There is no doubt that adults 50+ will continue to be the most powerful consumers in the marketplace. The last of the baby boomers turned 50 in 2014 and there are currently over 100 million adults in the United States over the age of 50. With Gen X coming into the mix, the size, wealth and spending of mature consumers changes the landscape of the digital world we live in. Here is a select list of stats and data surrounding adults 50+, baby boomers and seniors.
- The last of the baby boomers turned 50 in 2014 – there were 77 million people born between 1946 and 1964, which is defined as the baby boomer era (U.S. Census).
- The 2010 Census shows the senior age group is, for the first time, the largest in terms of size and percent of the population in the U.S. Ove the next 30 years, the 65+ population will be larger than the younger generations.
- The 50+ population has $2.4 trillion in annual income, which accounts for 42% of all after-tax income in the U.S. (Consumer Expenditure Survey).
- Boomers and seniors have seen a decrease in their median family net worth, however they still have a net worth 3x that of younger generations (Economic Policy Institute).
- Every year, the U.S. Consumer Expenditure Survey shows adults 55-64 outspend the average consumer in nearly every category, from food, household furnishing, entertainment, personal care, gifts, etc.
- Baby boomers account for nearly $230 billion, or 55% of consumer packaged goods sales (Nielsen).
- The NAHB predicts that the aging in place remodeling market to be $20-$25 billion. That’s about 10% of the $214 billion home improvement industry.
- Boomers spend $157 billion on trips every year (NextAvenue).
- Americans 50+ account for half of all consumer spending but are targeted by just 10% of marketing (AARP).
- The Internet is the most important source of information for Boomers when they make major purchasing decisions (Zoomerang).
- Boomers outspend younger adults online 2:1 on a per-capita basis (Forrester, 2009).
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