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The U.S. Mature MarketPublished by: Packaged Facts Published: Jun. 1, 2000 - 290 Pages Now 25% off the original sale price of $2,750.Table of Contents
Report Methodology Demographics
Within Mature Market, Three Distinct Lifestages Nearly 58 Million Americans Age 55-Plus Table 1-1: Projected Growth of U.S. Mature Population, 1999-2050 (number): From Age 55 to Age 80+ Through 2050, Mature Population Will Be Fastest-Growing Geographic Distribution of Mature Population by State Median Income Averages $32,448 in 1998 Mature Americans Enjoy Higher Living Standards than Any Eld-erly Generation in History More High School Graduates Among Today's Elderly College Graduates Also Increasing Most Elderly Live in Family Setting Most Americans View Aging in Positive Light The Market
Housing Is Mature Americans' Top-Spending Category Figure 1-1: Aggregate Annual Household Expenditures in Se-lected Categories by Mature Americans Age 55+, 1999 (dollars): 10 Categories Mature Population Growth Is Major Impetus Boomers Will Continue to Earn and Spend Americans Age 65-69 Allowed to Work Full-Time Without Sacri-ficing Retirement Benefits Grandparents a Growing Market Force Internet May Mean Add-on Sales Mature Americans As Consumers
55- to 64-Year-Olds Spend More Than Average in Many Categories Retiree Spending Reflects the Good Life Generalizations Cloud Spending Patterns of Those 75-Plus Aggregate Household Expenditures: Housing Is Top Mature Spending Category Mature Americans Drive Growth in Many Products and Services Shopping Patterns Vary by Age and Retirement Mature Shoppers Rate Certain Stores Highly Mature Americans' Use of Media
Television Is Window to World for Oldest Americans Networks Overlook Older Viewers When Programming TV Mature Viewers Turing to Cable Mature Listeners Find Nostalgic Appeal in Radio Mature-Oriented Magazines Flourishing Mature Consumers Appreciate Convenience of Home Shopping Mature Americans Jumping Online Marketing to Mature Americans
But Marketers Are Making Progress Mature Americans a Challenging Target Maturing Boomers Will Break the Mold
Within Mature Market, Three Distinct Lifestages Mature Market Worth Over $1.0 Trillion in 1999 Figure 2-1: Projected Growth of Mature Population, 1999-2050 (number): Age 55-64, Age 65-79, Age 80+ Population
"Working Mature" Includes Those Age 55-64 65- to 79-Year-Olds Are "Young Retirees" Those 80 and Over Comprise America's Elderly Table 2-1: Projected Growth of U.S. Mature Population, 1999-2050 (number): From Age 55 to Age 80+ Centenarians On the Rise Table 2-2: Projected Growth of U.S. Population Age 100 and Older by Gender: Male vs. Female, 1999-2050 (number) Americans Enjoying Longer Life Expectancy Through 2050, Mature Population Will Be Fastest-Growing Table 2-3: Projected Growth of U.S. Population Age 55+ vs. Age Under 18, 1999-2050 (number and percent) "Lifestage" a More Important Indicator Than Age Females Increasingly Outnumber Males with Age Table 2-4: Percentage of Mature Population by Age and Gender, 1999 (number and percent): From Age 55 to Age 80+ Although Whites Dominate, Mature Population Becoming More Diverse with Time Table 2-5: Mature Americans Age 55+ by Race, 1999 vs. 2004 (percent): 5 Races/Ethnic Groups Mature Population Spread Out Regionally Table 2-6: Percentage of Households: By Geographic Distribu-tion and Age of Householder, 1998 (percent): United States, Northeast, Midwest, South, West Most Populous States Have Most Persons Age 55 and Over Half of Those Age 65-Plus Concentrated in Handful of States Geographic Distribution of Mature Population by State Table 2-7: Geographic Distribution of Mature Population Age 55+ by State, 1998 (percent) West, Southeast Regions Experience Growth in Elderly Between 1990 and 1998 West, Southeast Regions Will Continue to Grow in Popularity Mountain States Lead in Growth Projections Table 2-8: Projected Growth of Mature Population Age 65+ by State, 2000-2025 (number and percent) Large-Scale Rural Retirement May Prove a Catch-22 By Metro Area, Southern Florida Still Tops Many Mature Americans Prefer to "Age in Place," But Relocation Also Holds Appeal Employment and Economic Status
