There are a number of social and demographic reasons behind the dramatic increase in the over-45 population, which grew from 21 million in 1986 to 24.7 million in 2006. It is well-known that the post-war `baby boom' — an increase in the birth rate that lasted from the mid-1940s to the early 1960s — has created a population `bulge' at each successive age group reached by those born during this period. As the `baby boomers' reach late middle age, the effect is compounded by an increase in life expectancy, which can be attributed to advances in healthcare and improved living conditions. This is a key factor explaining the large increase in the number of over-75s during the past 20 years.

Although the current state of the property market means that home ownership no longer offers quite the same level of financial security that it used to, it is still a good measure of prosperity. The years immediately after children have flown the nest can be a prime time for spending money on the home. Consumers tend to have more disposable income and may wish to make improvements to rooms such as kitchens and bathrooms, which may be showing signs of the wear and tear inflicted by family life.

Health and fitness has always been particularly important to the over-45s, especially as this is when a number of ailments associated with ageing (such as arthritis and heart problems) begin to make themselves felt. A newer phenomenon is the fact that this age group has become increasingly interested in their personal experience and are prepared to spend time and money on products and services that help them to `hold back the years'.

Older consumers tend to have more leisure time than younger ones, as well as having a generally higher disposable income (especially among those who are still in employment). This makes them an important target market for travel and leisure companies.

Key Note's exclusive consumer research revealed that there are relatively few major differences between the spending habits of adults over 45 and those of the population as a whole. The most noticeable discrepancies were in the area of leisure spending, specifically that they were much more likely than average to spend money on gardening, and considerably less likely to spend money on drinking in pubs.

Forecasts for the period mid-2008 to mid-2013 indicate that the number of over-45s in the UK population will continue to increase at a faster rate than the under-45s. Among the over-45s, the greatest growth will take place in the 65 to 69 age bracket, with the number of 60 to 64 year-olds predicted to decline during this period.

Related Reports:
Museums, Zoos, and Parks
The Affluent Consumer Market in the U.S.
Targeting Emerging Consumer Segments The Recession-Proof Consumer
The Global Economic Crisis: The Impact On Consumer Attitudes & Behaviors In The UAE and Saudi Arabia
Consumer Spending: Next 90-Days - U.S. Consumer Spending Holds Steady in October - Key Improvement
Global Consumer Trends: Income Complexity
Museums in Australia - Industry Risk Rating Report
Museums in the US - Industry Risk Rating Report
UK Home Delivery and Fulfillment 2009
Museums in the US - Industry Market Research Report