Baby Boomers' Discretionary Income
Baby Boomers are used to having the best because that's their background and experience. With families that were relatively affluent following World War II and being the largest economic unit passing through our society in memory, they've had a tremendous influence on marketers and advertisers down through the years.
According to recent statistics, Boomers control more than half of the U.S. discretionary income and spend approximately $2 TRILLION dollars annually on consumer goods and services. The age 50-65 market segment will grow by 70% over the next 15 years - no other age group will increase by more than 10% during the same time period.
Baby Boomers' Consumer Preferences
So how will they spend all this discretionary income? Baby Boomer trends indicate that the following areas will be hot areas for Boomer consumers:
- Travel & Tourism - luxury vacation packages at high-end resorts and hotels in some of the world's most glamorous locales
- Health & Fitness - high-end fitness centers, catering to adults located both inside, and outside, retirement communities
- Home Services - those things like lawn care, snow removal, housekeeping and other services to help them maintain their homes and simplify their active lives, leaving more time for the "fun" of life
- Home Improvement/Remodeling (e.g., changing the kids room into a craft room, media center or exercise room)
- Grand-parenting - Boomers are exceedingly proud of their grandchildren and spend lots of money on them (e.g., travel, dining out, toys)
- Personal Care & Beauty - anything that helps the Boomer to grow old gracefully and continue to "feel" young
- Clothing & Apparel - clothes that are stylish and fit the changing bodies of the Boomers
- Financial Services - products and services that will help the Boomer maintain income and financial independence
- Education & Learning - Boomers are dedicated to lifelong learning, so anything that helps them learn new things, or even start their own businesses - whether via travel, online, or at the local community college will be big
- Family Restaurants - you won't see many Boomers at the "Early Bird Specials," but you will find them at family restaurants - along with their kids and grand-kids
Baby Boomers Still a Consumer Force to Be Reckoned With
Just as they've been doing for the past 50 or 60 years, the trends show that Baby Boomers will continue to impact the U.S. economy - and, if the marketers and advertisers are smart, they'll immediately begin tailoring products, services, and advertisements to this growing and affluent market segment.
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For author details, see: Who Is Sue White [http://whoissuewhite.com]
Copyright 2010
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