Yes, you actually did read that headline right. There's a rising niche right now that really is worth over one trillion dollars.
Not billion, trillion.
“Baby boomers” are called that for a reason.
They were born during a time when people were having a lot of kids. As a result, they're a very large generation of people.
There are A LOT of them.
And the thing is, they're not so young anymore. Or even middle aged.
The Baby Boomer generation is getting up there in age, with many of them getting well into their 60s and 70s at this point.
This means we're on the verge of having one of the biggest populations of senior citizens that there's ever been.
For entrepreneurs, this is a huge opportunity.
Seniors — which we're loosely defining as people 65 and older — have their own unique needs and concerns. At that age, health and healthcare become more and more important.
There are also financial concerns, especially when it comes to retirement.
There's a huge crop of people right now in their 50s or 60s who are starting to get serious about what they're going to do when it's time to retire.
A lot of these baby boomers also have living parents, who are very elderly indeed. So there's already a need for elder care, and as boomers themselves get older, it's only going to grow.
Again, there are tons of huge opportunities in relevant niches.
Most of them aren't exactly fun or sexy. Retirement savings, investing, portfolios, arthritis — not things that get people excited.
But, sometimes the least exciting niches can be the most lucrative.
In a recent post, Nichehacks provides some tantalizing statistics about the growing market revolving around seniors.
Market Size & Worth
- Worth $1 trillion dollars a year and growing
- Annual growth of this market is 2.8%.
- 51,389 business exist related to this niche.
- 2015 Government Accountability Report showed that people in their 60's have a median of $172,000 in retirement savings.
- A retiree may need 70% of their pre-retirement yearly salary to live comfortably.
- Average retirement age is 63.
- Average savings of a 50 year old is $42,797.
- Total cost for a couple over 65 to pay for medical treatment over a 20 year span is $218,000
- 6,100 Americans turn 65 per day.
- 13% of population that is 65 years or older.
Keyword Avg Monthly Searches Retirement 58,000 Planning for Retirement 1,000 Retirement Annuity 700 Retirement Savings 2,800 Best Retirement Plans 2,400 Pension Plans 1,400 Saving for Retirement 2,700 Retirement Benefits 1,700 Retirement Fund 1,400 Retirement Planners 450
The table above shows the monthly searches on Google for this niche.
Combined they add up to an over 60,000 searches a month and that's not including the thousands of long tail keywords that we haven't covered.
This is a huge niche with a lot of demand.
Google.com Retirement Planning Retirement Planning Calculator Retirement Planning Software Retirement Planning Tools Retirement Planning Spreadsheet
Amazon.com Retirement Planning Retirement Planning Books Retirement Planning and employee benefits 12th edi Retirement Planning for dummies Retirement Planning Software
For more information about this profitable niche, check out the full post over at Nichehacks.