Baby Boomers control 50% of all discretionary income
By 2010, adults 45+ will out-spend younger adults by $1 trillion annually
Boomers (50+) are the fastest growing market today
Boomers comprise almost 40% of the U.S. adult population
Housing:
Boomers have a higher rate of homeownership 82%, compared to 70% for the general population (McCook Gazette)
Older boomers (born 1946-1955), put their money into upgrading their homes. (MetLife)
Boomers want choices and the ability to customize anything we purchase
Later life could signal a return to communal living for Boomers, as people seek a lifestyle that's more affordable, social and supportive with less maintenance
Very affluent Baby Boomers are not downsizing, but, are actually building bigger homes.
Some of the most appealing prime areas are waterfront and ski resorts so that the whole family can enjoy time together.
Travel and Leisure:
Boomers love to travel and seek adventure.
Boomers spend $15 Million a year in travel and leisure pursuits
Adults 50+ account for 80% of all luxury travel spending (Pew Internet and American Life Project))
77 % of Baby Boomers feel that their travel experiences are more adventurous than that of their parents’ (AARP Travel Study)
Baby Boomers make up a large percentage of heritage tourism
Baby Boomers have a growing interest in experiential travel (WWII Military Tours)
Boomers are 24.5% of art museum visitors
Boomers account for 26.7% of ballet attendees
Boomers plan travel with their grandchildren while leaving their children at home.
Family:
Boomers are called the “Sandwich Generation” –14 million of them are caring for aging loved ones and their children at the same time
Baby boomers and their aging parents have created a huge opportunity
50% of Baby Boomers are grandparents
Boomers spend more than $50 Billion on their grandchildren annually. (WebPro News)
Pet Care:
APPA estimated that in 2009, Americans will spend $45.4 billion on their pets -- a $2.2 billion increase from what pet owners shelled out in 2008. (American Pet Products Association)
The nation's age-50+ population is likely leading the pack in veterinary spending, as nearly 50% of those 50 and over own at least one pet. (Scarborough Research)
"Many of the pet owners are Boomers no longer burdened with the cost of raising children and are willing to use whatever disposable income they have to increase the quality of life of their furry -- or scaly – companions” ( Washington Post)
Boomer pets eat, sleep and do things with their people. They watch TV, they get dressed up, they have their own friends and their own doctors
Lifestyle:
Baby boomers have a strong tendency to let experts take care of them, whether it's a personal trainer or a financial broker.
The 50+ consumer will be responsible for the greatest increase in apparel spending.
With a 62% increase between 2006 and 2015, their apparel spending will be greater than any other age cohort. (JWT BOOM)
Boomer women shop for clothes 2.8 times per month for themselves and others, (Cotton Incorporated’s Lifestyle Monitor)
Boomers purchase 43% of all new cars
Boomers dine out 4 to 5 times a week
Boomers spend more on health and personal care than any other age group
People 55+ make up the “fastest-growing segment of gym and health club members.
They now account for about 25% of all memberships” ( Kathleen Doheny, HealthDay Reporter)
Boomers had more than 6.7 million cosmetic, non-invasive procedures (Botox, cellulite, laser skin resurfacing, etc.)(American Society of Plastic Surgery)
