Abstract
This report looks at the Baby Boomer generation as a large but underserved group that continues to redefine the attitudes and spending habits of aging consumers. This report analyzes information found in the Simmons National Consumer Survey, as well as proprietary research on Boomers, fielded by Mintel, to explore Boomers' attitudes toward money and investments, shopping, leisure activities, advertising and media.
Accounting for nearly 30% of the U.S. population, the Baby Boomer generation is important not only because of its size, but also because it represents the wealthiest generation in the U.S., with an estimated annual spending power of over $2 trillion. Many marketers stop there and conceive of “Boomers” as a large, wealthy target. In reality, Boomers are an extremely diverse population in terms of tastes, spending priorities, financial concerns, living situations, interests and expectations. Although the shared experiences of the Vietnam War and the civil rights movement may have helped to shape their values and cultural mores, significant disparities in income, educational background, and habitation patterns persist.
Mintel defines Baby Boomers as individuals born between 1947 and 1966. In 2006, these individuals ranged in age from 40 to 59 years old. Due to the size and diversity of the Baby Boomers, Mintel has divided the group into two sub-segments, the “Older” boomers, born between 1947 and 1956, and the “Younger” Boomers, born between 1957 and 1966. Immigration to the United States across age groups has caused the current size of the Baby Boomer group in the United States to surge to a projected total of nearly 84 million in 2006.
Survey findings discussed in this report are based on the Fall 2005 Simmons NCS survey fielded among 24,617 adults aged 18 and over (including 9,700 Baby Boomers). This report also contains an analysis of Mintel' s unique Baby Boomer Spending Patterns consumer survey, conducted among 691 respondents aged 42-60 by Greenfield Online in October 2006.
Table of Contents
- Scope and Themes
- What you need to know
- Definition
- Abbreviations and terms
- Abbreviations
- Terms
- Executive Summary
- Snapshot of the market
- Market background
- Family life
- Boomers and money
- Shopping
- Leisure time
- Media and advertising
- Future trends
- Market Background
- Baby Boomer population profile
- Age
- Figure 1: U.S. population projections, 2002-12
- Figure 2: U.S. generations, 2002-12
- Ethnicity
- Figure 3: Ethnic makeup of the total U.S. and Boomer population, 2006
- Household descriptions and locations
- Figure 4: Household profile, January-September 2005
- Type of dwelling
- Figure 5: Housing ownership profile, January-September 2005
- Figure 6: Housing rental profile, January-September 2005
- Figure 7: Living alone or with others according to own/rental status, October 2006
- Figure 8: Details regarding living with others, October 2006
- Family life
- Figure 9: Attitudes regarding importance of family, January-September 2005
- Relationships and marriage
- Figure 10: Marriage profile, January-September 2005
- Figure 11: Attitudes regarding relationships and the opposite sex, January-September 2005
- Children
- Figure 12: Attitudes regarding children, January-September 2005
- Education
- Figure 13: Education profile, January-September 2005
- Career
- Figure 14: Attitudes regarding career, January-September 2005
- Religion
- Figure 15: Attitudes regarding religion, January-September 2005
- Boomers and Money
- Attitudes towards financial matters and financial security
- Figure 16: Personal assessment of financial security, October 2006
- Figure 17: Personal assessment of income and spending patterns, October 2006
- Figure 18: Attitudes towards disposable income, saving and splurging, October 2006
- Figure 19: Attitudes towards other Boomers' wealth and lifestyle, October 2006
- Figure 20: Attitudes towards own wealth and lifestyle, October 2006
- Figure 21: Attitudes regarding personal money, spending and debt, January-September 2005
- Credit and debit cards
- Figure 22: Credit card possession, January-September 2005
- Investments
- Figure 23: Ownership of various financial products, January-September 2005
- Figure 24: Attitudes regarding investments and financial planning, January-September 2005
- Shopping
- Retail shopping
- Figure 25: General attitudes about shopping, January-September 2005
- Figure 26: Attitudes about shopping based on price, January-September 2005
- Figure 27: Online shopping purchases, January-September 2005
- Apparel
- Figure 28: Attitudes regarding apparel and style, October 2006
- Figure 29: Apparel qualities and preferences, January-September 2005
- Leisure Time
- General leisure activities
- Figure 30: Participation in leisure activities over the last 12 months, January-September 2005
- Activities inside the home
- Reading
- Figure 31: Type of book purchased in the last 12 months, January-September 2005
- Figure 32: Number of audiobooks purchased in the last 12 months, January-September 2005
- Figure 33: Number of hardcover books purchased in the last 12 months, January-September 2005
- Figure 34: Number of paperback books purchased in the last 12 months, January-September 2005
- Figure 35: Preferred place to purchase books, January-September 2005
- Figure 36: Genres of books purchased, January-September 2005
- Activities outside the home
- Movies
- Figure 37: Frequency of movie attendance in the last 90 days, January-September 2005
- Live entertainment
- Figure 38: Live entertainment attendance in the last 12 months, January-September 2005
- Dining out
- Figure 39: Visits to family restaurants and steakhouses in the last 30 days, January-September 2005
- Athletic activities
- Figure 40: Participation in physical exercise in the last 12 months, January-September 2005
- Figure 41: Venues for conducting physical exercise, January-September 2005
- Figure 42: Number of days exercise done per week, January-September 2005
- Figure 43: Attitudes regarding shopping, January-September 2005
- Travel
- Media and Advertising
- Media outlets and advertising
- Figure 44: General attitudes regarding advertising, January-September 2005
- Figure 45: Places where advertising is noticed--out of home, January-September 2005
- Television and radio
- Figure 46: Attitudes regarding television and advertising, January-September 2005
- Figure 47: Attitudes regarding radio and advertising, January-September 2005
- Magazines and newspapers
- Figure 48: Attitudes regarding magazines and advertisements, January-September 2005
- Figure 49: Attitudes regarding newspapers and advertisements, January-September 2005
- Existing and recommended advertising strategies to target Boomers
- Historical and cultural references and youthful, exciting themes
- Celebrity endorsements
- Humor
- Focus on value
- The "age" factor
- Retail affinity
- Figure 50: Top 20 department, discount, clothing and children' s stores, January-September 2005
- Figure 51: Top 5 home furnishings stores, January-September 2005
- Figure 52: Top 5 home improvement stores, January-September 2005
- Figure 53: Top 5 electronics stores, January-September 2005
- Figure 54: Top 5 drug stores, January-September 2005
- Figure 55: Top 10 supermarkets and food stores, January-September 2005
- Companies that cater specifically to Boomers
- Forth & Towne
- Elephant Pharmacy
- Eq Life
- Future Trends
- Retirement, financial planning, and going skiing
- Housing changes
- Figure 56: Plans regarding living situation changes in the next five years, October 2006
- Home health care, pharmacy retail changes
- Insurance
- Aging
