What it is:
A baby boomer is a member of the generation born between 1946 and 1964.
How it works (Example):
The term baby boom refers to the increase in births after the end of World War II. Today, America’s 75 million baby boomers represent about 30% of the population.
Though no terms describe every member of a population or group, the 1960s and early 1970s were defining times for this generation, though boomers born after around 1959 likely have different experiences and definitions of that era. Noted for a penchant for social change, increased divorce rates, affluent living and helicopter parenting (micromanaging their children), the baby boom generation has indeed transformed the American experience.
Why it Matters:
From an economic perspective, the baby boomer generation is a major force not only for its sheer size but for its habits. In general terms, this population segment is responsible for more than half of all consumer spending in the United States.
The population of the United States is expected to age over the next several decades, thanks to the aging boomers. Many analysts expect this to create a corresponding increase in demand for aging care, products for the elderly, estate and retirement planning, and similar goods and services.