Lifestyles of Baby Boomers - US

Published by: Mintel International Group Ltd.

Published: Oct. 1, 2009 - 98 Pages

Table of Contents

SCOPE AND THEMES

What you need to know

Definition

Consumer survey data

Advertising videos

Abbreviations and terms

Abbreviations

Terms

EXECUTIVE SUMMARY

Financial snapshot: Affluent earners but poor savers

Why Boomers buy

The responsibilities of taking care of their children, grandchildren, and parents

Insights and opportunities

Advertising snapshot

Attitudes towards health and wellness

Attitudes towards personal finance

Attitudes towards travel

Attitudes towards apparel

Attitudes towards the internet

DECISION-MAKING DRIVERS

Key points

Quality and value more important to Boomers

Figure 5: Baby Boomer attitudes toward their own financial security—Older and Younger Boomers, July 2009

Maintaining health

Figure 6: Baby Boomer attitudes toward health and medicine—Older and Younger Boomers, February 2008-March 2009

Branding, bargains, and made in America

Figure 7: Baby Boomer attitudes about shopping and shopping behavior—Older and Younger Boomers, February 2008-March 2009

Raising kids, pampering grandkids, and taking care of parents

Figure 8: Households with children, by age and race/Hispanic origin of householder, 2007

From me to we

Figure 9: Baby Boomer general attitudes—Older and Younger Boomers, February 2008-March 2009

BRANDS AND ADVERTISING LANDSCAPE

Overview

Leveraging Inspire Insights

Figure 10: Advertising expenditures targeting Baby Boomers, 2007 and 2008

Brand analysis: Geico

Figure 11: Brand analysis of Geico

Figure 12: Geico television ad, 2009

Brand analysis: Viagra

Figure 13: Brand analysis of Viagra

Figure 14: Viagra television ad, 2009

Brand analysis: Centrum

Figure 15: Brand analysis of Centrum Silver

Figure 16: Centrum Silver television ad, 2009

Figure 17: Centrum Silver television ad, 2009

SEGMENT SIZE AND DEMOGRAPHICS

Key points

Boomers make up 26% of the U.S. population in 2009

Figure 18: Population, by age, 2004-14

Majority of Boomers are white

Figure 19: Generations, by Hispanic origin, 2009

Figure 20: Generations, by race, 2009

Younger Boomers have highest household incomes

Figure 21: Average household income of Baby Boomers—Older and Younger Boomers, February 2008-March 2009

About half of Baby Boomers attended or graduated from college

Figure 22: Educational attainment of Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Most Boomers (65%) are married and homeowners

Figure 23: Baby Boomers’ marital status—Older and Younger Boomers, February 2008-March 2009

Figure 24: Baby Boomers’ home ownership—Older and Younger Boomers, February 2008-March 2009

Almost 80% of Older Boomers live in households of two or less; 89% with no children

Figure 25: Baby Boomers’ household size and presence of children—Older and Younger Boomers, February 2008-March 2009

Figure 26: Family members living with Baby Boomers—Older and Younger Boomers, July 2009

ETHICS AND TIME MANAGEMENT

Key points

Figure 27: Baby Boomer general attitudes—Older and Younger Boomers, February 2008-March 2009

Time is valuable

Figure 28: Baby Boomer general attitudes—Older and Younger Boomers, February 2008-March 2009

Figure 29: Baby Boomer general attitudes—Older and Younger Boomers, February 2008-March 2009

Some 41% of Boomers planning for or in retirement

Figure 30: Baby Boomer attitudes—Older and Younger Boomers, July 2009

Key points

Figure 31: Baby Boomer shopping attitudes behavior—Older and Younger Boomers, February 2008-March 2009

Like all adults in 2009, Boomers are grocery shopping for value at Walmart

Figure 32: Top department/discount department stores for supermarkets/food stores among Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Older Boomers spend less than average on weekly groceries

Figure 33: Grocery shopping dollars spent av week among Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Best Buy leads electronics stores for Boomer purchases, but Walmart is popular too

Figure 34: Home electronics store selection among Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Figure 35: Top department/discount department stores for appliances/electronics/computers, among Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Home Depot number one home improvement store among Boomers; Lowe’s close number two

Figure 36: Top home improvement stores among Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Walgreens leads drug store chains among Boomers and all adults

Figure 37: Top drug stores for Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Little loyalty for convenience stores

Figure 38: Convenience store selection among Baby Boomers—Older and Younger Boomers, February 2008-March 2009

ONLINE ATTITUDES AND BEHAVIOR

Key points

Boomers use internet more for information, less for entertainment

Figure 39: Baby Boomer attitudes toward the internet—Older and Younger Boomers, February 2008-March 2009

Nearly 60% of Boomers like to learn computer tech

Figure 40: Baby Boomer attitudes computers—Older and Younger Boomers, February 2008-March 2009

Some 62% of Baby Boomers have made an internet purchase

Figure 41: Incidence of Baby Boomer internet purchases—Older and Younger Boomers, February 2008-March 2009

Figure 42: Source of offer for Baby Boomer internet purchase—Older and Younger Boomers, February 2008-March 2009

