10 Boomer Trends Powering the Age Boom*

1. Health, Vitality & Wellness
2. Work, Money & Avocation
3. Creativity & Learning
4. Passion, Play, Travel & Adventure
5. Fashion & Beauty
6. Family & Friends
7. Caregiving & Grandparenting
8. Romance/Love & Sexuality
9. Giving Back & Philanthropy
10. Religion & Spirituality

*Mary Furlong and Associates Boomer/Senior Marketing Report

In-Sights

Helping You Move from Boomer Myth to Magic

By looking beyond the Boomer myths, you’ll find many ways your business can benefit by targeting this market of 78 million consumers with nearly $2 trillion in spending power. Not sure where to start? Talk to us. We can help.

MYTH: Boomers are technologically challenged
MAGIC: Boomers are comfortable with technology because they’ve grown up with it.

  • 2/3 use the Internet; of those:
    • 93% use e-mail
    • 71% shop online
    • 46% maintain a social network profile
  • 83% have digital cameras
  • 88% have cell phones

MYTH: Boomers are downsizing their homes
MAGIC: Boomers are right-sizing; some want a home that will enable them to age-in-place, others want space for parents or boomerang kids.

  • 50% plan to buy a new home after retirement
  • 76% plan to live in either a same size or a larger home
  • 79% prefer a single-story home over a two-story (15%) or split-level (7%)

MYTH: Boomers are married, empty nesters
MAGIC: There’s no such thing as a "typical" Boomer household

  • Only 25% are married with adult children who have left home
  • 37% still have children under 18 in the home
  • 22% of Boomer households are made up of a single person
  • Nearly 25% expect that a parent or in-law will move in with them

MYTH: Boomers are set in their ways
MAGIC: Boomer are open to new things and new brands

  • 61% agree it doesn't pay to be loyal to one brand
  • 72% are always looking for new or improved products that might be better than what they are using now
  • 73% percent would try an unfamiliar brand if it were recommended by someone they trust
  • 21% are consumers of the rapidly growing LOHAS product segment (Lifestyles of Health and Sustainability)

MYTH: Boomers are retiring early
MAGIC: Just as they’ve done at every other stage of life, Boomers are redefining retirement, through “extended career strategies” and “encore” careers.

  • 76% expect to continue working; only 17% hope to never work for pay again
  • Nearly 20% are already working in what they consider to be a second career
  • Americans age 55 -64 start small businesses at a higher rate than any other age group
  • Nearly 1/3—some 25.8 million people—volunteered for a formal organization in 2005

MYTH: Boomers are winding down
MAGIC: Boomers are very active; typically participating regularly in at least 10 activities.

    
  • 72% travel for pleasure at least 1 trip per year and account for 80% of all luxury travel spending
  • 55% consider themselves adventurous and nearly 80% consider their own travel experiences more adventurous than their parents
  • Almost 50% attend movies regularly, more than 25% attended a music concert,and almost 1/3 attended a live sports event

MYTH: Boomers are all wealthy
MAGIC: While Boomers control 65% of the aggregate net worth of all U.S. households, only 9% are truly affluent.

  • 50% consider themselves as spenders more than savers
  • 25% do not have any savings accounts or investments other than their primary residence
  • Approximately 50% lack a will; 60% do not have a living will or health care directive
  • Only 40% have even a rudimentary financial plan

MYTH: Boomers are unhealthier than any generation before them
MAGIC: Boomers see health issues as a "natural" part of aging and feel confident that leading-edge therapies and science are going to keep them healthy and vital for years to come.

  • Nearly 87% say they are in good, very good, or excellent health
  • Over 1/2 say they suffer from one or more chronic conditions
  • About 1/3 have experienced a decline in health, but managed through it proactively
  • Nearly 83% are interested in alternative or integrative medicine
  • Over 89% go online for health information, with over 80% clicking on online ads about a health condition, product, or service to receive more information

MYTH: Boomers don’t pay attention to advertising
MAGIC: Boomers can still be reached through traditional advertising media; however the more emotional, authentic, and informational the approach, the better. Whatever you do, don’t say or imply “old”, “aging”, or “seniors”.

  • 66% say that ads have gotten more crude in recent years
  • 46% have trouble relating to the people in most ads
  • 67% less likely to purchase a product if they find the advertising offensive
  • 61% wish Ads Had More Real Information About Their Products

MYTH: Boomers are all the same
MAGIC: Boomers are an extremely diverse group: in behavior, attitudes, ethnicity, and outlook, more so than the generations on either side of them. When targeting Boomers, forget about age; focus on lifestyle and life stage.

  • Boomers of the same age can be living very different lives; with one becoming parent for the first time, another retiring, and yet another taking courses toward a degree
  • With a nearly 20-year difference in age, Leading-Edge Boomers and Trailing-Edge Boomers have been affected by different events/influences throughout their lives
  • Boomers have always prided themselves on being unique individuals – they’re not going to stop now.