Countries covered: United States
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This Packaged Facts report examines the baby boomer market, defined as American consumers born between the years of 1946 and 1964 and currently falling in the 38-56 age range. While the number of consumers in this 76-million-strong generation remains roughly stable over time, the baby boom generation constitutes over 26% of the U.S. population. The current aggregate income of baby boomers is $4.1 trillion, and as boomers are in their prime earning years, this much targeted demographic is even more important to - and poses a greater challenge for - marketers than it has been in the past.
The baby boom generation continues to gray, but they are not accepting aging in the same way their parents’ generation did. Boomers are fit, have high incomes, and want to stay fashionable and have fun. They are the targets of unprecedented marketing, yet are not wedded to particular brands and are skeptical of media pitches. And, as they continue to outspend their earnings, many face inadequate retirement savings and are recognizing the need to address their long-term financial futures.
Information on how boomers are spending-and saving-their money and what messages they respond to is crucial to successfully reaching the group that holds the greatest financial clout in the United States, and will continue to do so for years to come.
This report provides key data and analysis for this complex, high-income group of consumers: what they like, how they spend their money, and what messages appeal to them. It features seven focus sections—Financial Services; Housing and Household Goods; Automotive and Auto Care; Computers, E-Commerce, and Communications; Media, Entertainment, and Travel; Personal Goods and Consumables; and Health, Fitness, and Healthcare—which are based largely on current Simmons Market Research Bureau data on U.S. consumer purchasing, ownership, and product usage patterns.
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Barely 43% of Baby Boomers Have Financial Investments, Many Will Keep Working
New York, October 28/PRNewswire - The "baby boom" generation, the population of the U.S. born between 1946 and 1964, has always been one of the richest target demographics for marketing initiatives. Now, according to The U.S. Baby Boomer Market: From The Beatles to Botox®, a new research report published by Packaged Facts and available through MarketResearch.com, the success of all this marketing has led to a "baby bust" in retirement accounts.
This latest analysis seems to validate the reputation that baby boomers have earned for being poor savers as compared to their parents. Fewer than 44% of boomers have financial investments of any kind, and only 27% have a 401(k) plan for retirement. While male boomers are slightly more likely than their female cohorts to hold most types of investments, the gender gap is not as broad as might be expected: 20% of male boomers have mutual funds, as compared to 19% of female boomers. All around, the percentage of boomers saving their money is startlingly low.
"Boomers have been the most marketed-to generation in American history," said Don Montuori, Acquisitions Editor for Packaged Facts. "After years of being told how to spend money, this age group has overwhelmingly turned a blind eye to saving. Now we’re seeing many boomers who, as they reach retirement age, discover that their lack of savings might stall their plans to retire early, especially with the economy in its current state."
The U.S. Baby Boomer Market predicts that more than 75% of boomers - both men and women - will continue working beyond the traditional retirement age of 65. The new report also covers spending habits, demographic profiles, and consumer attitudes within the baby boomer market.
About Packaged Facts
Packaged Facts, a division of MarketResearch.com, produces research reports on a wide range of consumer industries and demographics, covering the U.S. markets and including information on global market trends and opportunities. For more information visit www.PackagedFacts.com.
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