Table of Contents
Scope and Themes
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- What you need to know
- Definition
- Data sources
- Consumer survey data
- Advertising creative
- Abbreviations and terms
- Abbreviations
- Terms
Executive Summary
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- Demographics and factors driving the attitudes and behavior of boomers
- Boomers represent one quarter of the U.S. population
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- Figure 1: U.S. population, by generation, 2012
- Boomers are heterogeneous, requiring a range of marketing approaches
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- Figure 2: Baby Boomers’ profile, by race/Hispanic origin, 2012
- Boomers’ unemployment level is below the national average
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- Figure 3: Labor-force status of Baby Boomers age 50-64, by gender, 2011
- Homeownership rate in decline
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- Figure 4: Homeownership rate, by age of householder 45-54 and 55-64, 2001-11
- Multigenerational households
- Boomers head multigenerational households
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- Figure 5: Family members other than children (including older than 18) living in Baby Boomers’ households, by Late and Early boomers, September 2012
- Care for aging parents
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- Figure 6: Family members other than children (including older than 18) living in Baby Boomers’ households, by marital and relationship status, September 2012
- In a multigenerational household, Boomers are at least partly responsible for finances
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- Figure 7: Baby Boomers’ shared responsibilities in a multigenerational household, September 2012
- Financial health and retirement readiness
- The structure of Boomers’ financial assets
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- Figure 8: Percentage of Baby Boomers with investment products and major assets held, April 2011-June 2012
- Debt: mortgage, auto loan, and home equity
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- Figure 9: Loans currently held by Baby Boomers, by selected loan type, April 2011-June 2012
- ‘At risk’ of failing to be able to retire at 65
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- Figure 10: Percentage of households ‘at risk’ of failing to save enough money for retirement at age 65, by selected age groups, 2007 and 2010
- Most Boomers show a somewhat optimistic outlook on their financial health
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- Figure 11: Baby Boomers’ perceptions of personal finances in the next 12 months, April 2011-June 2012
- Healthy lifestyle and healthcare costs
- Eating a well-balance diet
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- Figure 12: Baby Boomers’ attitudes towards living a healthy lifestyle and appearance, April 2011-June 2012
- Concerns in rising cost of health insurance
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- Figure 13: Baby Boomers’ attitudes towards healthcare and appearance, September 2012
- What we think
Issues in the Market
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- How does the rise in multigenerational households impact Boomers?
- Boomers as caregivers; what do they need to support this new role?
- Are Boomers retirement prospects necessarily gloomy?
- How can Boomers stay in control of their healthcare plans?
Insights and Opportunities
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- Providing a sound financial assistance now even more critical
- Aging Baby Boomers require self-preventive care
- Redefining self in a competitive workforce
- Boomers want to stay active and appear young
Trend Applications
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- Trend: Cam Cam
- Trend: No Degree, No Problem
- Inspire 2015 Trends
- East Meets West
Demographic and Socioeconomic Characteristics
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- Key points
- The Baby Boom generation accounts for nearly one quarter of the U.S. population
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- Figure 14: U.S. population, by generation, 2012
- Late Boomers are on the cusp of the ‘traditional’ retirement age
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- Figure 15: U.S. population, by age, 2007-17
- Heterogeneous Boomers necessitate unique marketing appeals
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- Figure 16: Share of population by generation, by race/Hispanic origin, 2012
- The most married and most divorced generation
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- Figure 17: Marital status, by age/generation, 2012
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- Figure 18: Marital status of Boomers age 50-64, by gender, 2012
- Boomers: a highly educated generation
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- Figure 19: Educational attainment, by age/generation, 2011
- Figure 20: Educational attainment of Boomers age 50-64, by gender, 2011
- Roughly one in eight Boomers are parents of children under 18
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- Figure 21: Households with own children, by generation of householder, 2012
- Homeownership rate highest among older Boomers
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- Figure 22: Homeownership rate, by age of householder, 2001-11
- One third of Boomers’ households comprise three more individuals
