 | Wes Grimes is President and Owner of The Tire Store at 1458 S. Broadway. The Tire Store specializes in tires, wheels and accessories, as well as service, for all types of vehicles. Wes’s father, Dennis, opened The Tire Store in 1977. Wes began working for his father sweeping floors and stocking merchandise in 1987. Later he became shop foreman and in charge of outside sales. He purchased the store from his father in May of 2000. Wes’s hobbies include water-skiing, snow-skiing, mountain biking, horse-back riding, camping, fishing, traveling, and being outdoors in the mountains or at a quiet lakeside getaway. You may contact Wes at the store at 267-4381 or by e-mail at wes@tirestoreinc.kscoxmail.com |
Cars, Trucks, Vans & Automotive
2004-12-01 09:19:00
Boomers and the auto aftermarket
: What effect are baby boomers having on the overall economy and in particular the automotive industry?
ANSWER: It doesn't take long on the Internet to find lots of information on baby boomers, and what their spending habits are doing to the American economy. Stated very simply, the sociologists and the media define baby boomers as those born between (and including) 1946 and 1964. (There is no law or constitutional amendment so stating; and other boundaries have been suggested. But this is the time frame most commonly used.) That would make boomers between 40 and 58 years old in 2004. There are about 76 million boomers in the U.S.; currently representing about 29% of the U.S. population. In answer to your question, "What effect are the baby boomers having on the economy"?… the fact is the boomers ARE the economy, representing the vast majority of the work force. The huge growth in the economy in the 90s was due in no small part to the 76 million boomers working up to their peak earning and spending years. What are they spending money on? Just about anything that is being sold. What kind of cars are they buying? What kind are Detroit and Japan selling? Boomers are the upper end of the automobile market, which explains the explosion in the popularity of SUVs. Because the first of the boomers will hit retirement age in five years, auto makers are working on big technology changes to make driving easier, safer, and more appealing to the aging boomers.The big push to keep this wealthy and powerful demographic group comfy behind the wheel could dramatically improve safety and forever alter the way that people interact with their cars. For example, steering controls could gently nudge a driver around a sharp curve. Climate systems will ask in a pleasant voice whether you want to turn on the air conditioner. All of this will be powered by a new array of digital systems, computer chips, and software designed to make driving easier, safer, and more foolproof. The carmakers are on the verge of making huge changes in the accessories offered to consumers when they purchase an auto. No longer will we simply settle for basic vehicles with a standard radio. We'll pick our vehicle type and style, and then choose our accessories from a showroom of DVD players, video screens, GPS navigation systems, and dizzying arrays of climate-control options, particularly in luxury models, to make cars more enticing and more complex. In fact, those over 50 buy half of all luxury cars and 41 percent of all new cars. Designing cars and trucks for aging consumers is critical because 45 percent of vehicle buyers age 50 and over have median household incomes exceeding $75,000 a year -- more than any other age group. This group is growing rapidly, too, and will consist of about 116 million buyers by 2020 -- the fastest growing demographic segment -- according to the U.S. Census. In the past, the industry tended to focus on youth because it's sexy, but new studies prove that the discretionary income is with the mature folks… the boomers. Next month we will talk more about baby boomers' likes and dislikes in the auto aftermarket