Median Income Averages $32,448 in 1998 27% of Mature Households Earn $50,000 or More Table 2-9: U.S. Mature Households Age 55+ by Income Level, 1998 (number and percent) Most Mature Americans Are Homeowners and Mortgage-Free Table 2-10: Housing Tenure of Mature vs. Overall U.S. House-holds, 1998 (percent): 4 Categories Empty-Nesters Have More Disposable Income Mature Americans Enjoy Higher Living Standards than Any Eld-erly Generation in History Poverty Among the Elderly Minorities, Women, and Singles Fare Far Worse Than Whites, Married Couples Women More Dependent Than Men on Social Security More Mature Ignoring Traditional Retirement Age More Mature Workers Expected in U.S. Labor Pool Table 2-11: Percentage of Mature Americans Age 55+: Labor Force Participation by Gender, 1998-2008 (percent) Americans Age 65-69 Now Allowed to Work Full-Time Without Sacrificing Retirement Benefits Retirement Patterns Differ Among Occupations Self-Employment Likely to Increase Among Mature Americans Women More Likely to Have Pensions in Future Many Boomers Will Continue Working Financial Concerns Grow with Age Boomer Retirement: Who Will Pay? More Employer-Sponsored Retiree Income in the Future Economics of Traditional Healthcare, Social Security Changing Concept of Life Cycles Education
College Graduates Also Increasing Future Mature Market Growth Supported by Higher Education Levels Family Status
Table 2-12: Marital Status of Mature Americans by Age, 1998 (percent): From Age 55 to Age 85+, All U.S. 18+ Younger Children Still Present in Some Mature Households Grandparents a Growing Market Force Nearly 4 Million Grandparents Find Themselves Raising a Second Generation Grandparent-Maintained Families Up 76% Grandparent-Run Families More Likely to Be Poor Child-Rearing Second Time Around Financially, Emotionally Stressful Legal Rights Problematic for Custodial Grandparents One in Five Grandparents Are Step-Grandparents Living Arrangements
More Elderly Women Than Men Live Alone Living Alone vs. Loneliness Mature Americans and Driving: Safety a Major Concern Health Issues
Graying Hair, Hair Loss Affects Nearly All Mature Americans For Women, Menopause Cues End of Youth For Men, Sexual Function Often Reduced Half of Elderly Experience Chronic Health Conditions Major Health Concerns and Conditions Among the Mature and Elderly Arthritis Heart Disease High Blood Pressure Hearing Loss Weakening Eyesight Orthopedic Impairment Oral Health Diminished Skin Thickness, Elasticity Loss of Sensitivity to Touch Slowed Reflexes, Mental Agility Depression Alzheimer's Disease Prostate Cancer Exercise More Important Than Ever, But More Challenging to Older Bodies Medical Costs Skyrocket for Older Americans Care for the Elderly Often Falls on Family Nursing Home Care Costly, Fraught with Red Tape Home Healthcare, Hospice Care Growing New Drug Therapies Abound, But Geriatric Medication a Complex Field Better Health Through Technology for Tomorrow's Elderly Technological Advancements Increase Elderly Independence Psychographics
Three Distinct Age Segments Working Mature Young Retirees Elderly Other Experts Segment Market Differently Mature Americans Also Segmented by Birth Cohorts The Four Birth Cohorts Elderly Stereotypes Based on Depression Cohort World War II Segment United by War, Victory Post-War Cohort: Bridge to the Baby Boom Here They Come: Boomers I Represent First Wave Mature Americans, Especially Women, Concerned with Appearance Men Also Find Aging Stressful Mature Mindset: Think Ten Years Younger Later Years a Time for Fulfillment Seniors Gaining in Computer Savvy Seniors Give Time, Money to Charity With Maturity Comes Wisdom Mature Consumers Driven by Internal, Not External Motivators Most Americans View Aging in Positive Light
