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Baby Boomers driving changes in business, investment
by , last updated on 23rd July 2009
Bob Dylan’s song “The times they are a-changing” set the theme for the baby boomer generation.
Now, as the boomers face middle age and beyond, they’re increasingly looking to franchised businesses to supply their retirement needs - including their income. Traditionally, the baby boomers have always been high earners and big spenders, and they show no signs of changing their spots as they move through middle age.
“New franchises are opening up for products and services in everything from appearance medicine to home care for the elderly,” says Simon Lord, editor of Franchise New Zealand magazine. “The ageing boomers are having an effect on everything from gym marketing to the internet and home delivery services, while even fast food, that traditional bastion of franchising, is responding to demand for low cal and low carb products.”
“At the same time, while the boomers are living longer they are increasingly discovering that they have to pay for themselves,’ Lord continues. ‘Since the invention of the contraceptive pill, the population has dropped so the financial security previously offered through pensions is, at the very least, uncertain.”
“As a result, the baby boomers are expecting to work beyond the previous expected retirement age and are looking for investment opportunities which will build them a comfortable cushion. Now that the property market has flattened out, many of them are choosing to buy franchises to achieve the double-digit return on investment that they require. Demand for franchises in the $100,000-$250,000 range and beyond has soared.”
The latest issue of Franchise New Zealand (on sale 17 September) looks at the businesses targeting this changing sector as well as franchise investment strategies for baby boomers. “Many people have the need to create a long-term income as well as an often long-held desire to be self-employed,” says Lord. “Choosing the right franchise can help them achieve both.”
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