Avionics News August 2015 - 52

series

BUSINESS BASICS
B Y

G R E G

L A S L O

After the boom
Your customers' demographics are changing

B

aby boomers are slowly going bust.
ensure its tenure, it needs to ex pand into the nex t generation
The largest and wealthiest generation in
of riders. Enter Generation X .
American history, born between 1 946 and 1 96 4,
Born after 1 96 5 and up through about 1 980, this onceturns 6 5 at a rate of about 1 0,000 people per day. As they
maligned group of 6 0 million " slacker" Americans has some
someretire, they' ll inevitably curb their historically high spendhow grown up to be respectable, functional adults, and the
ing, leaving behind a potentially huge gap in some segments
vanguard begins turning 5 0 this year. They' re finally a con
conacross the U .S.
sumer force to be reckoned with, and they' ve come to a point
To see this in action, look no further than the fortunes of
in life where aircraft ownership is an attractive possibility.
H arley-D avidson. In 2006 , the comAnd when this happens, they' ll
pany sold nearly 35 0,000 motor
motorbe knocking at your avionics shop
cycles per year. Last year, it sold
door.
Gen X represents a brave
only about 270,000. Sure, there was
Of course, this generational
a little recession in there, but the
flip
won' t be easy. For one, there
new world for an avionics
math is more straightforward: It' s a
are nearly 25 percent fewer Gen
shop. To get a head start,
simple issue of demographics.
X ers than baby boomers - and
According to investment analysts
even fewer certificated pilots. For
you'll want to start thinking
who pay attention to these things,
another, they have faced a nonlinear
about
how
you'll
court
them
H arley riders - overwhelmingly
path to prosperity in their 20-oddmiddle-aged, affluent white males
year careers. For a third, they' re
sooner rather than later.
- are getting old. Their average age
significantly different consumers
now is about 48 years old, up from
than their older neighbors. This
46 in 2004. As these customers
means Gen X represents a brave
enter their retirement years, bikes that cost the eq uivalent of
new world for an avionics shop. To get a head start, you' ll
a family sedan aren' t at the top of their priorities as they cut
want to start thinking about how you' ll court them sooner
ex penses nearing retirement or face physical challenges that
rather than later.
make riding less attractive.
This is important for one reason: H arley' s a good model
PILOT PROJECTIONS
for what' s happening in aviation, where we' ve seen the same
Let' s dive into some numbers. For 201 4, the average age of
decline in pilot numbers, for much the same reason. The lesthe holders of all active airmen certificates, student to airline
son is the same, too: If the motorcycle behemoth wants to
transport pilot, with a current medical certificate, was 44.8
5 2

AVIONICS NEWS

*

AUGUST

2015



Table of Contents for the Digital Edition of Avionics News August 2015

Avionics News August 2015 - Intro
Avionics News August 2015 - Cover1
Avionics News August 2015 - Cover2
Avionics News August 2015 - 1
Avionics News August 2015 - 2
Avionics News August 2015 - 3
Avionics News August 2015 - 4
Avionics News August 2015 - 5
Avionics News August 2015 - 6
Avionics News August 2015 - 7
Avionics News August 2015 - 8
Avionics News August 2015 - 9
Avionics News August 2015 - 10
Avionics News August 2015 - 11
Avionics News August 2015 - 12
Avionics News August 2015 - 13
Avionics News August 2015 - 14
Avionics News August 2015 - 15
Avionics News August 2015 - 16
Avionics News August 2015 - 17
Avionics News August 2015 - 18
Avionics News August 2015 - 19
Avionics News August 2015 - 20
Avionics News August 2015 - 21
Avionics News August 2015 - 22
Avionics News August 2015 - 23
Avionics News August 2015 - 24
Avionics News August 2015 - 25
Avionics News August 2015 - 26
Avionics News August 2015 - 27
Avionics News August 2015 - 28
Avionics News August 2015 - 29
Avionics News August 2015 - 30
Avionics News August 2015 - 31
Avionics News August 2015 - 32
Avionics News August 2015 - 33
Avionics News August 2015 - 34
Avionics News August 2015 - 35
Avionics News August 2015 - 36
Avionics News August 2015 - 37
Avionics News August 2015 - 38
Avionics News August 2015 - 39
Avionics News August 2015 - 40
Avionics News August 2015 - 41
Avionics News August 2015 - 42
Avionics News August 2015 - 43
Avionics News August 2015 - 44
Avionics News August 2015 - 45
Avionics News August 2015 - 46
Avionics News August 2015 - 47
Avionics News August 2015 - 48
Avionics News August 2015 - 49
Avionics News August 2015 - 50
Avionics News August 2015 - 51
Avionics News August 2015 - 52
Avionics News August 2015 - 53
Avionics News August 2015 - 54
Avionics News August 2015 - 55
Avionics News August 2015 - 56
Avionics News August 2015 - 57
Avionics News August 2015 - 58
Avionics News August 2015 - 59
Avionics News August 2015 - 60
Avionics News August 2015 - 61
Avionics News August 2015 - 62
Avionics News August 2015 - 63
Avionics News August 2015 - 64
Avionics News August 2015 - 65
Avionics News August 2015 - 66
Avionics News August 2015 - 67
Avionics News August 2015 - 68
Avionics News August 2015 - 69
Avionics News August 2015 - 70
Avionics News August 2015 - 71
Avionics News August 2015 - 72
Avionics News August 2015 - Cover3
Avionics News August 2015 - Cover4
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