MARKETING TO BABY BOOMERS - US - JULY 2019

MARKETING TO BABY BOOMERS - US - JULY 2019

Jul 2019 Mintel LifestyleN/A Price :
$ 3436

Mintel defines Baby Boomers as the generation born between 1946 and 1964. In 2019, Baby Boomers are between the ages of 55 and 73.

Baby Boomers were the first generation born in the years after World War II. This year, Baby Boomers range in age from 55 to 73. They make up about 22% of the US population and represent approximately 72 million Americans. Boomers grew up with more favorable financial circumstances than younger generations and pack more spending power today than Millennials or Generation Z.

"The Baby Boomers are entering their senior years; 10,000 Americans turn 65 each day. Brands and businesses often overlook this group of 72 million consumers, but there are plenty of opportunities associated with this vibrant, but aging, population. They are staying in the workforce longer than previous generations, are tech savvy and feel good about the future."

Table of contents
OVERVIEW
What you need to know
Definition
EXECUTIVE SUMMARY
Overview
Key takeaway: not all Boomers are at the same life stage
Figure 1: Labor force participation rate of older adults, by age, 1997-2017
Figure 2: Boomer attitudes towards continued employment, March 2019
Figure 3: Baby Boomers’ regrets, by employment status, March 2019
Opportunities
Key takeaway: most Boomers feel good about the future
Figure 4: Boomer attitudes, March 2019
Opportunities
Key takeaway: many Baby Boomers are at risk of social isolation
Figure 5: Distribution of households, by age of householder and type of household, 2018
Opportunities
What it means
THE MARKET – WHAT YOU NEED TO KNOW
72 million, but shrinking
The Boomer single lady boom
The silver tsunami of retiring Boomers
Not all Boomers are financially ready to retire
Aging in luxury
BABY BOOMERS BY THE NUMBERS
Demographics
An important but shrinking market
Figure 6: Population by generation, 2019
Figure 7: US population by generation, 2014-24
Less diverse than younger generations
Figure 8: US generations by race and Hispanic origin, 2018
Marriage and family
Gray divorce
Single Boomer women are growing market
Figure 9: Marriage status of women, by age, 2018
Figure 10: Marital status, by age and gender, 2018
ISSUES IMPACTING BABY BOOMERS
Historical context
Financial circumstances
Not all Boomers can fund retirement
Cost of insurance strains financial resources
But Boomers are still wealthier than younger Americans
Figure 11: Attitude towards own savings, by generation, march 2019
Changing family dynamics and lifestyles
Other generations need their help
Solo aging and a shortage of caregivers
Figure 12: Distribution of households, by age of householder and type of household, 2018
Transitioning to care communities
Denial is not just a river in Africa
Case study: Ventana by Buckner
Figure 13: Ventana by Buckner on Good Morning Texas, October 2016
KEY TRENDS – WHAT YOU NEED TO KNOW
Coming to terms with time
The aging population offers opportunities for businesses
Boomers are often ignored
Technology is not a barrier
MINTEL TRENDS TO WATCH
Without a Care: meeting the growing need for accessible health care
Case study: CVS HealthHUBs
Figure 14: Alan Lotvin, Executive Vice President, Transformation, CVS Health, November 2018
No Resting Place and the “death wellness” movement
Case study: Megilla’s legacy video service
Figure 15: Screenshot from Megilla website, June 2019
WHAT’S WORKING
Intergenerational travel
YouTube and digital video
CoverGirl and Maye Musk
Figure 16: Maye Musk in COVERGIRL + Olay Simply Ageless Foundation | #IAmWhatIMakeUp by COVERGIRL, April 2019
Figure 17: Simply Ageless: Happy 71st Birthday Maye Musk | COVERGIRL, April 2019
WHAT’S NOT WORKING
The quest for immortality
RAADfest
Young blood
Ageism in the workplace
Marketers often overlook Baby Boomers
Tech companies underestimate Boomer abilities
Figure 18: Tweet and video from John Legere announcing #Unlimited55, August 2017
Opportunities for health and wellness brands to serve Boomers better
Figure 19: Goals for 2019, among Baby Boomers, February 2019
WHAT’S NEXT
Alternatives to CCRCs
Cohousing communities
Case study: Shepherd Village
Figure 20: Screen shots from Shepherd Village website, June 2019
Multigenerational housing
The internet offers convenience and privacy
Rory serves menopausal women
Femtechs help keep incontinence private
Figure 21: Screenshot of Lily Bird website, June 2019
