The looming retirement of the baby boomer generation has become a national concern as it will cause a drastic decline in the labor force, but some firms are excited about the massive shift.
The baby boom generation — defined as those born between 1947 and 1949 — totals about 6.8 million people, and many firms are eager to focus on providing services to the huge consumer group, whose members are expected to have a lot of time and money to spend once they retire.
A 2003 survey conducted by Nikkei Research Institute of Industry & Markets on 485 baby boomers aged between 53 and 56 in the Kanto and Kinki regions found that 54 percent said taking domestic trips was what they most wanted to spend their money on during retirement.