Table of Contents
Executive Summary
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- Market overview
- Top takeaways
- Impact of COVID-19 on Baby Boomers’ health management
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- Figure 1: Short-, medium- and longer-term impact of COVID-19 on healthcare services and personal health management, May 2020
- The issues
- Boomers’ relationship with technology is complicated
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- Figure 2: Baby Boomers’ use and interest in health tech, January 2020
- Worry doesn’t necessarily drive Boomers to seek treatment
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- Figure 3: Baby Boomers’ health concerns and treatment incidence, January 2020
- Most Boomers don’t research Medicare coverage options
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- Figure 4: Role and impact of healthcare, by younger and older Baby Boomers, January 2020
- The opportunities
- Boomers value connection
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- Figure 5: Health and wellness goal to spend more time with family/friends, by generation, November 2019
- Older Boomers have a renewed zest for their health; young Boomers need a spark
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- Figure 6: Any agree with personal health attitudes, by Baby Boomers and total adults 18+, January 2020
- What it means/what’s next
Impact of COVID-19 on Baby Boomers’ Health Management
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- Figure 7: Short-, medium- and longer-term impact of COVID-19 on healthcare services and personal health management, May 2020
- Opportunities and Threats
- COVID-19 positions retail health for growth; credibility is key to reach shoppers
- Absence of traditional connection spotlights Boomers’ mental wellbeing
- Boomers are pressured to shift shopping behaviors, brands must meet their needs
- Establish a telehealth relationship
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- Figure 8: Health behaviors, by Baby Boomers and total adults 18+, January 2020
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- Figure 9: Health behaviors, by Baby Boomers and total adults 18+, January 2020
- Impact of COVID-19 on healthcare services and health management
- Unemployment may impact access to insurance and prescriptions for young Boomers
- OTC health products will follow patterns of 2007-09 recession; health safety is a new priority
- How the COVID-19 crisis will affect Baby Boomer subgroups
- “At-risk” label doesn’t align with Boomers’ health identity
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- Figure 10: Any agree with personal health attitudes, by Baby Boomers and total adults 18+, January 2020
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- Figure 11: Baby Boomers’ health concerns and treatment incidence, January 2020
- During a recession, chronic health managers will drive healthcare spending
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- Figure 12: Health concerns of Baby Boomers, by Baby Boomers managing a chronic health condition, January 2020
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- Figure 13: Baby Boomers’ treatment of specialized health concerns, by Medicare coverage type, January 2020
- How a COVID-19 recession will reshape Boomers’ health needs
- Unemployment rates and dwindling retirement funds may impact mental wellbeing
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- Figure 14: Selected unemployment indicators, seasonally adjusted, April 2019, May 2019, April 2020, May 2020
- COVID-19: US context
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The Market – What You Need to Know
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- Boomers comprise a significant portion of the US population
- More time and money to focus on health needs
- Medicare is a welcomed health insurance shift
- Recession patterns shed light on Boomer health management
Meet the Baby Boomers
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- Boomers hold significant buying power
- Baby Boomers comprise the second largest generation
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- Figure 15: Population by generation, 2019
- Boomers have money to spend on health management, but need to make it last
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- Figure 16: Median household net worth, by age of householder, 2016
- Boomers have more time to focus on personal health and wellness
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- Figure 17: Households with own children under age 18, by age of householder, 2018
- Older Boomer women are beginning to experience loss
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- Figure 18: Distribution of households, by age of householder and type of household, 2018
- Medicare coverage is a welcomed transition for Boomers
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- Figure 19: Medicare coverage, by younger and older Baby Boomers, January 2020
Market Factors
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- Recession patterns of healthcare and health management
- Unemployment may impact cost of prescription medication
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- Figure 20: Unemployment rates of adults aged 55+, seasonally adjusted, April 2019, February 2020, March 2020, April 2020, May 2020
- OTC health products will maintain sales with an emphasis on private label purchasing
Key Players – What You Need to Know
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- Health confidence improves with age
- Rise in arthritis demands accessible treatment
- Time to phase out “OK Boomer”
- Focus on small health goals during big life changes
- Positioning retail locations as health destinations
- Younger Baby Boomers are stuck in the middle
- The connected generation
What’s In?
