada’s future economic well-being. Economic outlook for industries such as travel and tourism, housing and Care facilities, and health care are looking great with tremendous potential for growth. A collective effort from different levels of government, various community groups, entrepreneurs and EDP’s are required to mitigate, and cater to, the economic and social implications that could arise. The article provides a greater analysis of the potential conflicts and business opportunities that EDP’s should consider for future strategic planning.