Some 78 million Americans comprise the Boomer Cohort, perhaps the most important group marketers should watch and understand. The prize? More than 2 trillion dollars that boomers are willing to spend if given attention, respect and value. The Boomer and The Babe Show is about attention, respect and value as it relates to the needs, desires and mindset of today’s active and vibrant boomer. And as we say at the end of each show . . .
Get your boomer on . . . Because at 50, you’re just getting started. The
Boomer T he
TM
be BaShow and
Copyright 2008. All rights reserved.
Table of Contents Introduction We Were Born Special Outside Whose Comfort Zone? Boomers at Work Are We Having Fun Yet? Still? Don’t Call Us Seniors Living La Vida Sandwich Grand Never Looked So Good Money and Spending Patterns Survival Guide Tips Retirement Values, Life Choices, Longevity We Rule Our World Calgon Take Me Away Boomer Facts and Figures Coupon
Introduction The 50-plus market has more money, power and sheer numbers than any other group in the marketplace. If your product or service is of interest and benefit to this population, your message is well-placed on The Boomer boomer (n) - a North AmericanEnglish term used to describe a person born between 1946 and 1964. cohort (n) - a group of persons sharing a particular statistical or demographic characteristic
and The Babe Show. The Boomer and The Babe Show is a one-hour LIVE radio program that airs every Tuesday and Thursday morning at 9:00 AM on KFNX News-Talk Radio 1100. The program is directed at the 50-plus market, with a particular emphasis on the active, healthy, working and vibrant boomer lifestyle. Boomers comprise a huge segment of the population; it is also a monied segment looking for ways to prolong “the middle years� of life. As working boomers ourselves, we are well aware of what boomers like, need to hear more about, and want to buy. The guests on our show share how they are navigating this very interesting time in history. And they're focusing on the boomer view of things. It behooves the successful business person to understand this population in order to better serve them. With knowledge comes understanding. This book is a compilation of observations, tips, trends, and advice for making the most of doing business with the Boomer Cohort.
vital from birth
We Were Born “Special” It’s almost a birthright, our specialness. We came into the 20th century marked for greatness by virtue of the sheer numbers of us, but also by virtue of what we would do with our lives. We have been reshaping social norms and expectations to conform to our needs and thinking since the day we were born. We cried out with the swat on the backside at birth, and then squawked about every life phase, social norm, invention and convention. Why do we boomers feel compelled to have it our way? We’re special. And because of that, we’re not going to age the way our parents did. We’re probably not going to raise our children (or help raise their children) the way we were raised. We’re not going to retire the way our fathers did (and some of our mothers, of course). behemoth (n) - someone or something that is abnormally large and powerful [syn: giant]
What else can we look to as evidence of the specialness of this massive societal behemoth? We have seen more (literally, and in real time) than any other previous generation.
a person of exceptional importance and reputation [syn: colossus]
We have more collective memories and shared experiences, largely because of televison and the Internet. We watched together as JFK was laid to rest, as the Berlin Wall came down, as the Challenger blew up, as the Twin Towers crumbled to the ground.
1
Born Special, continued
We’ve also watched together as wars were waged in foreign lands and our people, our brothers and sisters of every age, were the fallen heroes. We participated in the protests, redefined music, and said Hell No, we won’t go. We forced “them” to listen as we changed the direction of the world. We are still doing it today. We get tired of the status quo and want it changed now! We are tired of waiting for our turn. It’s always our turn.
2
housing needs
Outside Whose Comfort Zone? Like everything else we’ve ever thought about, our housing needs are not one-size-fits all. For the Boomer Cohort, lifestyle needs and family situation rule the day. Since we’re planning to work well into our 70’s (some of us have to, others just plain want to), we have definite ideas about the “where” we’ll live just as we do the “how” we’ll live. And “gracious senior living” isn’t going to do the trick! Senior communities that attract our parents will not hold our attention or merit consideration unless we can overlay our own sense of style and comfort, functionality and modernization. Many homes in Sun City, Arizona, for example, are getting facelifts and make-overs as the new wave of Sun Citians moves in. Retirement housing is still a viable niche, of course, but it needs to be more than the cookie-cutter version of days past. And some of us may need to include children or grandchildren in our housing needs (that family situation consideration), so age-restricted communities won’t be the answer if rules are going to get in the way. This generally monied and vital group requires thinking outside the comfort zone by community planners, builders, realtors and people working in the home improvement industry.
