The number of baby-boom generation (1955-1963) in Korea is estimated to be 7.125million which explains 14.6% of total population(statistics, 2010). Given the significant number of baby boomers, it is rather surprising that there has been little effort...
The number of baby-boom generation (1955-1963) in Korea is estimated to be 7.125million which explains 14.6% of total population(statistics, 2010). Given the significant number of baby boomers, it is rather surprising that there has been little effort to understand their various characteristics. This study examines the basic characteristics of baby boomers that emerge as a new consumption class. To this end, this study utilizes various research methods such as questionnaire surveys to baby boomers who reside in Seoul metropolitan areas, interviews with experts in the field, and international case studies. The results help formulate effective strategies regarding their leisure consumption.
The baby boomers often referred to as ‘new senior’, ‘active senior’, or ‘free senior’ are the ones who experience rapid urbanization, economic growth and recession. They tend to value supporting parents and children. For this reason, they are also referred to as "sandwich generation". The baby boomers are in good economic conditions because about 75% of household members are still actively engaged with economic activities and there is also relatively high representation of professional occupations compared to the older generation. It has been found that about 80% of baby boomers make their retirement plan and they indicated the pursuit of hobby as the most desired activity after the retirement.
There is a need for a balance between supply and demand, and establishment for infrastructure in developing a policy to stimulate leisure consumption for the baby boomers in Korea. For the demand side, it is important to make an effort to induce baby boomers" active participation in leisure activities. For the supply side, it is necessary to develop relevant infrastructure and programmes. Additionally, it is important to mediate between supply and demand through providing information and reinforcing network. It may be necessary to establish institutional conditions, education, and additional support to be able to develop effective infrastructure.