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- Figure 23: Household size, by generation of householder, 2012
Factors Driving the Attitudes and Behavior of Boomers
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- Key points
- Late Boomers represents the majority of the Baby Boom population
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- Figure 24: Baby Boomers population, by Early and Late Boomers, 2012
- The Baby Boom unemployment level is below the national average
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- Figure 25: Labor-force status, by age/generation, 2011
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- Figure 26: Labor-force status of Boomers age 50-64, by gender, 2011
- Once unemployed, job opportunities are harder to obtain for Boomers
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- Figure 27: Duration of unemployment, by generation, 2011
- Younger Boomers more ‘at risk’ of not retiring at 65 than Older Boomers
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- Figure 28: Percentage of households ‘at risk’ of not being able to retire at age 65, by selected age groups, 2007 and 2010
- Baby Boomer households have higher income than other generations
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- Figure 29: Income distribution of households, by generation, 2011
- Younger Boomers incur high expenditures with depleted income
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- Figure 30: Average annual expenditures by major category, by all consumer units and consumer units with a reference person aged 45-64 and 55-64, 2011
- Figure 31: Median household income for all households and households headed by individuals aged 45-54 and 55-64, in inflation-adjusted dollars, 2001-11
- Obesity prevalent among Boomers
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- Figure 32: Prevalence of obesity among adults aged 20 and older, by gender, 2011
- One third of Late Boomers are facing chronic illnesses
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- Figure 33: Prevalence of two or more of nine selected chronic conditions among adults aged 45 and older, by gender and age, 1999-2000 and 2009-10
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- Figure 34: Adults aged 45 and older without or who delayed getting chronic medical care/prescription drugs because of cost, 1999-2000 and 2009-10
- Boomers are ‘aging in place’
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- Figure 35: Change in numbers of Baby Boomers’ and senior population, by states and selected metro areas, 2000- 2010
Innovations and Innovators
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- Aging care technology I: GrandCare Systems
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- Figure 36: GrandCare System, 2012
- Aging care technology II: Philips Medication Dispensing Service
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- Figure 37: Philips Medication Dispensing Service, 2012
- Healthy lifestyle: Jawbone UP
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- Figure 38: Jawbone UP, 2012
- Revolutionary workout I: Conductorcise
- Revolutionary workout II: Bar Method
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- Figure 39: The Bar Method, 2012
- Online health social media networks: WEGO Health
- Brain training: Marbles the Brain Store
- Online memorial planning and preparation: MyWonderfulLife.com
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- Figure 40: MyWonderfulLife.com, 2012
Marketing Strategies
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- Boomer brand reviews
- Levi’s
- Volkswagen
- Pepsi
- Harley-Davidson
- Marketing strategies
- Aging—working with the inevitable
- Strategy: Real people talking about real issues
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- Figure 41: Poise, “Second Conversation,” July 2012
- Strategy: Appealing to Boomers’ desire to feel ageless
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- Figure 42: Viagra, “Made Of,” January 2012
- Strategy: Giving the power of free from pain
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- Figure 43: Aleve, “Walk Ups,” January 2012
- Dating and appearance
- Strategy: Helping Boomers get back in the dating game
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- Figure 44: OurTime.com, “New Love,” April 2012
- Strategy: L’Oréal’s Three-Pronged Fight Against Aging Skin
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- Figure 45: L’Oréal, “3 Step Process,” November 2012
- Strategy: Just the Right Amount of Gray
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- Figure 46: Just For Men, “Beachfront,” August 2012
- Managing the money—getting set for retirement
- Strategy: Making your Money Work Harder (So You Won't Have To)
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- Figure 47: Charles Schwab, “Old Dogs New Tricks,” October 2012
- Strategy: Giving reasons to retire
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- Figure 48: Merrill Lynch, “Act Two,” February 2010
- Strategy: Providing a solution for the ‘Next Step’
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- Figure 49: AARP, “Always Growing,” February 2012
- Caring for the careers and having fun
- Strategy: Relieving frustration with caring for the aged
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- Figure 50: AARP, “Silent Scream,” February 2012
- Strategy: Leveraging old memories—Ferris Bueller, Revisited
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- Figure 51: Honda, “Matthew's Day Off,” February 2012
- Strategy: Passing down memory to offspring