3
Comfort Zone, continued
Here's the news you can use if you've been thinking we're all planning to slow down, take it easy, and move into small and maintenance-free digs. The opposite is true! In fact, less than 10% (closer to 6%) are planning to downsize in the next five years. An estimated 76% (of 78 million, mind you) are either not moving at all, or they are planning to make a lateral move to a similar sized home, or they are looking forward to an even bigger home. And we haven't even touched on vacation homes or retreats from the famous dry heat we enjoy during Arizona summers. Mortgage brokers and realtors need to pay attention to this cohort and tailor offerings to the likelihood that we are going big, and we've got the wealth and health to carry the paper. Gray hair does not signal reverse mortgage and cute little condo! Interview Recorded 04/21/08 Bonnee Gruber, Owner Taggywail, Inc.
For those of us staying put, count on our spending a small fortune on sprucing up the place to fit our discerning sense of style. This means big purchases,
Log on to www.boomerandthebabe.com
like furniture and appliances (think sub-zero fridge and state-of-the-art chef's stove/oven combo), not to
Click
mention home decor and extensive remodeling.
Topics/Home and Garden
According to Bonnee Gruber of Taggywail, Inc., The
Boomer The
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be BaShow and
KFNX News-Talk Radio 1100
Boomers should look into hiring an interior designer to assist with those big changes. “It's far more costeffective to use a designer than fix the errors!�
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Comfort Zone, continued
For those of us moving, a significant consideration when contemplating the boomer comfort zone is this: what does it take to make a community livable? The answer should include new urbanism, smart growth, mixed-use development, and easy-living standards. Throw in some attention to culture, work options, mass transit and fitness opportunities and you’ve got your Eureka! Also, you might want to think in terms of replacing shuffleboard with snowboarding! AARP The Magazine selected five cities in 2007 that fit the bill for best places for boomers to live. They focused on livable community characteristics in each location including mass-transit systems so residents can drive less, expanded sidewalks to encourage walking, better health care, and a wide range of mixed use housing. These qualities, according to the article, “attract members of the 50-plus age group, a segment that spends more than $2.2 trillion on goods and services each year and is expected to grow in size by 32 percent in the next 15 years.” CHANDLER: ONE OF TOP FIVE COMMUNITIES FOR BOOMERS Hank Pluster Planning Manager City of Chandler 480-782-3053
Chandler, Arizona made the list because of its gracious desert living combined with an activist twist that encourages residents to get involved with the spirit of the town. Another attractive selling point is that its city climate and plenty of parks and open space provide ample recreation opportunities.
5
Comfort Zone, continued
Chandler’s Planning Manager, says "One of our planning goals over the years has been to develop a complete, diverse, family-oriented city. While retirement communities have not been at the very top of the list, it may be that the very qualities of family living (e.g., well-designed neighborhoods, parks, open space, greenbelts for walking, various recreation/education programs, plus attractive neighborhood centers and regional commercial areas, et al) are the same things that induce current residents to "age in place". “I suspect that some "pre-retirees" may opt to stay well-connected to such qualities and amenities, purposely not wanting to enter (or at least delaying) the more insulated retirement developments. Some current residents, if they have raised their families here and their children choose to stay in the city or the SE valley generally, may choose to remain here as "move-down" residents (moving into a smaller home as emptynesters), simply to remain in closer proximity and connected to their children/grandchildren.� CHANDLER: ONE OF 10 BEST COMMUNITIES FOR WALKING
Prevention Magazine recognized Chandler as an especially pedestrian-friendly community. The magazine
Chandler Parks PIO
evaluated communities throughout the U.S. and found
Craig Younger
Chandler to be among the top 10 best communities for
480-782-2701
walking.Chandler residents have set the bar high in terms of wanting lots of parks, open space, bike paths/lanes and trails.