More Older Boomers purchase prescription drugs

Figure 43: Items ordered on the internet by Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Younger Boomers spend the most on internet purchases

Figure 44: Dollars spent on internet purchases by Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Older Boomers more likely to pay for internet orders with credit cards

Figure 45: Payment methods for internet purchases by Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Older Boomer fear of identity theft could reduce credit card use on internet

Figure 46: Boomer attitudes toward money and financial security—Older and Younger Boomers, February 2008-March 2009

HEALTH AND MEDICINE

Health and wellness are important to Older Boomers

Figure 47: Baby Boomer attitudes toward health and medicine—Older and Younger Boomers, February 2008-March 2009

Older Boomers gather health information from their doctors primarily but also research treatments on their own

Figure 48: Baby Boomer attitudes toward health and medicine—Older and Younger Boomers, February 2008-March 2009

Older Boomers rely on doctors more than younger adults

Boomers are willing to challenge a doctor's recommendation

Sick Younger Boomers are more likely to go to work

Figure 49: Baby Boomer attitudes toward health and medicine—Older and Younger Boomers, February 2008-March 2009

PERSONAL FINANCE

Figure 50: Baby Boomer attitudes toward money and financial security—Older and Younger Boomers, February 2008-March 2009

Only 8% of Baby Boomers feel very secure about current financial situation

Figure 51: Baby Boomer attitudes toward their own financial security—Older and Younger Boomers, July 2009

Most Baby Boomers are really feeling the recession

Figure 52: Baby Boomer attitudes toward their lifestyle—Older and Younger Boomers, July 2009

More than half of Boomers have little disposable income and need to save

Figure 53: Baby Boomer attitudes toward spending and saving—Older and Younger Boomers, July 2009

Older Boomers take advantage of opportunities to save and earn

Figure 54: Baby Boomer attitudes toward banking and investments—Older and Younger Boomers, February 2008-March 2009

Older Boomers’ credit card use is higher than Younger Boomers’

Figure 55: Baby Boomer payment methods with credit and debit cards—Older and Younger Boomers, February 2008-March 2009

Investment ownership higher among Baby Boomers than all adults

Figure 56: Baby Boomer investment ownership—Older and Younger Boomers, February 2008-March 2009

Figure 57: Types of investments owned by Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Almost 90% of Older Boomers carry health/hospital/life insurance

Figure 58: Baby Boomer insurance coverage—Older and Younger Boomers, February 2008-March 2009

Figure 59: Type of insurance Baby Boomers own—Older and Younger Boomers, February 2008-March 2009

Figure 60: Percentage change in types of investments Baby Boomers own—Older and Younger Boomers, 2005-09

LEISURE ACTIVITIES

Some 61% of Older Boomers say listening to music is top leisure activity

Gardening is a leisure activity participated in by 42% of Older Boomers

Family-style activities attract Younger Boomers; less so Older Boomers

Figure 61: Baby Boomer leisure activities—Older and Younger Boomers, February 2008-March 2009

Older Boomers have more discretionary time than Younger Boomers

Figure 62: Annual averages of hours per day spent on primary activities by Baby Boomers—Older and Younger Boomers, June 2009

Some 43% of Older Boomers exercise regularly; 46% of Younger Boomers

Figure 63: Baby Boomers And exercise—Older and Younger Boomers, February 2008-March 2009

Figure 64: Baby Boomer frequency of exercise—Older and Younger Boomers, February 2008-March 2009

Reading/purchasing books is a popular leisure activity among Boomers

Figure 65: Types of books Baby Boomers purchase—Older and Younger Boomers, February 2008-March 2009

Traditional bookstores leading outlets as the main source for book purchases

Figure 66: Where Baby Boomers purchase books—Older and Younger Boomers, February 2008-March 2009

Roughly two thirds of Boomers and all adults attend live entertainment

Figure 67: Types of live entertainment Baby Boomers attend—Older and Younger Boomers, February 2008-March 2009

Younger Boomers/all adults play strenuous sports, unlike Older Boomers

Figure 68: Top sports Baby Boomers play or participate in—Older and Younger Boomers, February 2008-March 2009

Summer (and winter) Olympics capture the interest of more Boomers

Figure 69: Leisure activities of interest to Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Reach Younger Boomers through radio; Older Boomers via TV/newspapers

Figure 70: Baby Boomer attitudes toward the media—Older and Younger Boomers, February 2008-March 2009

TRAVEL PATTERNS

Key points

Older Boomers skew to more frequent domestic travel vs. younger adults

Figure 71: Number of domestic round trips for Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Figure 72: Number of overnight stays among domestic travelers for Baby Boomers—Older and Younger Boomers, February 2008-March 2009

More Older Boomer domestic travelers enroll in frequent guest programs

Figure 73: Enrolment in frequent guest programs by domestic travelers—Older and Younger Boomers, February 2008-March 2009

Figure 74: Dollars spent on domestic vacation/personal trips—Older and Younger Boomers, February 2008-March 2009

Adults and Boomers prefer cars over planes for domestic personal travel

Figure 75: Mode of transportation for domestic vacation/personal trips for Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Foreign vacation travel almost doubled among Boomers between 2006 and 2008