Market Has Grown More Than 20% Since 1995 Table 3-1: Estimated Size of Mature Market by Age Group, 1999 (# of households, average after-tax income, total income): From Age 55 to Age 75+ Bulk of Mature Wealth Is in Under-65 Segment Figure 3-1: Share of Mature Market by Age Group, 1999 (percent): Age 55-64, Age 65-74, Age 75+ Americans 65-74 Have $303 Billion in Aggregate Income Americans 75 and Over Worth $209 Billion Table 3-2: Growth of Mature Market by Age Group, 1995-1999 (dollars): From Age 55 to Age 75+ Housing Is Mature Americans' Top-Spending Category Figure 3-2: Aggregate Annual Household Expenditures in Selected Categories by Mature Americans Age 55+, 1999 (dollars): 10 Categories Four-Fifths of U.S. Assets in Mature Hands Table 3-3: Percent Owning and Median Value of Selected Assets by Age of Householder, 1993 (percent): Motor Vehicles, Homes, Interest-Bearing Accounts, IRA/KEOGH, Stocks/Mutual Fund Shares Factors to Market Growth
Figure 3-3: Mature Population by Age Group: 1999 vs. 2004 (number): Age 55-64, Age 65-79, Age 80+ Boomers Will Continue to Earn and Spend Mature American Investment Income Likely to Grow Figure 3-4: Average Household Income from Investments: Mature vs. All U.S. Households, 1998 (dollars): Age 55-64, Age 65-74, Age 75+, All Households World War II and Post-War Americans Replacing Depression-Era Seniors Congress Likely to Amend Social Security and Medicare Americans Age 65-69 Allowed to Work Full-Time Without Sacrificing Retirement Benefits More Employer-Sponsored Retiree Income in the Future Mature Homeowners Cashing in on Their Homes Grandparents a Growing Market Force Internet May Mean Add-on Sales Figure 3-5: Aggregate Income of Mature Americans Age 55+, 1999-2004 (dollars) Projected Market Growth
Table 3-4: Projected Growth of Mature Market Age 55+, 1995-2004 (dollars): Number of Households, Average Household Income, Aggregate Income
Overall Spending Patterns Reflect Lifestyle Changes Associated with Aging 55- to 64-Year-Olds Spend More Than Average in Many Categories Group Spending Reflects "Split Personality" of Eisenhower Generation Retiree Spending Reflects the Good Life Generalizations Cloud Spending Patterns of Those 75-Plus Elderly Spend Disproportionately on Healthcare ...And on Cash Gifts …and on Personal Care But Financial Concerns Moderate Senior Spending Aggregate Household Expenditures: Housing Is Top Mature Spending Category Mature Americans Drive Growth in Many Products and Services Table 4-1: Average Annual Household Expenditures by Mature Americans: By Age of Householder, 1998 (dollars): 15 Categories Table 4-2: Aggregate Annual Household Expenditures on Selected Items by Mature Americans, 1998 (dollars): 15 Categories Mature Consumers of Housing
Why Mature Americans Relocate Two Age Distinctions in Active Senior Communities Housing Developers Rethinking the Market Lower-Cost Housing Options Attached Housing and "Seniors-Only" Apartments Mobile Home Communities ECHO Housing Other Types of Senior Housing Are Service-Oriented Assisted Living Industry Responding to America's Growing Need for Long-Term Care Lifecare and Continuing Care Communities Senior Short-Term Housing Housing-Related Service Costs Rise with Age Table 4-3: Average Household Expenditures by Mature Americans on Household Operations: By Age of Householder, 1998 (dollars): 5 Categories Mature Consumers of Food & Beverages