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how we work
Boomers at Work The baby boomers, or the original “me� generation, as they are sometimes called, make up the largest generation in the United States and account for about 43 percent of the work force. Born between 1946 and 1964, and often the children of World War II veterans, boomers tend to be competitive and driven to achieve goals, but also are highly focused on their children. Process- and team-oriented at the workplace, yet judgmental of differing opinions, they tend to accept corporate structure as is and value personal recognition. Source: Deloitte
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Boomers At Work, continued
A 25-year veteran of the police department proudly proclaims she has just six more months till retirement and asks, in the same breath, if we know of anyone hiring someone with her skills. A 50-year-old hard-working forklift driver with a major trucking company counts the days till his 25 years are up so he can finally get down to business -- his own! A 35-year-old is heard to say the family is looking forward to retiring in 15 years. Boomer brains say “Oh good . . . then what?” Boomers both want and need to work, and threequarters of us plan to work in retirement. For some of us, it’s time to launch the lifelong dream business and stay engaged and mentally active. For others, it’s necessary to continue working because the bills need to be paid. Still others find our investments haven’t kept up with current and future demands -- life is going to get in the way, for sure. And then there are those of us who have obligations we hadn’t really figured on: taking care of frail parents or helping adult children who have fallen on hard times. The good news for many of us, however, is that we can and do plan to work in a fluid environment that allows for a “work when I want, play when I want” schedule. This translates to in-home offices with all the bells and whistles of the corporate world: high tech interconnectedness, state-of-the-art toys and computers.
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active and vital
Are We Having Fun Yet? Still? Hitting old age used to signal the slow down, take it easy conversation. This whole sentence is problematic for boomers, because old age is way off in the future (if ever) and “slow down, take it easy� is boring and sounds the death knell for boomers! According to the Focalyst Insight Report of April 2008, the typical boomer participates in an average of 10 activities, choosing from amongst the following (please note that knitting and reading are not listed): Listening to music Dining out Going to movies Religious/prayer services Fitness walking/exercise walking Live sporting events Music and concerts Camping Fitness workout/aerobics Gourmet cooking Bicycling Swimming Hiking Weight training Photography as a hobby Dancing Jogging/running Motorcycling Painting/drawing/sculpting Yoga/Pilates Visiting Spas
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Having Fun, continued
Interview Recorded 05/05/08 Marjorie Magnusson Public Relations Manager Arizona Office of Tourism
We couldn’t explore having fun without talking about travel. Arizona is home to one of the seven natural wonders of the world, and millions of people come to visit the Grand Canyon annually. But where do Arizona’s
Log on to
boomers go when they want to have fun?
www.boomerandthebabe.com
Click
A new travel Web site has been launched for baby Topics/Travel
boomers at http://www.boomeropia.com.
The
Boomer The
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"I happen to be a baby boomer and I felt like the fun side of me wasn't being catered to and marketed to," said Web site founder Liz Dahl, 59, in a phone interview
KFNX News-Talk Radio 1100
from her office in Louisville. "I was getting ads for medication and hearing aids and no one was appealing to my fun side." So she created Boomeropia as an information site, listing interesting trips and tours in 30 categories, from adventure to pet travel to beaches and bed-andbreakfasts.
“I was getting ads for
Other categories include cruises, culinary travel, golf,
medication and hearing aids
fishing, and "glamping" - which means "glamorous"
and no one was appealing to
camping or camping trips where the tour operator does
my fun side.” Liz Dahl, Founder www.boomeropia.com
all the hard work for you, with comfortable tents and catered meals. Click on "botanical tours" and you'll read about a trip to Kazakhstan in search of alpine plants;
March 10, 2008 Associated Press
click on "volunteer" for details on an American Hiking Society trip to work in a park in the Chilean Patagonia. There is also a forum section where readers can post photos and share their thoughts.
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marketing messages
Don’t Call Us Seniors! So we're not young adults anymore. Fine. But we're also not senior citizens! We will quickly tell you that middle age runs from about the age of 47 to 73. Got it? The savvy advertiser will do well to appeal to life stages and common situations instead of trying to fit the message to everyone in that age group. (Of course, you can keep marketing exclusively to those aged 1849 if you like.) We boomers fully expect to continue doing it bigger, better, and bolder than any other group, and we're going to want it to look and sound like those marketing to us have a clue! If you don't have a 50-plus plan, you had better develop one.