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- Figure 52: Radio Flyer, 2012
Living Arrangements and Shared Responsibilities
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- Key points
- Boomers and Boomerangs continue to cohabitate
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- Figure 53: Adult children living in Baby Boomers’ current households, by marital and educational status, September 2012
- Multi-generations living under Boomers’ roofs
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- Figure 54: Family members other than children (including older than 18) living in Baby Boomers’ households, by Late and Early boomers, September 2012
- Extended family and grandchildren mostly live with Early Boomer women
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- Figure 55: Family members other than children (including older than 18) living in Baby Boomers’ households, by gender and age, September 2012
- ‘Grandparenting’ remains imperative for Baby Boomers
- Single Boomers are more likely to care for aging parents
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- Figure 56: Family members other than children (including older than 18) living in Baby Boomers’ households, by marital and relationship status, September 2012
- Unemployed Boomers likely head multigenerational households
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- Figure 57: Family members other than children (including older than 18) living in Baby Boomers’ households, by employment, September 2012
- Household responsibilities; mostly shared by Boomers
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- Figure 58: Responsibility sharing in a multigenerational household, by Late and Early Boomers, September 2012
Multigenerational Household Sharing Arrangements
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- Key points
- Boomers desire to be near family and to provide financial assistance
- More than two fifths of Boomer households want to be closer to their family
- Boomers are conflicted with financial obligations other than their own
- Boomers tend to provide permanent and temporary housing solutions
- One in eight Boomers provide health assistance to a family member
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- Figure 59: Reasons for living in multigenerational households, by Late and Early Boomers, September 2012
- Boomer women—health and near family; men—assist finance/housing
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- Figure 60: Reasons for Baby Boomers living in multigenerational households, by gender, September 2012
- Lower to medium income Boomer households afford health assistance
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- Figure 61: Reasons for Baby Boomers living in multigenerational households, by household income, September 2012
- Non-married Boomers seek financial and permanent housing assistance
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- Figure 62: Reasons for Baby Boomers living in multigenerational households, by marital status, September 2012
Financial Perceptions and Spending Attitudes
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- Key points
- Only one third of Boomers are hopeful in their financial outlook
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- Figure 63: Perceptions of personal finances and the U.S. economy, by generation, April 2011-June 2012
- The majority of Boomers own financial assets
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- Figure 64: Investment products owned by Baby Boomers, by gender and age, April 2011-June 2012
- Boomers’ debt: mortgages, auto loans, and home equity
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- Figure 65: Loans currently held by Baby Boomers, by gender and age, April 2011-June 2012
- Late Boomers more optimistic about their financial outlook
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- Figure 66: Baby Boomers’ perceptions on personal finances and U.S. economy, by gender and age, April 2011-June 2012
- Optimism improves with income
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- Figure 67: Baby Boomers’ perceptions of personal finances and the U.S. economic outlook, by household income, April 2011-June 2012
- One fifth of Boomers will likely make a big- or medium-item purchase
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- Figure 68: Likelihood of spending on big- and medium-ticket items in the next 30 days, by younger/older Boomers, April 2011-June 2012
Perceptions of Living in Multigenerational Households
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- Key points
- Boomers likely feel the pressure of living in a multigenerational household
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- Figure 69: Perceptions about living in a multigenerational household, by generation, September 2012
- Late Boomers are particularly inclined to share a household
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- Figure 70: Baby Boomers’ perceptions about living in a multigenerational household, by Late and Early Boomers, September 2012
- Multigenerational living due mainly to health reasons
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- Figure 71: Perceptions of living in a multigenerational household, by reasons for sharing household with other adults, September 2012
Healthcare, Diet, and Youthful Appearance
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- Key points
- Boomers claim to eat healthier
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- Figure 72: Attitudes toward living a healthy lifestyle and appearance, by generation, April 2011-June 2012
