Table of Contents
Overview
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- What you need to know
- Definition
Executive Summary
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- Overview
- Key takeaway: not all Boomers are at the same life stage
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- Figure 1: Labor force participation rate of older adults, by age, 1997-2017
- Figure 2: Boomer attitudes towards continued employment, March 2019
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- Figure 3: Baby Boomers’ regrets, by employment status, March 2019
- Opportunities
- Key takeaway: most Boomers feel good about the future
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- Figure 4: Boomer attitudes, March 2019
- Opportunities
- Key takeaway: many Baby Boomers are at risk of social isolation
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- Figure 5: Distribution of households, by age of householder and type of household, 2018
- Opportunities
- What it means
The Market – What You Need to Know
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- 72 million, but shrinking
- The Boomer single lady boom
- The silver tsunami of retiring Boomers
- Not all Boomers are financially ready to retire
- Aging in luxury
Baby Boomers by the Numbers
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- Demographics
- An important but shrinking market
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- Figure 6: Population by generation, 2019
- Figure 7: US population by generation, 2014-24
- Less diverse than younger generations
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- Figure 8: US generations by race and Hispanic origin, 2018
- Marriage and family
- Gray divorce
- Single Boomer women are growing market
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- Figure 9: Marriage status of women, by age, 2018
- Figure 10: Marital status, by age and gender, 2018
Issues Impacting Baby Boomers
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- Historical context
- Financial circumstances
- Not all Boomers can fund retirement
- Cost of insurance strains financial resources
- But Boomers are still wealthier than younger Americans
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- Figure 11: Attitude towards own savings, by generation, march 2019
- Changing family dynamics and lifestyles
- Other generations need their help
- Solo aging and a shortage of caregivers
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- Figure 12: Distribution of households, by age of householder and type of household, 2018
- Transitioning to care communities
- Denial is not just a river in Africa
- Case study: Ventana by Buckner
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- Figure 13: Ventana by Buckner on Good Morning Texas, October 2016
Key Trends – What You Need to Know
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- Coming to terms with time
- The aging population offers opportunities for businesses
- Boomers are often ignored
- Technology is not a barrier
Mintel Trends to Watch
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- Without a Care: meeting the growing need for accessible health care
- Case study: CVS HealthHUBs
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- Figure 14: Alan Lotvin, Executive Vice President, Transformation, CVS Health, November 2018
- No Resting Place and the “death wellness” movement
- Case study: Megilla’s legacy video service
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- Figure 15: Screenshot from Megilla website, June 2019
What’s Working
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- Intergenerational travel
- YouTube and digital video
- CoverGirl and Maye Musk
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- Figure 16: Maye Musk in COVERGIRL + Olay Simply Ageless Foundation | #IAmWhatIMakeUp by COVERGIRL, April 2019
- Figure 17: Simply Ageless: Happy 71st Birthday Maye Musk | COVERGIRL, April 2019
What’s Not Working
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- The quest for immortality
- RAADfest
- Young blood
- Ageism in the workplace
- Marketers often overlook Baby Boomers
- Tech companies underestimate Boomer abilities
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- Figure 18: Tweet and video from John Legere announcing #Unlimited55, August 2017
- Opportunities for health and wellness brands to serve Boomers better
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- Figure 19: Goals for 2019, among Baby Boomers, February 2019
What’s Next
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- Alternatives to CCRCs
- Cohousing communities
- Case study: Shepherd Village
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- Figure 20: Screen shots from Shepherd Village website, June 2019
- Multigenerational housing
- The internet offers convenience and privacy
- Rory serves menopausal women
- Femtechs help keep incontinence private
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- Figure 21: Screenshot of Lily Bird website, June 2019
The Consumer – What You Need to Know
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- An optimistic perspective
- Self-confident and conformist
- Brands should steer clear of controversy
- Despite strong feelings, politics should be kept private
- Living life online as much as everyone else
- Retirement savings impact retirement plans
Positive Outlook
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- Content with where their lives are now
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- Figure 22: Boomer attitudes, March 2019
- Optimistic about the future
- Less stressed than younger generations
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- Figure 23: Boomers’ stressors, indexed against general adult population, March 2019
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- Figure 24: Percentage whose financial situation “stresses them out,” by generation, March 2019