Table 4-4: Average Household Expenditures by Mature Americans on Food Eaten at Home: By Age of Householder, 1998 (dollars): 16 Categories Mature a Key Market for Nutritional Supplements Table 4-5: Average Household Expenditures by Mature Americans on Non-Prescription Vitamins: By Age of Householder, 1998 (dollars) Mature Consumers Enjoy Eating Out Mature Consumers Like to Eat Out with Grandkids Mature Consumers of Healthcare Services
Table 4-6: Average Household Expenditures by Mature Americans on Healthcare: By Age of Householder, 1998 (dollars): 8 Categories Where Senior Healthcare Dollars Go Medicare Not All-Inclusive Congress Considers Strengthening Medicare HMOs Reconsider Medicare Market HMOs Scrambling to Accommodate Aging Boomers Trusted Physician Important to Mature Healthcare Consumers Prescription Drugs for the Mature a $20 Billion Market Mature Consumers of Apparel
Table 4-7: Average Household Expenditures by Mature Americans on Apparel: By Age of Householder, 1998 (dollars): 5 Categories Body Proportions, Tastes Change with Age Apparel Purveyors May Be Missing the Boat Mature Consumers of Vehicles
Table 4-8: Average Household Expenditures by Mature Americans on Vehicles: By Age of Householder, 1998 (dollars): 6 Categories New J.D. Power Study Sheds Light on Car Buyers Over 50 Mature Consumers of Financial Services
Table 4-9: Average Household Expenditures by Mature Americans on Financial Services: By Age of Householder, 1998 (dollars): 3 Categories Mature Consumers the Largest Beneficiaries of Investment Income Table 4-10: Average Household Income from Investments: By Age of Householder, 1998 (dollars): 4 Categories Figure 4-1: Average Household Income from Investments: Mature vs. All U.S. Households, 1998 (dollars): Age 55-64, Age 65-74, Age 75+, All Households Age Wave Statistics Confirm Mature Wealth Where Mature Americans Invest Their Money What the Over-60 Crowd Is Doing About Their Finances Differences Among Upscale Financial Service Consumers Insurance Industry Developing New Lifecycle Models Marketers of Financial Services Emphasize "Nest-Egg Management" for the Mature Over-50 Crowd Represents Half of U.S. Credit Card Holders Mature Consumers of Gifts
Table 4-11: Average Household Expenditures by Mature Americans on Gifts: By Age of Householder, 1998 (dollars): 8 Categories Grandchildren Are Major Recipients of Mature Largesse Elderly Give Cash Instead of Goods and Services Mature Consumers of Household Furnishings and Equipment
Mature Americans Age 55-64 Spend More Than Average on Computers Table 4-12: Average Household Expenditures by Mature Americans on Household Furnishings and Equipment: By Age of Householder, 1998 (dollars): 10 Categories Assistive Living Products Moving Into Mainstream User-Friendly Utilities Extend to Computer Devices Mature Consumers of Travel and Entertainment
Table 4-13: Average Travel-Related Household Expenditures by Mature Americans: By Age of Householder, 1998 (dollars): 4 Categories More Detailed Data Suggest a $37 Billion Mature Travel Market Table 4-14: Aggregate Travel-Related Household Expenditures by Mature Americans: By Age of Householder, 1998 (dollars): 9 Categories Travel One of Few Industries to Court Mature Consumers Mature Travelers Outspend Younger Counterparts Group Travel and All-Inclusive Packages Preferred Cruises Also Popular New Learning Experiences, Security, and Reliability Are Key Travel Appeals Adventure Travel Continues to Enjoy Strong Draw Among Mature Americans Trips with Grandkids Mature Travel Opportunities, Deals Abound on Internet Pre-Retirees Spend Disproportionately on Entertainment Table 4-15: Average Household Expenditures by Mature Americans on Entertainment: By Age of Householder, 1998 (dollars): 10 Categories Mature Americans Big on Sports and Fitness Indoor Activities Hold Increasing Appeal Mature Consumers of Funeral Services
Table 4-16: Average Household Expenditures by Mature Americans on Funeral Expenses: By Age of Householder, 1998 (dollars): 2 Categories Growth in Mature Population Means Growth in Funeral Services Industry More Consumers Choosing Cremation More Boomers Opt for Direct Casket Purchase Funeral Service Trends Shopping Patterns
