“Older Americans,” those over 50, are the single most important consumer group in the country — with over 26% more disposable income than other consumers. Americans over 45 comprise nearly 40% of the population and control 50% of all discretionary purchases. They spend almost $2 trillion annually on goods and services.  This group’ preferences for travel and gifts, plus healthcare requirements, will shape the consumer landscape in coming years as their numbers, free time and personal wealth steadily increase.

Spending Power

• The 55+ age group controls more than ¾ of America’s wealth.
• Their median household income is 55% greater than post-Boomers and 61% more than pre-Boomers. They have an average annual disposible income of $24,000.
• Baby Boomers outspend other generations by an estimated $400 billion each year on consumer goods & services.
• Americans over 55 spend 50% of all vacation dollars in America.
• Americans over 55 spend 77% of the money spent on prescription drugs.
• 55-64 year olds outspend the average consumer in nearly every category, including: food away from home, household furnishings, entertainment, personal care, and gifts.
• Americans over 45:
  
  • Spend almost $2 trillion on goods and services each year
  • Dine out 4-to-5 times per week
  • Represent 50% of all car purchases
  • Account for over 80% of all leisure travel spending
  • Are willing to try new brands (70%)
• Women over 50 spend $21 Billion on clothes annually.

Lifestyle Marketing

The Baby Boomer audience can be hard to reach. Long hours at work and family obligations make each Baby Boomer minute extremely valuable. This trend promises to continue as Boomers work longer and stay active. The mall, that one stop the Boomer is willing to make, is the best way to reach this important market.

Every morning around the country seniors go “mall-walking.” Malls are opened before shopping hours for seniors to exercise. Some marketers have tapped into this niche and mall-walkers are often treated to seminars and health screenings during the mall-walking hours. Mall-walking groups foster a community feeling in this often isolated demographic.

*Refer to pdf for source information