THE CONSUMER – WHAT YOU NEED TO KNOW
An optimistic perspective
Self-confident and conformist
Brands should steer clear of controversy
Despite strong feelings, politics should be kept private
Living life online as much as everyone else
Retirement savings impact retirement plans
POSITIVE OUTLOOK
Content with where their lives are now
Figure 22: Boomer attitudes, March 2019
Optimistic about the future
Less stressed than younger generations
Figure 23: Boomers’ stressors, indexed against general adult population, March 2019
Figure 24: Percentage whose financial situation “stresses them out,” by generation, March 2019
SELF-PERCEPTIONS
Boomers want to fit in
Figure 25: Boomer attitude towards fitting in vs standing out, March 2019
Boomers feel financially secure
Figure 26: Correspondence Analysis – Symmetrical map – Generational perspectives, March 2019
Traditional values and faith differentiate Boomers
Figure 27: Boomers’ self-perceptions, indexed against general adult population, February 2019
Figure 28: Differentiating self-perceptions, by generation, February 2019
BOOMER VALUES
All Americans value integrity, compassion and work ethic
Boomers think their values should be America’s values
Figure 29: Boomers’ most important values, indexed against general adult population, February 2019
Figure 30: Differentiating American values, by generation, February 2019
Tepid feelings towards brands representing personal values
Courting controversy is not a good strategy
Figure 31: Boomer attitudes towards brands representing personal values, March 2019
Figure 32: Best ways for brands to represent values, among Baby Boomers, March 2019
POLITICAL VIEWS
They feel strongly about political issues
Figure 33: Issues Boomers feel strongly about, indexed against general adult population, March 2019
However, they would prefer to avoid discussing politics
Figure 34: Views on talking about politics, by generation, February 2019
They question the possibility of American unity
Figure 35: Boomer attitudes towards divisiveness in America, March 2019
TECHNOLOGY
Device use: smart to smartphones and tackling tablets
Boomer women lead in mobile device use
Figure 36: Smartphone use among Baby Boomers, November 2018
Figure 37: Boomer tech device use, by gender and age, November 2018
Opportunities for tablets
Figure 38: Mobile device uses, by smartphones and tablets, November 2018
Not afraid to live online
Untapped opportunities for smart speakers
Figure 39: Boomer digital behaviors, indexed against general adult population, March 2019
Case study: Amazon Show
Figure 40: Amazon Echo Show: Cooking Together, February 2019
MONEY MATTERS
Extra money goes into savings
Figure 41: How Baby Boomers spend extra money, February 2019
Case study: Chase Private Client campaign
Figure 42: Chase Private Client presents: Free to Fly, April 2019
Top regret is investment-related
Figure 43: Baby Boomers’ regrets, March 2019
Working Boomers more likely to regret investments
Figure 44: Baby Boomers’ regrets, by employment status, March 2019
WORKING VS RETIRED BABY BOOMERS
Working Boomers are younger with a higher household income
Figure 45: Demographic profile of Baby Boomers who work full-time, March 2019
Living longer, working longer
Figure 46: Labor force participation rate of older adults, by age, 1997-2017
Figure 47: Boomer attitudes towards continued employment, March 2019
Case Study: WOOLN
Figure 48: Screenshots from WOOLN website, June 2019
Universal desire for balance and stability in the workplace
Figure 49: Baby Boomers’ ideal job traits, March 2019
Connections between demographics and retirement
Retired Boomers are more engaged with Facebook
Figure 50: Demographic profile of Baby Boomers who are not employed, March 2019
Retired Boomers seem more satisfied with life
Figure 51: Boomer attitudes, by employment status, March 2019
APPENDIX – DATA SOURCES AND ABBREVIATIONS
Data sources
Consumer survey data
Consumer qualitative research
Abbreviations and terms
Abbreviations
Generations
APPENDIX – THE MARKET
Figure 52: Population by generation, 2014-24
Figure 53: Population by race, Hispanic origin, and generation, 2018
Figure 54: Distribution of households, by age of householder and type of household, 2018
Figure 55: Marital status, by age, 2018
Figure 56: Marital status of women, by age, 2018
Figure 57: Marital status of men, by age, 2018
Figure 58: Labor force participation rate of older adults, by age, 1997-2027

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