Self-perceptions
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- Boomers want to fit in
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- Figure 25: Boomer attitude towards fitting in vs standing out, March 2019
- Boomers feel financially secure
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- Figure 26: Correspondence Analysis – Symmetrical map – Generational perspectives, March 2019
- Traditional values and faith differentiate Boomers
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- Figure 27: Boomers’ self-perceptions, indexed against general adult population, February 2019
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- Figure 28: Differentiating self-perceptions, by generation, February 2019
Boomer Values
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- All Americans value integrity, compassion and work ethic
- Boomers think their values should be America’s values
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- Figure 29: Boomers’ most important values, indexed against general adult population, February 2019
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- Figure 30: Differentiating American values, by generation, February 2019
- Tepid feelings towards brands representing personal values
- Courting controversy is not a good strategy
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- Figure 31: Boomer attitudes towards brands representing personal values, March 2019
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- Figure 32: Best ways for brands to represent values, among Baby Boomers, March 2019
Political Views
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- They feel strongly about political issues
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- Figure 33: Issues Boomers feel strongly about, indexed against general adult population, March 2019
- However, they would prefer to avoid discussing politics
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- Figure 34: Views on talking about politics, by generation, February 2019
- They question the possibility of American unity
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- Figure 35: Boomer attitudes towards divisiveness in America, March 2019
Technology
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- Device use: smart to smartphones and tackling tablets
- Boomer women lead in mobile device use
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- Figure 36: Smartphone use among Baby Boomers, November 2018
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- Figure 37: Boomer tech device use, by gender and age, November 2018
- Opportunities for tablets
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- Figure 38: Mobile device uses, by smartphones and tablets, November 2018
- Not afraid to live online
- Untapped opportunities for smart speakers
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- Figure 39: Boomer digital behaviors, indexed against general adult population, March 2019
- Case study: Amazon Show
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- Figure 40: Amazon Echo Show: Cooking Together, February 2019
Money Matters
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- Extra money goes into savings
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- Figure 41: How Baby Boomers spend extra money, February 2019
- Case study: Chase Private Client campaign
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- Figure 42: Chase Private Client presents: Free to Fly, April 2019
- Top regret is investment-related
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- Figure 43: Baby Boomers’ regrets, March 2019
- Working Boomers more likely to regret investments
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- Figure 44: Baby Boomers’ regrets, by employment status, March 2019
Working vs Retired Baby Boomers
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- Working Boomers are younger with a higher household income
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- Figure 45: Demographic profile of Baby Boomers who work full-time, March 2019
- Living longer, working longer
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- Figure 46: Labor force participation rate of older adults, by age, 1997-2017
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- Figure 47: Boomer attitudes towards continued employment, March 2019
- Case Study: WOOLN
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- Figure 48: Screenshots from WOOLN website, June 2019
- Universal desire for balance and stability in the workplace
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- Figure 49: Baby Boomers’ ideal job traits, March 2019
- Connections between demographics and retirement
- Retired Boomers are more engaged with Facebook
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- Figure 50: Demographic profile of Baby Boomers who are not employed, March 2019
- Retired Boomers seem more satisfied with life
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- Figure 51: Boomer attitudes, by employment status, March 2019
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Abbreviations
- Generations
Appendix – The Market
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- Figure 52: Population by generation, 2014-24
- Figure 53: Population by race, Hispanic origin, and generation, 2018
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- Figure 54: Distribution of households, by age of householder and type of household, 2018
- Figure 55: Marital status, by age, 2018
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- Figure 56: Marital status of women, by age, 2018
- Figure 57: Marital status of men, by age, 2018
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- Figure 58: Labor force participation rate of older adults, by age, 1997-2027
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