The 50+ segment is the only demographic segment that will increase in size over the next decade, growing some 23% while the 18-49 segment stays stagnant. Source: Census
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Don’t Call Us Seniors, continued
Marketers are well advised to think of boomers in terms of segments within segments, rather than employing an age-driven model alone. Better yet, market to boomer attitudes and our determination to remain vital for decades, not years. That will do it! And here’s one hard and fast rule for dealing with boomers: we’ll either make the rules, change the rules or break the rules, so remain fluid and DO YOUR HOMEWORK -- or plan to become irrelevant to us! Of note is the fact that half of all boomers are now 50 years old or older, and every day another 10,000 boomers hit the milestone. Also of note is that we’ll happily spend over $2 trillion every year if you give us value, respect, and attention. And please, don’t even think about forcing us into your old models of marketing to people who fall outside your heretofore favorite 18-49 demographic (think square According to Mintel Group, a
peg in round hole).
market-research firm, the baby boomer generation has
By the way, if you think we’re computer-challenged or
an estimated spending
stuck in brand-loyalty land because we don’t know any
power of more than $2
better, think again. Remember, we have been
trillion a year.
participating in the marketplace since the advent of computers, email, YouTube, and any technological advance worth discussing. We have been practicing customer evangelism before the term was coined, and regularly forward to friends, family and co-workers information about all the cool stuff we can and do buy.
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all in the family
Living La Vida Sandwich Many of us are experiencing what was meant when the term “sandwich generation” was coined. We’ve got responsibilities and concerns on both sides of the life
QUESTION: What are the major concerns Boomers face today?
spectrum: children in school or adult children needing assistance AND aging parents that need help and care.
ANSWER: We don’t want to outlive our financial resources.
We need special care and feeding to maintain balance
We want to be of value in our world and have a sense of relevance.
and desires, when we find we must manage as
We want to remain in control of our lives.
and quality of life, indeed keep hold of our own dreams caregivers on top of everything else. Some of us even have three generations of retirees living in the same house/city/time-space continuum (that’s what it feels like when it’s not working so well!). Boomers are finding themselves in need of advice and counsel about planning for expected transitions as well
Interview Recorded 04/14/08 Adero C. E. Allison, PhD, CSA Transitioning Adults Plus
as the always exciting “what if’s” of life. Adero Allison and Randy Brown of Transitioning Adults Plus radio (interviews on April 14 and May 5
Log on to
respectively) have all the answers we boomers need
Www.boomerandthebabe.com
with regard to transition planning; they even have a few
Click
questions we might not realize should be asked. They
Caregiving
have created a business, national in scope, to help The
Boomer The
TM
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boomers in charting the course to help their aging
and
parents through potentially stressful transitions (like downsizing and moving from the family home).
KFNX News-Talk Radio 1100
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La Vida Sandwich, continued
Of course, it’s not just aging parents that need to plan a course of action for potentially unsettling life experiences. We boomers do well to plan for our own next phase of life before illness or change of fortune takes away some of our choices. Acting on our desire to maintain control and remain relevant in our declining years requires foresight and planning. We will want to know we have that handled, thank you very much! Whoever said “A failure to plan is a plan to fail” wasn’t thinking of boomers with aging parents on one side and children and grandchildren on the other. Or was he? Our plan must include ways to deal with various life issues for ourselves and our loved ones, including social security, transportation, health care and financial challenges. If we don’t plan well, the consumption of valuable resources, time and emotional stability will be pushed to a breaking point.
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grandparenting boomer style
Grand Never Looked So Good The boomer generation is the first generation to have both parents working. What does that mean when Already more than one third of
boomers contemplate grandparenting? Ah, finally, a
boomers are grandparents,
great way to make up for lost snuggle time and any
and half of all grandparents
number of perceived failings, of course! We can make
alive today are from the
restitution by spending time (and money) on the grand
boomer generation.
little ones that we didn’t or couldn’t the first time around. Every 20 seconds a new grandparent is born. Another way to look at the grandboom is this: for every baby born, there may be four (or more) consumers that enter the fray, and the potential spending is enormous! Everything from furniture and toys to financial investments is in play (so to speak). Grandparent trips and activities are also in play. Healthier, wealthier and spending more money on teddy bears and teething rings than any generation before, we baby boomers are going gaga for our grandkids -to the tune of an estimated $50 billion a year. Grand boomers, as we've been christened by marketers to the 50-plus crowd, represent the next big boon to the industry that makes and sells toys, clothing, furniture and other merchandise for kids. We are actively looking for things to buy our grandchildren.
