The Great Recession took lot of wealth out of baby boomer pockets, probably for good. That means luxury merchants will have to set their sights on a new demographic for growth in coming years. That group will most likely be the millennials, 25- to 34-year-olds.
As odd as it may seem to be concerned about jobs going unfilled when unemployment is nearly 10%, experts suggest that in some industries, baby boomers may soon begin retiring at a much faster rate than they can effectively be replaced, leaving employers scrambling to hire and train new workers.
As baby boomers march inexorably toward retirement, one economist predicts that the U.S. could have at least 5 million job vacancies by 2018. Nearly half of the openings are expected in education, health care, government and nonprofit organizations.
