Seventy-six million American children were born between 1945 and 1964, representing a cohort that is significant on account of its size alone. In 2004, the UK baby boomers held 80% of the UK's wealth and bought 80% of all top of the range cars, 80% of cruises and 50% of skincare products.[18]
In addition to the size of the group, Steve Gillon has suggested that one thing that sets the baby boomers apart from other generational groups is the fact that "almost from the time they were conceived, Boomers were dissected, analyzed, and pitched to by modern marketers, who reinforced a sense of generational distinctiveness".[19] This is supported by the articles of the late 1940s identifying the increasing number of babies as an economic boom, such as a 1948 Newsweek article whose title proclaimed "Babies Mean Business",[20] or a 1948 Time magazine article.[21]
The age wave theory suggests an economic slowdown when the boomers start retiring during 2007–2009.[22] Projections for the aging U.S. workforce suggest that by 2020, 25% of employees will be at least 55 years old.[23]
Baby boomers control over 80% of personal financial assets and more than half of all consumer spending. They buy 77% of all prescription drugs, 61% of over-the-counter drugs, and 80% of all leisure travel.[citation needed]
A survey found that nearly a third of baby boomers polled in the United States would prefer to pass on their inheritance to charities rather than pass it down to their children.[2