Older Consumers Shop Less Boomers May Change Things, However Shopping Patterns Vary by Age and Retirement Service an Important Part of Value Personal Relationships Important to Mature Customers Small Indulgences Appreciated Mature Americans Not Averse to Switching Brands Over One-Third of Catalog Shoppers Are Over 50 Mature Americans Already Shopping the Net At the Retail Level
Mature Shoppers Value Different Qualities in Retailer Qualities That Appeal to Mature Shoppers Also Appreciated by Shoppers in General Proper Use of Lighting and Signage Is Essential Senior Discounts Not the Draw Many Think Mature Shoppers Rate Certain Stores Highly Drugstores Score Big with Mature Consumers, and Not Just for Pharmaceuticals Appealing to Older Shoppers Drug Chains Wooing Mature Market Online Drugstores Discount Stores Emphasize Value, Amenities Wal-Mart's Appeal More Organic Kmart and Senior Network Join Forces Grocers Move to Accommodate Older Consumers What Mature Shoppers Value in Grocery Stores Grocers Capitalize on Home Meal Replacements Grandparents "R" Us Retailer Trend Profile: Overseas Adventure Travel Direct Marketing Gives Travelers a Taste of Adventure Trips Rated According to Degree of Difficulty Travelers Can Extend Their Stay Retailer Trend Profile: Yes I Can, "The Store Where Anything Is Possible"
Television
News, Movies, Sports Most Frequently Watched Mature Viewers Enjoy Classic Themes Networks Overlook Older Viewers When Programming TV Networks Charge More for Younger-Skewing Shows Mature Network Viewers Favor CBS CBS Airs Nine of Top Ten Favorite Shows Advertisers Aiming at Smaller Target Advertisers Believe Mature Viewers Are Watching Anyway "Entrenched Stereotypes" Hard to Dispel Mature Americans Do Try New Brands Mature Consumers Represent 20-Plus Year Income Stream Broad Age Definitions by Networks Ineffective Mature Viewers Turing to Cable Leading Cable Channels Include Financial, Classic Programming A&E and History Channel Offer Mature-Friendly Programming Radio
Mature Listeners Find Nostalgic Appeal in Radio Mature Listeners Head to the Country Chicago-Area Station Finds Success with Oldies Mix Print
Older Consumers Trust Print Ads the Most Mature-Oriented Magazines Flourishing Various Organizations Publish Magazines for Mature Readers Some Publishers Offer Mature Versions Best-Known Mature Magazine Is Modern Maturity Reader's Digest Targets Mature Readers Women Over 40 Want more Kiplinger's Retirement Report Direct Mail
Aging Boomers Want Style, Ease Mature Shoppers Prefer Upscale, Interest-Driven Catalogs Catalog Marketers Clamor for Lists Mature Consumers Read Direct Mail Salutations Important to Older Readers Newsletter Format Adds Value to Mailings Several Tries May Be Needed Carol Wright Gets Facelift Senior Mail Delivers to Mature Readers Electronic Media
Mature Consumers Are Heavier Internet Users Favorite Sites of Older Americans Internet Inspires Drive Towards Integrated Media Mature Adults Use Computers for Practical Activities Internet a Tool, Not a Toy Eye on Net-Savvy Seniors SeniorNet: An Electronic Forum for the Mature Market AARP Offers Informative Website Seniors Enjoy Ease of WebTV Online Media Set to Boom
