Demographic Fluidity: How companies are adapting their products to sell to aging populations
Most of us understand the benefit of ridesharing. While younger-skewing, urban-based audiences use ridesharing apps the most, it looks like that trend may shift.
The U.S.’s population is getting older. The Census estimates that within the next couple decades, older people are projected to outnumber children for the first time in U.S. history. What does this mean?
While many businesses have been focused on reaching Millennials, there is clearly an ever-growing opportunity to sell to Boomers as they get older. Healthcare services and financial/insurance services are the two most prominent verticals leading that movement.
“Industry forecasts show that Gen X and millennials will continue to be important consumer targets—as much for their current spending as for their longer-term loyalty—but the strongest future growth potential in spending lies firmly with baby boomers,” according to Wayne Best, Senior Vice President/Chief Economist at Visa Performance Solutions.
A big way-in for all types of businesses to meet Boomers’ needs and future buying power is through healthcare. Many businesses are even trying to break into the healthcare industry even if it’s not their core competency.
Lyft is a prime example. The ridesharing industry, one that has skewed younger, is expanding their operations to prepare for the large, aging Boomer population. According to this CNBC article, Lyft is working on developing non-emergency medical transportation, helping patients get to their medical visits on time. “Lyft is also moving into other areas, including working with pharmaceutical companies to get people to clinical trial sites and arranging rides for physical therapists to treat patients in their homes.”
Lyft is re-evaluating their positioning and finding ways to break-through, becoming relevant to people of all ages. Never before would I have associated ride-sharing with healthcare services, but now it makes sense…especially when I think of how my mom always drives my grandma to her doctor appointments.
Whatever type of business you’re in, it’s important to adapt, anticipate your consumers’ needs throughout their lifetime, and explore how you can stay relevant. How can your business leverage its core competencies to meet the needs of a growing consumer base?
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