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Grandparenting, continued
The AARP says 32 million grand boomers are already spending twice as much annually on their grandkids than previous generations. "This is the group that put those Baby-On-Board stickers all over their minivans in the 1980s," said Matt Thornhill, president and founder of The Boomer Project, a marketing consultancy in Richmond, Virginia. "They were so proud of having babies. What do you think they're going to do with their grandbabies? They're boomers -- they're consumers.” It’s a whole new world out there for us boomer grands. Whether a new grand at 50 or a seasoned grand at 50, we’ve got game . . . and wallet. We’ve got the way to find out what’s new and good on the market (can you say Google?) and we have discretionary income that we feel is quite appropriately spent on our little ones. And we understand Photo Bucket and Flickr and Shutterfly. We also get Skype and how to use it for staying connected with real-time audio and video. Grandparents buy one of every four toys, four of every 10 baby books and one of five video games,
Here are some examples of retailers who get it: KB Toys -- Grandparents' Rewards Club offers 10 percent off the purchases of shoppers over 50.
according to data gathered by the GrandParent Marketing Group.
Babies 'R' Us hosts free seminars for grandparents that address developments in baby safety and baby care. Babies ‘R’ Us recently partnered with Fisher-Price to sell a 60-page guide for grandparents called "Loving Your Grandbaby.”
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money and spending patterns
Money and Spending Patterns You can count us all you want, then either frame or reframe your company’s value proposition to appeal to boomers and our attitudes. As mentioned a couple of times in this book, boomers number between 76 and 78 million individuals. Boomers control half of all the household discretionary income.
In addition to the size of the group, Steve Gillon, author of Boomer Nation, has suggested that one thing that sets the baby boomers apart from other generational groups is the fact that "almost from the time they were conceived, Boomers were dissected, analyzed, and pitched to by modern marketers, who reinforced a sense of generational distinctiveness." Our sense of generational distinctiveness shows up in our spending patterns. We have money and we often influence the spending of others in our homes and family situations. We offer “permissions� for spending of adult children living at home again (adultelescents), aging parents for whom we are providing financial assistance, and children and grandchildren. Permission in this sense can be real or implied, depending on the family dynamics. Each life stage presents another trigger for spending, which might be related to everything from life improvements to new products, brands and media.
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Spending Patterns, continued
Boomers are the wealthiest generation in history, but only 9 percent are truly affluent (defined as having pretax incomes of $150,000 or more if working, or $100,000 if retired). Many boomers have taken steps to ensure they will have enough money to live on during retirement, but a huge number have exactly 0 dollars in savings and investments (about 25 percent of us). For those of us who need to look that last number in the eye, the good news is this: there is still time to STOP SPENDING and START SAVING. CNBC recently aired a one-hour program called Boomer Angst, which detailed the general state of boomer affairs and our relationship with money. To keep things in perspective, boomers who have reached the age of 50 expect to live 35 more years. The Survival Guide Tips on the following page give boomers reading this book some hope and direction. The Survival Guide Tips also give financial planners and other advisors some insight into what we might want to hear . . . It’s probably exactly what we’ve been thinking.