But Marketers Are Making Progress Inclusive Approach Is More Effective Cohorts—Not Age Groups Lifestage Matrix Marketing's Four Birth Cohorts Center for Mature Consumer Studies Casts Another Light on Cohorts Five Key Values Drive Mature Consumer Behavior Autonomy and Self-Sufficiency Social and Spiritual Connectedness Altruism Personal Growth Revitalization Classic McDonald's Ad Hits the Mark Delivering Intended Message Calls for Finesse Ads Reflecting Mature Values Need Not Picture Target Audience at All Over-Reliance on Grandparenting Theme Can Cause Ad to Get Lost in the Clutter Effective Images Speak Volumes "Timeless" Connotations Hold Strong Appeal Humor in Advertising: Avoid Negative Stereotypes; Gentle Approach Plays Best Mature Adults Appreciate Contemporary Role Models Mature Market Likely to Resist Pat Labels Slang Is Out, Good Grammar Is In Building Relationships Is Important Slower-Paced Commercials Better Suited to Mature Audiences … Yet Mature Will Work to Understand Ads Maturing Boomers Will Break the Mold Mature Americans a Challenging Target Examples of Advertising Examples of Advertising: Housing
The Villages Offers "Millionaire Lifestyle" on Fixed Income Oak Run Tells Retirees, "Your Best Is Yet to Come!" Plantation at Leesburg Emphasizes Value Malta Park Relieves Worried Minds States and Cities Also Court Retirees Examples of Advertising: Healthcare Services
Pharmaceutical Companies Target Mature Consumers A Wide Variety of Drugs Advertised Autonomy, Social Connectedness Are Major Themes Recent Viagra Ads More Product-Focused Senior Network, Kmart Team Up for Diabetes Education Rexall Sundown Positions Osteo-Bi-Flex as Part of Healthy, Active Lifestyle Examples of Advertising: Food and Beverages
Kellogg's Advertising Spans Generations Arnold Palmer a Spokesman for Wheaties Quaker Oats Also Does Well with Mature Audience Del Monte Emphasizes Packaging Folgers and Maxwell House Target Mature Consumers Ensure Withstands Critics, Takes Multi-Generational Approach Milk Scores Big with Humorous Spot Red Lobster and Olive Garden Appeal to All Ages Examples of Advertising: Automobiles
Chevy Suburban Ads Pack Nostalgia Appeal How Saturn Established Itself Among Mature Consumers Nissan Banks on Mature Consumer Values Examples of Advertising: Financial Services
Conseco Addresses Concern for Surviving Family Members Other Marketers Touch Upon Altruistic Concerns MasterCard Advertising Reflects Mature Values Charles Schwab Advertising Appeals to Boomers Lincoln Financial Group Also Targets Boomers E*Trade Focuses on Fun AARP's Visa Card Offers Connections Examples of Advertising: Travel and Entertainment
Overseas Adventure's Catalogs Are Effective Best Western Emphasizes Joy of Travel from Mature Perspective Holland America Advertises Luxury Cruises Value a Heavily Featured Theme Auto Rental Ads Feature Active Mature Few Other Entertainment Companies Target Mature on National Scale Examples of Advertising: Personal Care Products
Oil of Olay Promises "Lifetime of Beautiful Skin" Comfort Bath Marketer Includes, Doesn't Target, Mature Autonomy and Self-Sufficiency Themes Help to Warm Mature Consumers to Assistive Listening Devices Appendix I: Advertisements. This appendix appears in bound editions only. Appendix II: Addresses of Selected Marketers AbstractThis updated report provides detailed insight into the motivations, aspirations and challenges of the nation's 58 million adults who are 55 and older. The report documents the unprecedented growth of this population group, explains the similarities and differences in its three distinct segments and provides detailed coverage of the surprising consumer behavior of this mostly affluent group. The report includes statistics on wealth, education, marital status, healthcare issues, living arrangements, housing options, travel preferences, media consumption and consumer expenditures in categories ranging from gifts to groceries. Just as important, the report examines the changing values that motivate behavior, as well as the cultural imprinting that serves as cues for reaching different generations of mature consumers. The report also presents examples of advertising campaigns that successfully target their intended mature or senior audiences.Get Full Details About This Report >> |
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