If you are providing care and support for both your children and your parents, you’ll be able to relate to this recent story from the New York Times. It suggests that in Virginia, for the first time, missing adults (primarily seniors) outnumber the cases of missing children.
Alzheimer’s and dementia are considered two important drivers behind the shift.
Implications: The outcome of trend watching is to understand what your customers are going through, empathize with them, and provide products and/or services that help solve or mitigate problems or help people capitalize on the opportunities those trends create.
For most Baby Boomers and many Generation X consumers, caring for family has become a multi-generational issue. Can you help in the task itself? Or can your product or service be the relief mechanism that allows the Sandwich Generation to rest, re-charge, or briefly escape their responsibilities?
Every life stage comes with its own challenges and responsibilities. Which life stage(s) does your company most depend on… and how do people in that life stage depend on you?
For more thoughts on Generational Economics, click here.