Seniors as trendsetters in society? Did you know that over half the spending on women’s apparel is by women over the age of 45? Statistically, seniors, as a demographic, control 50% of all discretionary income and own about 80% of the wealth in financial institutions. They are at a point where they are comfortable, ready for adventure and eager to spend money on goods and services to enhance their quality of life. Having saved money their whole lives, they now want luxurious vacations, hi-tech kitchen appliances, a sporty car and a home in a new development. In essence, they earned it and now they are done waiting for it!
This group of consumers are the ones who buy the luxury cruise packages, pay for spa treatments and indulge in room service. They purchase that RV with the slide-out sidewalls and head south to spend the winter in the sun. Or they finally take home that fully outfitted motorbike perfect for weekend excursions and that long awaited road trip to Sturgis.
Did I mention that the friends joining them on the trip are doctors, dentists and lawyers? Yes, this demographic consists of highly educated, retired and semi-retired professionals. They are rebels at heart and adventurers whose time is long overdue.
Targeting the 55 and older generation with merely senior-related products isn’t what marketing to this demographic is totally about. In fact, if that is your entire focus, you may miss an enormous opportunity. According to a 2002 survey done by the US Administration on Aging, over 35 billion dollars a year was spent on this generation’s grandchildren by seniors in the US. And this was almost 10 years ago, before the Baby Boomers even starting to shift over into senior status! So don’t forget that seniors buy for others… especially those grandkids. Vacation specialists are discovering a growing trend among seniors to buy holiday packages for their entire family… life is shorter, so they want to play as much as possible with those they adore.
This is the generation that wants to embrace all the good things that life has to offer and has the money to do so!
More surprising statistics:
- Out of an average of 13 new cars purchased in a lifetime, 7 of those are purchased after age 50.
- 54% of boomers expect to keep their vehicles 4 years or less
- Over 50% of over the counter drugs are bought by people over the age of 50
- Anti-aging product sales are growing by about 30% per year
- 55+ is the fastest growing demographic for health club memberships.