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- Aging with confidence
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- Figure 21: Personal health attitudes, by generation, January 2020
- Easier access to arthritis relief
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- Figure 22: Select Baby Boomer health concerns and treatment incidence, January 2020
What’s Out?
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- “OK Boomer” promotes negative stereotypes
- Major health changes as Boomers confront major lifestyle changes
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- Figure 23: Made small changes to improve health vs big changes to improve health, by generation, November 2019
What to Watch
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- Establishing retail locations as a destination for health management
- Targeting younger Baby Boomers offers opportunity
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- Figure 24: Any agree with select personal health attitudes, by younger and older Baby Boomers, January 2020
- Positioning connection as a way to manage mental wellbeing
The Consumer – What You Need to Know
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- Boomers are positive about their personal health
- Medical care becomes a priority for Boomers
- Feeling healthy mitigates health concerns
- Treatment for health concerns isn’t a priority yet
- Boomers are self-motivated, lessening the need for health tech
- Medicare coverage aids in health management efforts
Personal Health Perceptions
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- Boomers are realistic and reflective about their health
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- Figure 25: Baby Boomers’ Personal health attitudes, January 2020
- Confidence in health status comes with age
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- Figure 26: Any agree with personal health attitudes, by Baby Boomers and total adults 18+, January 2020
- Number of health issues controls personal health perceptions
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- Figure 27: Any agree with personal health attitudes, by repertoire of health concerns, January 2020
Health Behaviors
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- Baby Boomers are attentive to health management
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- Figure 28: Health behaviors, by Baby Boomers and total adults 18+, January 2020
- Boomers stick to traditional approaches for managing health
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- Figure 29: Health behaviors, by Baby Boomers and total adults 18+, January 2020
- Older Boomers focus on medical needs
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- Figure 30: Health behaviors, by older and younger Baby Boomers, January 2020
Health Concerns
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- Boomers are on par with the average adult for many health concerns
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- Figure 31: Health concerns of total population and Baby Boomers, January 2020
- Physical health concerns burden Boomer women more than men
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- Figure 32: Health concerns of Baby Boomers, by gender, January 2020
- Incidence of chronic conditions heightens all health concerns
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- Figure 33: Health concerns of Baby Boomers, by Baby Boomers managing a chronic health condition, January 2020
Treatment for Health Concerns
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- Health concerns are more prevalent than treatment
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- Figure 34: Baby Boomers’ health concerns and treatment incidence, January 2020
- Mobility concerns build with age and require treatment
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- Figure 35: Treatment of health concerns, by younger and older Baby Boomers, January 2020
- Coverage makes specialized health concerns more accessible
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- Figure 36: Baby boomers’ treatment of specialized health concerns, by Medicare coverage type, January 2020
Health Tech and Media
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- Functional tech solutions garner interest but have room to grow
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- Figure 37: Baby Boomers’ use and interest in health tech, January 2020
- Connecting with Boomers online
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- Figure 38: Baby Boomers’ use and interest in health media, January 2020
- Health tech can target Boomers seeking improvement
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- Figure 39: Personal health attitudes, by Baby Boomers’ use and interest in health tech, January 2020
Role and Impact of Healthcare
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- Access to Medicare impacts access to care
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- Figure 40: Role and impact of healthcare, by younger and older Baby Boomers, January 2020
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- Figure 41: United Healthcare Medicare mobile ad and website landing page, September 2019
- Chronic health managers need extra support
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- Figure 42: Role and impact of healthcare, by younger and older Baby Boomers, January 2020
- Low-income Boomers would benefit from additional resources
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- Figure 43: Role and impact of healthcare on Baby Boomers, by household income, January 2020
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
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