While businesses have been busy marketing their products and services to millennials, a new report from Environics Analytics says that they are missing out on a huge, mostly untapped market: the baby boomers.
Not only do boomers have the physical numbers and have high life expectancy, they also have the spending power. While boomers continue to go to Walmart and Costco, millennials want Whole Foods and the convenience of ready-to-cook meals such as Hello Fresh, said Charlebois. Environics’ Norris also notes that boomers are more educated than generations before them with half of Canadians 55 and over having some form of post-secondary education and are more interested in innovation.
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