Lina Ko May 29th, 2007
Less than four weeks away on June 27, the most famous boomer politician on the world stage, Tony Blair, will be exiting after a decade as Britain’s prime minister. In spite of the U.K. opinion polls indicating his lack of popularity at home, Mr. Blair will probably be one of the most remembered British leaders abroad. On most measures, Tony Blair has left Britain a better place than it was in 1997, making it more tolerant and cosmopolitan.
Eventually, a few wrong moves have brought about his voluntary ‘downfall’ – his support of the Iraq war; the lack of improvement of public services; and his mediocre record with progress in health and education.
Tony Blair is, after all, the most gifted politician of his generation. As one of the most charismatic performers on the world stage, his persuasive communication skills; a youthful energy and passion; and a sense of purpose in doing ‘the right thing’ will remain as his legacy. Canadians will miss the youngest British prime minister since 1812 although he’s more our neighbour’s friend than ours during his 10 years of power. It will be interesting to see how this baby boomer will reinvent himself after stepping down.
Lina Ko May 14th, 2007
Retirement planning experts have long advised baby boomers that they will likely need 70-80 percent of their pre-retirement income each year when they are retired. According to a recent survey by Sun Life Financial, boomers want it all – guarantees, flexibility and growth. They would like to have more guarantees surrounding their retirement income, but are not willing to sacrifice control over their assets to get them. The leading-edge boomers are probably less risk-averse than their trailing-edge counterparts. These boomers have invested in fixed-return products – at least 25 percent of their assets are invested in such products.
These findings are, in a way, disturbing. Boomers need to realize that there’s no free lunch and if they have no fixed income after retirement and they do not want to compromise their lifestyle, they need to either return to the workforce or tap into a variety of income sources. Boomers are once again redefining the ‘desired’ lifestyle for their retirement years. But if they are going to have the freedom to do what they want, they will need a new, more flexible approach to retirement income planning. As eager as boomers are to live an active retirement lifestyle, only 38 percent of pre-retirees feel ready to fund that lifestyle.
It looks like we may not have a manpower shortage after all!
Lina Ko May 8th, 2007
I read with interest the article today in the Montreal Gazette about how mothers and daughters partner in style and bond with a shared passion in fashion and shopping. With Mother’s Day around the corner, I remember growing up admiring Mom’s high heels and pearls. I agree with the journalist that fashion can be a flashpoint for so many issues in the coming of age: sexualization, indulgence, control, financial independence and identity.
For mothers, especially those boomers who are obssessed with youth and refuse the reality of aging, their daughters’ apparel may be the ultimate proof that they are no longer young. With the latest fashion trends of mini-dresses, empire-waist dresses and blouses, and tight skinny jeans, boomer women have to accept reality and make a generational distinction by not becoming fashion victims. Boomer mothers ought to realize that to be physically fit is not a licence to wear the same fashion as their daughters’. It’s cool to be stylish, but inappropriate to blindly follow fashion in spite of their mature age.
Lina Ko May 4th, 2007
According to the latest research on retirement spending, 84 percent of potential retirees anticipate that they would travel during their first five years of retirement. This makes the travel industry possibly one of the biggest growth sectors in the next decade. More than any other sector of the industry, the cruise industry succeeded in reinventing itself during the last decade and is anticipated to continue to do so in order to appeal to the most affluent, best travelled generation in history – the Baby Boomers.
Among the many cruise lines, Seabourn has consistently been voted by Condé Nast as one of the top three luxury cruise lines in the world. According to Seabourn, you’ve got to sell more than the facts to justify the luxury price. Consumers are looking for an evocative experience, not only a list of destinations and features, when they are purchasing a luxury product. What motivates baby boomers is more the ‘soft’ ware than the hardware. Seabourn recently instituted a personal shopper program to help vacationers shop for antiques in Istanbul or glassware in Venice.
Boomers view vacations as a God-given right. They would never think of denying themselves a vacation unless they were in dire economic need. They are not guilty about self indulgence. Luxury marketing is never about what you need, but what you want.
I look forward to experiencing the ‘soft’ ware on board the Seabourn Spirit to Italy and the Adriatic coast this summer!
Lina Ko May 1st, 2007
The Edmonton Journal yesterday reported that an increasing number of foreigners can’t seem to get enough of Las Vegas. The Venetian, which ranks as the sixth biggest hotel in the world and the fourth largest in Las Vegas, is planning a 3,200-suite tower that will take the hotel and casino to the top spot with a room count of more than 7,000. The construction craze is driven by a 95-percent weekend occupancy rate and the boom is predicted to continue as the Sin City caters to the aging boomers who are affluent empty nesters.
As a fan of Las Vegas myself, having visited it five times in the last six years without stopping once at a gambling table, I always marvel at how a city in the middle of a desert successfully converted itself into one of the most fascinating entertainment destinations in the world. The casinos might be an initial attraction, but Vegas is what it is today because of the many developers and hoteliers who have managed to constantly reinvent the city into a major destination of world-class restaurants, retail shops and tier-one entertainment.
So while Las Vegas is thinking of innovative ways to attract wealthy boomers who are seeking pleasure and entertainment, its Canadian counterparts such as Windsor and Niagara Falls are gradually attracting more domestic and foreign visitors as entertainment destinations. In addition to the thrills offered at gambling tables and the natural scenery outdoors, Canada is home to some of the best entertainers and chefs in the world. I’m confident that Canadian developers, hotels and casinos will be able to leverage our strengths to create a pleasure palace for baby boomers both at home and abroad.