By Ann Vogl, originally published by ChiefExecutive.net
They may have more years in the rear-view mirror than looking ahead, but that doesn’t mean Baby Boomers aren’t still making a tremendous impact—both as consumers and workers.
But the combination of a pandemic, inflation, and a war has led to a surprising shift in the demographic dynamics of 2022, with consumer and workforce power now tipping back toward boomers (generally defined as people born between 1946 and 1964). Indeed, experts say this once-maligned group happens to own some of the most sought-after job skills in the market, along with exceedingly strong purchasing power. According to the U.S. Federal Reserve Board, the net worth for Americans in their late 60s and early 70s is more than double that of younger Americans. And as companies take note, in some cases bending over backwards to woo the group to join as new or returning employees, boomers are elated.