Aging consumers pick up increasingly niche hobbies during the pandemic
Trend - Hobbyism is the concept of turning typically mundane aspects of one's daily life into hobbies by becoming experts in these areas. Particularly popular during the pandemic, hobbyism is an offshoot of the Prosumerism Megatrend. Recently, the Baby Boomer generation has engaged in this behavior alongside younger generations.
Insight - Baby Boomers, particularly Neo Boomers who belong to the younger part of the cohort, are known to enjoy new experiences and seek out ways to stay busy, even during retirement. This desire to continue evolving was even more pronounced during the pandemic. This aging demographic was recognized as more at-risk and, therefore, likely living in a more restricted manner. In the absence of opportunities to see friends and family, this generation turned to self-education through hobbyism.
Insight - Baby Boomers, particularly Neo Boomers who belong to the younger part of the cohort, are known to enjoy new experiences and seek out ways to stay busy, even during retirement. This desire to continue evolving was even more pronounced during the pandemic. This aging demographic was recognized as more at-risk and, therefore, likely living in a more restricted manner. In the absence of opportunities to see friends and family, this generation turned to self-education through hobbyism.
Workshop Question - How can you keep up with an increasingly digital aging demographic?
Trend Themes
1. Hobbyism - As the Baby Boomer generation seeks new experiences and self-education opportunities, businesses can create specialized products or services that meet their unique interests and needs.
2. Senior-focused Fitness Programs - Health and wellness businesses can create fitness programs that target older generations, such as Hockey Fans in Training's Hockey FIT, Yoga for Seniors & Adults, and Life Time's ARORA, to help seniors maintain their health and independence.
3. Elderly-friendly Technology - To enhance the quality of life for older generations, technology-based businesses can focus on creating user-friendly and intuitive products like Arkadium's Advantage gaming subscription or Islabikes' eJanis and eJimi e-bikes.
Industry Implications
1. Health and Wellness - Businesses in the health and wellness industry can take advantage of the growing market of older generations seeking fitness programs and activities that cater to their needs.
2. Technology - Innovative technology-based businesses can create products and services that make life easier, more accessible, and enjoyable for seniors and older adults.
3. Recreation and Entertainment - Industries that offer entertainment and recreational activities, such as gaming and cycling businesses, can reach a wider demographic by creating products and services that are accessible, enjoyable, and user-friendly for all ages.
