A New “Booming” Market Opportunity
Keywords: baby boomers, inheritance, legacy, legacy building, value transfer, intergenerational
A new market opportunity in the bequeathed market has emerged as Baby Boomers seek to establish a strong legacy in the eyes of their loved ones. Currently it is estimated that by the year 2052, Baby Boomers will inherit $40.6 trillion from their parents. Although the exact monetary size of the inherited amounts may be in question, it’s clear that legacy building will be big businesses.
In the now landmark Allianz Life Insurance Company legacy study, 77 percent of Baby Boomers said values and life lessons are the most important inheritance. For those who wish to go beyond bequeathing money across the generations to sharing what’s personally important to them, the “Send It Forward” market will fulfill that purpose.
The Four Legacy Pillars: In a July 2005 Wall Street Journal Article, entitled, “When We’re All 64″ it’s noted that “Boomers have a stronger need than their parents and grandparents to leave a legacy, and it’s going to be a very big business” according to David Wolfe, a leading marketing consultant focusing on Baby Boomer consumer behavior.
The new market focus of the “Send It Forward” market is being driven by the financial services industry in an attempt to develop a more personal approach to financial planning. The “Four Pillars” emphasizes four areas of legacy planning: 1.) Values and life lessons, 2.) Instructions and wished to be fulfilled, 3.) Personal possessions of emotional value, and 4.) Financial assets or real estate.
Legacy pillars are particularly in line with the possibilities of the “Send It Forward” market especially when considering the number of ways that exist to be remembered and leave a legacy.
Send It Forward Market: Today’s Baby Boomers are more empowered than ever in the area of legacy planning because in this information age with three simple pieces of information (a person’s full name, date of birth and the last 4 digits of a social security number), a person can be easily located anywhere within the continental US. Therefore, Boomers can deliver forth a tangible expression of their legacy many years into the future; such as an ethical will letter detailing their hopes, wishes and dreams or a journal with their life’s story.
The “Send It Forward” market will let loved ones communicate with generations forward in time. New marketing opportunities will present themselves through the “Send It Forward” market as Boomers give their loved ones legacy letters and journals, occasion cards, flowers, trips or jewelry in the future and in a way that is personal and sentimental.
This new “Send It Forward” market will speak to the universal need to remember and be remembered and address Boomers’ need to redefine the legacy process within their lifetimes.
Tyrone Glover, CEO of Preserving Sentiments, LLC writes and speaks extensively on the “Send It Forward” market. www.preservingsentiments.com is designed to capture memories and send them forward in time so that loving ties can be strengthened.
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