Figure 76: Year of last foreign trip for vacation/personal for Baby Boomers—Older and Younger Boomers, 2006-08

Baby Boomers spend an average of $2,600 on foreign travel for vacation

Figure 77: Dollars spent for last foreign travel for vacation/personal for Baby Boomers—Older and Younger Boomers, February 2008-March 2009

For foreign vacation destinations, Older Boomers play it safe

Figure 78: Top airline destinations for foreign vacation/personal travel for Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Hotels and motels most popular for Boomer foreign vacation stay

Figure 79: Overnight accommodations for foreign vacation/personal travel for Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Boomers prefer U.S.-based airlines for foreign personal travel

Figure 80: Top airlines for foreign vacation/personal travel for Baby Boomers—Older and Younger Boomers, February 2008-March 2009

APPAREL

Key points

Boomers are not slaves to fashion

Figure 81: Baby Boomers’ attitudes toward apparel in last 12 months—Older and Younger Boomers, February 2008-March 2009

A third or fewer Boomers dissatisfied with retailers/clothing about style, size, or price

Figure 82: Baby Boomers attitudes toward retail clothing stores—Older and Younger Boomers, July 2009

Walmart is the top retailer for apparel

Figure 83: Top department/discount department stores for clothing and accessories among Baby Boomers—Older and Younger Boomers, February 2008-March 2009

T-shirts among top clothing items purchased by both males and females

Figure 84: Female apparel and accessories Baby Boomers purchase—Older and Younger Boomers, February 2008-March 2009

The classic/traditional jeans brands of the 1960s and 1970s are still favorites of Boomers

Figure 85: Brands of adult jeans Baby Boomers purchase—Older and Younger Boomers, February 2008-March 2009

Figure 86: Brands of male jeans Baby Boomers purchase—Older and Younger Boomers, February 2008-March 2009

FOOD AND DINING OUT

Older Boomers claim to eat more healthfully than all adults in general

Coupons only motivate about a third of Older Boomers to try new foods

Less than a quarter of Older Boomers enjoy trying new drinks

Figure 87: Baby Boomer attitudes toward food—Older and Younger Boomers, February 2008-March 2009

Boomers and all adults dine at family restaurants/steak houses an average of four times per month

Figure 88: Baby Boomer dining frequency at family restaurants/steak houses—Older and Younger Boomers, February 2008-March 2009

Figure 89: Top 20 Baby Boomer family restaurants/steak houses—Older and Younger Boomers, February 2008-March 2009

The majority of all Boomers and adults eat at fast food restaurants 14 or more times per month

Figure 90: Baby Boomer dining frequency at fast food/drive-in restaurants—Older and Younger Boomers, February 2008-March 2009

Lunch is the most common fast food meal occasion

Figure 91: Baby Boomer use of fast food/drive-in restaurants, by meal occasion—Older and Younger Boomers, February 2008-March 2009

McDonald’s is number one with Older Boomers, but less fond of Domino’s, Pizza Hut and Taco Bell than younger adults

Figure 92: Top 22 fast food/drive-in restaurants of Baby Boomers—Older and Younger Boomers, February 2008-March 2009

ADDITIONAL CONSUMER TABLES

General attitudes

Figure 102: Baby Boomer general attitudes—Older and Younger Boomers, February 2008-March 2009

Figure 103: Baby Boomer general attitudes—Older and Younger Boomers, February 2008-March 2009

Figure 104: Baby Boomer lifestyle attitudes—Older and Younger Boomers, February 2008-March 2009

Figure 105: Baby Boomer attitudes—Older and Younger Boomers, July 2009

Apparel

Figure 106: Top department/discount department stores for children's clothing among Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Figure 107: Apparel and accessory purchases among Baby Boomers, by gender—Older and Younger Boomers, February 2008-March 2009

Figure 108: Adult jean purchases among Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Figure 109: Brands of female jeans Baby Boomers purchase—Older and Younger Boomers, February 2008-March 2009

Figure 110: Top department/discount department stores for footwear among Baby Boomers—Older and Younger Boomers, February 2008-March 2009

Figure 111: Shares of annual aggregate expenditures on apparel, by age, November 2008

APPENDIX: TRADE ASSOCIATIONS

Abstract

Defining their own status quo

A look at the American advertising landscape shows that Boomers are virtually ignored. Mintel’s review of numerous commercials finds that, excluding financial firms and pharmaceuticals/OTC products, most companies are doing little in the way of courting Boomers. Older faces are virtually non-existent in commercials and on websites for products and services used by Boomers, including campaigns for leading restaurants, travel companies, home improvement, and clothing.

A few statistics, though, show that Boomers are a tremendously important and lucrative demographic. Some 79 million Americans are Baby Boomers, according to the U.S. Census Bureau. Additionally, Mintel’s proprietary research shows Baby Boomers have higher average household incomes ($76.5K) than all adults. Younger Boomers are driving that with an even higher average annual household income of $80.4K. They also are more likely to have children in the house, more automobiles, and more wage earners than any other demographic, showing their purchasing power.

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