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Survival Guide Tips
"Make sure your investments are properly structured to be able to withstand anything that happens. If you don't have a properly diversified portfolio, now's the time to make one.” Ric Edelman Money Manager
"Don't try to keep up with the Joneses. It's human nature to look around at friends and neighbors but your best bet is to keep your blinders on. Decide what YOU can afford based on YOUR income and YOUR savings goals. And don't let the activities of your peers tempt you to sway from that course.” Manisha Thakor Financial Advisor
"Start Now. Figure out what you have, what you will need and how you will get there." Michael Farr President of Farr, Miller & Washington "Start planning for an "encore career." Find something you enjoy doing where you can make some money, so you'll have extra income in retirement if needed. We're also finding that many baby boomers lead happier, healthier and longer by staying engaged off the golf course.” Bob Frick Senior Editor at Kiplinger's Personal Finance
"Get rid of debt. If it's hard to pay off debt today it will be even worse when your paycheck stops.” Jane Bryant Quinn Newsweek Columnist
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Survival Guide, continued
Need a Boost? Sharon Epperson, CNBC Personal Finance Correspondent, suggests these steps. Delay retirement age. A 50-year-old who is just starting to save will need to save 56% of their annual salary to be able to retire at age 65, according to calculations by T.Rowe Price. That's an enormous number and extremely daunting. But waiting to retire until age 70 gives you more years to save and fewer years that your savings will have to support you. Delaying Social Security until then will give you the maximum benefit, helping to fill the gap. Add money to your IRA. IRA contributions increased for 2008. Those who are 50 or older can contribute up to $6,000 this year to a traditional or Roth IRA. If you have enough time before you have to start making withdrawals, a Roth IRA may be the better option. Contribute the max to your 401(k). Workers age 50 or older can invest up to $20,500 this year -- that's the maximum contribution of $15,500, plus a so-called "catch-up" of up to $5,000. Consider starting a side business. A recent American Express survey found that 26% of baby boomers began their own business because they were financially unable to retire.
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retirement
Retirement Boomers are turning 62 this year (in droves!) and people in business are watching and waiting to absorb the impact. It is worrisome to envision a workforce decimated by a mass exodus of those eligible to retire. double dipping (n) - the practice of drawing two incomes from the government, usually by holding a government job and receiving a pension, as for prior military service.
It is also a challenge to manage offices and companies with generational differences to incorporate. Much has been made of the fact that the first 62-yearold to apply for her Social Security benefits was able to do so on January 2, 2008. But the reality is, only 11 percent of boomers plan to stop working entirely at the age of 62. The balance of the “Boomer 62’s” sure won’t be getting in line at the Social Security offices. Nearly 80 percent of boomers are planning to work or actively volunteer once they reach retirement age. To further dispel commonly held beliefs about boomers and when they’re ready to quit -- 13 million boomers are already working in what they consider a second career, and another 13 million are taking courses either towards a certificate or degree or for the sheer pleasure of lifelong learning. “Double” and even “ triple dipping” is possible these days because people are living longer and working longer.
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we l ike what we l ike
Values, Life Choices, Longevity As the Boomer Project states: "They are the generation that keeps moving the proverbial 'hill.' It once was 30, then 40, now 50. Soon it will be 60. As a result, they'll likely move 'Old Age' farther and farther into their future, as well.” We are the first generation to be raised in the suburbs with the television for a baby sitter.
We were raised
on rock 'n' roll, top 40 radio, comic books, color movies, soft drinks, and fast food. We’ve been the subject of more study and clever marketing messages than any other generation in history. And still, 60 years into the boomer generation’s tenure, we are still a force to reckon with. We are, some would say, the mainstream of American life. According to Stephen F. Barnes, PhD ( in an article for Boomer Advisor), boomers are “better educated, more productive, and healthier than all prior generations.” He goes on to say we dominate the cultural, academic, economic, and political worlds across the nation. With our "generational gift" of longevity - living two or even three decades beyond the arbitrary retirement age of 65 - we will remain a powerful social force well into the 21st Century.
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We rule our world
We Rule Our World The aging of the baby boomer demographic is a huge opportunity for any business, so long as they remember one thing: “we rule our world” is not a slogan. It’s a boomer battle cry. We expect service and we freely discuss good experiences with our family, friends and co-workers. Actually, what we expect is perfect service -- think who we tell when we receive that precious commodity! Do you know what “PLS FWD to all you know” means? We know, and we do. Remember that a boomer turns 50 every 7 seconds (thereby joining a population segment that will grow by 25 percent in the next decade while other segments remain flat). But don’t lump us all in one catch-all category (think all eggs in one basket and what a mistake that can be). Target lifestyle and life-cycle markers. Some of us are having our first children, others our first grandchildren. Some of us are starting a second career or new business while others are finishing work altogether and looking for thrills and excitement that comes with freedom. Boomer freedom has several components: health, wealth, vitality, happiness, relationships, spirituality, and enduring value as human beings.
