According to PreRetirement Resources Group, Baby Boomers are turning 50, at an astonishing rate of one every 7 to 10 seconds. That’s more than 12,000 each day and more than four million a year. With that being said, the housing industry has responded to the needs of this generation and their multi faceted preferences. With several housing options available for Baby Boomers and beyond, After 55TM Housing and Resource Guide offers a comprehensive educational publication representing a multitude of communities nationwide together with companies providing products and services specific to your needs. After 55 Housing and Resource Guide powers SeniorOutlook.comTM, which also offers information on moving services, insurance and healthcare.
Outdated stereotypes have portrayed people over age 50 as those slowing down in life, going through the empty-nest syndrome, and so on. On the contrary, Baby Boomers view turning 50 as beginning a new life. More and more, adults over 50 are starting second and even third careers, developing new hobbies, and remarrying.
It is important to note that Baby Boomers account for 50% of all U.S. discretionary income and 65% of the average household worth.1 By the year 2015, about 45% of the U.S. adult population will be 50 or better.2 With this in mind, marketers should acknowledge the buying power that Baby Boomers have. This generation accounts for $1.5 trillion in discretionary spending3, making it virtually impossible for them to be ignored as consumers. Research shows that 34% of Boomers live in households with annual incomes of $75,000, versus only 31% of non-Boomers, affirming that Baby Boomers are more affluent than non-Boomer consumers.
The online market is one of great importance when it comes to the discussion of marketing to the Baby Boomer population. “Wired Seniors” as they are sometimes called, are the fastest growing demographic group online.4 In fact, SeniorOutlook.com was recently recognized as one of the “Most Useful Sites” on the Web for 50 plus adults by PreRetirementLife.com. It has also been proven that Baby Boomers research products online more often than other groups.5 For instance, Boomers purchase products or services online 3% more than non-Boomers. 5 Boomers outnumber non-Boomers who research products and services online by 6%.5 Nearly 20% of online Boomers utilize social networking sites as well as online chat and IM programs.5
The Baby Boomer generation will only continue to evolve and break away from the traditional mold of how Americans over 50 live. Marketers will need to develop new tactics and strategies to cater to this massive demographic. The Boomer generation holds America’s buying power in the palm of its hand – a potential gold mine for marketers everywhere.
Source: 1 Deloitte Touche, 2 After 50 Marketing, LLC, 3 U.S. Census Bureau, 4 Pew/Internet, 5 Jupiter Research