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Articles: TP Features | Senior Citizen - Outsourcing
- Mr. Maharshi Pragna
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Baby-Boomer Market:
Added to the senior citizen population, there is this emerging Baby-boomer population. For your information, Baby Boomers are people who were born between 1948 and 1955. There is historical background behind this seemingly funny name.
Majority of the American men between the ages of 17 and 45 were directly or indirectly put on war duty during WWII. A lot of them were put in war camps abroad. Thus, they were away from women and even sex too. Once WWII ended, most of them were sent home. The result was, in a period of five years, millions of babies were born. So, they call these babies as Baby Boomers. Our Dubya (George Bush Jr.) and Bill Clinton are Baby Boomers too.
The reason we are talking about Baby Boomers is because the Baby Boomer population has started retiring now and will continue to retire until next ten years or so in huge numbers. Baby Boomers are unique in the sense they have experienced one of America’s most prosperous and booming economic times unlike their elders who had suffered due to two world wars, the Great Depression and several economic downturns.
Being not too old and having the energy and the financial backup, Baby Boomers are craving to have a good life and they don’t care what it costs.
As per experts of American economy, Baby Boomers have an annual purchasing power of US$600 billion. Then there is rest of the world including that of the rich European nations. More than US$ 2 trillion (i.e. 2000 billion dollars) per annum is the purchasing power of senior citizens all over the world. In the USA and Western Europe alone, just women over 40 years, have the purchasing power of US$250 billion.
Assuming that Indian government can successfully attract one million senior citizens from all over the world and assuming they spend on an average at least US$5000, then it is 500 crore US dollars (i.e. US$5 billion). Again, these are just moderate figures.
Senior Citizen Services Outsourcing has the potential to create employment to hundreds of thousands of people in India. People working in fields ranging from Yoga, Ayurveda, meditation, massages, spas, travel, tourism, transportation, healthcare, elder care, recreational services, handicrafts, food, hotel, religious, spiritual and many more, will have a stake in Senior Citizen Services Outsourcing market.
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