Abstract
Far from dwindling into the mists of irrelevance, Baby Boomers are the largest
demographic segment today and their influence shows no sign of waning. Born
between 1946 and 1964, Boomers account for one-third of the U.S. population,
spend about $2 trillion annually, and generally expect to stay in the
workforce far past the age of 65. As the leading edge of the cohort move into
what once was assumed to be retirement age, they continue to change
traditional ideas about age, work and leisure activities, stubbornly
maintaining their hold on youthfulness if not precisely "youth," and in turn
influencing the attitudes and expectations of the generations in their wake.
People age 45-64 will soon become the fastest-growing segment of the U.S.
population, as Census Bureau estimates project their numbers will swell from
77 million in 2006 to upwards of 82 million by 2030. Yet despite these huge
numbers, marketers traditionally have lumped the "Me Generation" into one
great mass, often assuming that just because they can (mostly) remember the
' 60s, Boomers represent a relatively homogenous cohort, essentially a
generation of ex-hippies longing to return to the days of tie-dye and
patchouli.
In this report Packaged Facts dispels common misconceptions about the Baby
Boomer generation, examining the surprising diversity of the cohort across
demographic segments. Drawing on uniquely cross-tabulated Simmons Market
Research Bureau survey data from Fall 2007, along with government and private
sector data sources, this report examines common attitudes and motivations
linking the cohort, particularly their devotion to hard work and youthfulness.
At the same time it delineates how cultural and financial divides inform the
diverse ways in which Boomer segments respond to those commonalities. Unlike
previous reports, this update foregrounds broad realms of Boomer experience
rather than discrete retail channels, and analyzes how marketers across
industries have responded to the multiplicity of values and purchasing
behaviors within those experiential categories. The report gives special
attention to growing environmental or green concerns among the cohort and
their use of Internet research and networking services to pursue their goals,
while also setting the discussion in an international context.
An overview of Boomer attitudes and spending trends introduces the following
lifestyle chapters:
- Demographics and Lifestyles. Segmentation by age bracket, marital status,
ethnicity, gender, politics, education and employment income. Analysis of
financial and cultural divide between leading edge Boomers (age 55-64) and
younger cohort boomers (age 45-54), with emphasis on attitudes about Social
Security and retirement.
- Health and Anti-aging. From skin-plumping therapies to nutraceuticals, an
exploration of current and developing technologies to combat the aging
process. Parallel analysis of widespread health concerns and conditions that
tend to contradict generalizations that Boomers are the healthiest generation
ever.
- Boomers at Home. Life stage, physical limitations, and career interests
inform Boomers' desire to "age in place." Finances and family obligations,
including boomerang children and elder care, suggest a shift to greater
long-term practicality, but without sacrifice of style. Green construction and
universal design gain appeal.
- Boomers at Work. Most Boomers plan to work past traditional retirement
age, not only because they need the money or the health insurance, but because
they enjoy being challenged and engaged. Many will shift into part-time work
or begin entirely new careers or entrepreneurial ventures. Few imagine that
Social Security benefits will outlive them.
- Boomers on the Road. Practicality, comfort, and eco-friendliness drive
Boomer vehicle purchase, though style and luxury maintain a strong hold.
Muscle cars and motorcycles tempt the young at heart. Customizable vacations
slake thirst for experience, learning, adventure. Multigenerational and
single-gender options expand.
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