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aging naturally
Calgon Take Me Away! Boomers are more interested than ever in looking good and feeling good. We will spend upwards of $72 billion on anti-aging products and services in the year 2009. That doesn’t mean cosmetic surgery, by the way. We want to maximize our assets and put the best face on our personal aging process. We insist on looking good for ourselves and being attractive to the opposite sex. Remember the days of popular night-time dramas Dynasty and Knott’s Landing? The women were gorgeous and feisty (don’t worry about the massive shoulder pads), and they weren’t 20- or 30-year-olds! They were older women being hip and cool and YOUNG. Get the picture? We’re going to aspire to perpetual vitality and celebrate our youngness on the inside, all the while using products and services that ease the process and make us feel good (inside and out). Boomer men and women (whether married or not) are equally interested in remaining attractive to the opposite sex. Don’t leave men out of the equation for anti-aging products, spas and wellness centers.
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Calgon Take Me Away, continued We don’t even have to mention weight loss and exercise as important features for the vital boomer life cycle. Let’s face it. We can get busy with that program this year or next, but we’re going to have to engage in “the program” sooner rather than later! If 60 is to be the new 60, we’d better look and feel the part!
25
Boomers Facts and Figures Size of the Boomer and Senior Markets: ·
77 million people were born between 1946 and 1964, which is defined as the baby boomer era (U.S. Census).
·
The first baby boomer turned 60 on January 1, 2006.
·
An American turns 50 every 8 seconds that's more than 10,000 people every day (AARP).
·
By 2015, those aged 50 and older will represent 45% of the U.S. population (AARP).
·
By 2030, the 65-plus population will double to about 71.5 million, and by 2050 will grow to 86.7 million people (U.S. Census). Wealth of Baby Boomers and Seniors: ·
78 million Americans who were 50 or older as of 2001 controlled 67% of the country's wealth, or $28 trillion (U.S. Census and Federal Reserve).
·
Households headed by someone in the 55-64 age group had a median net worth of $112,048 in 2000 15 times the $7,240 reported for the under 35 age group (U.S. Census and Federal Reserve).
·
The 50+ have $2.4 trillion in annual income, which accounts for 42% of all after-tax income (U.S. Consumer Expenditure Survey).
· Adults 50 and older own 65% of the aggregate net worth of all U.S. households (U.S. Consumer Expenditure Survey). Spending Habits of Adults 50+ ·
Adults 50+ account for an estimated $2 trillion in total expenditures for 2005.
·
This group has $2.3 trillion in disposable income.
·
Between now and 2010, the total spending for 50+ households will increase by over $900 billion.
·
By 2010, adults 45-years-old and older will out-spend younger adults by $1 trillion annually.
·
In 2004, people aged 50 and older spent an average of 47.6 percent of their family's budget on "nonessentials" (Bureau of Labor).
·
50% of baby boomers plan to buy a new home after retirement (Del Webb Survey).
·
As of January 2007, baby boomers are 27% more likely than any other generations to embark on a major home improvement or repair in the next 6 months (Consumer Intentions and Actions Study).
·
96 percent of baby boomers participate in word-of-mouth or viral marketing by passing a product or service information on to friends (ThirdAge and JWT Boom). Online Habits of Adults 50+ ·
As one-third of the 195.3 million Internet users in the U.S., adults aged 50+ represent the Web's largest constituency (Jupiter Research).
·
2/3 of Americans age 50-64 use the Internet (SeniorNet).
·
Email is the most popular online activity among 50+ users, followed by web browsing, research, and shopping (ThirdAge and JWT Boom).
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72 percent of baby boomers have broadband Internet in their homes (ThirdAge and JWT Boom).
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Adults 50+ spend an average of $7 billion online annually (SeniorNet).
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The Internet is the most important source of information for baby boomers when they make a major marketing purchase, such as automobiles or appliances (Zoomerang).
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42% of all travel industry purchases happen online, and adults 50+ account for 80% of all luxury travel spending (Pew Internet and American Life Project).
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82 percent of adults aged 50+ who use the Internet research health and wellness information online (Pew Internet and American Life Project).
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By the end of 2007, the number of mature social networkers is expected to top 20 million (Deloitte).
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