- Boomers’ top concern on healthcare: rising cost of health insurance
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- Figure 73: Attitudes towards healthcare and appearance, by generation, September 2012
- The majority of Boomers enroll in health and life insurance
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- Figure 74: Health and life insurance enrollments, by generation, April 2011-June 2012
- Late Boomers are more prepared for health-related expenditures
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- Figure 75: Baby Boomers’ attitudes towards healthcare and appearance, by gender and age, September 2012
Attitudes Towards Career, Leisure, and Retirement
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- Key points
- Keeping up with current events and being an expert are valued highly
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- Figure 76: Baby Boomers’ perceptions on career, by Late and Early Boomers, September 2012
- Varied participations in hobbies among Boomers
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- Figure 77: Baby Boomers’ past 12 month participations in leisure activities and hobbies, by gender and age, April 2011-June 2012
- Boomers aspire to stay active during their retirement
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- Figure 78: Baby Boomers’ perceptions and aspirations for retirement, by gender and age, September 2012
Impact of Race and Hispanic Origin
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- Key points
- Black Boomers are likely to feel confident in their financial outlook
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- Figure 79: Baby Boomers’ perceptions of personal finances and the U.S. economic outlook, by race/Hispanic origin, April 2011-June 2012
- Hispanic Boomers more likely to live in a multigenerational household
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- Figure 80: Family members other than children (including over 18) living in Baby Boomers’ households, by Hispanic origin, September 2012
- Rising health insurance cost raises concerns among Hispanic Boomers
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- Figure 81: Baby Boomers’ attitudes towards healthcare and appearance, by Hispanic origin, September 2012
- Perceptions and aspirations for retirement
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- Figure 82: Baby Boomers’ perceptions and aspirations for retirement, by Hispanic origin, September 2012
Appendix – Other Useful Consumer Tables
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- Figure 83: Family members other than children (including older than 18) living in Baby Boomers’ households, by household income, September 2012
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- Figure 84: Family members other than children (including older than 18) living in Baby Boomers’ households, by region, September 2012
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- Figure 85: Baby Boomers’ spending attitudes on big- and medium-ticket items in the next 30 days, by household income, April 2011-June 2012
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- Figure 86: Baby Boomers’ attitudes towards healthcare and appearance, by household income, September 2012
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- Figure 87: Baby Boomers’ attitudes towards healthcare and appearance, by employment, September 2012
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- Figure 88: Baby Boomers’ perceptions about living in a multigenerational household, by gender, September 2012
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- Figure 89: Baby Boomers’ perceptions about living in a multigenerational household, by gender and age, September 2012
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- Figure 90: Baby Boomers’ perceptions about living in a multigenerational household, by household income, September 2012
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- Figure 91: Baby Boomers’ perceptions about living in a multigenerational household, by marital and relationship status, September 2012
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- Figure 92: Baby Boomers’ perceptions about living in a multigenerational household, by employment, September 2012
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- Figure 93: Baby Boomers’ perceptions about living in a multigenerational household, by region, September 2012
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- Figure 94: Baby Boomers’ responsibility sharing in a multigenerational household, by gender, September 2012
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- Figure 95: Baby Boomers’ responsibility sharing in a multigenerational household, by marital status, September 2012
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- Figure 96: Baby Boomers’ responsibility sharing in a multigenerational household, by household income, September 2012
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- Figure 97: Baby Boomers’ attitudes towards healthcare and appearance, by gender, September 2012
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- Figure 98: Baby Boomers’ attitudes towards healthcare and appearance, by region, September 2012
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- Figure 99: Baby Boomers’ attitudes towards work, career and keeping up appearance, by gender and age, September 2012
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- Figure 100: Baby Boomers’ attitudes towards work, career, and keeping up appearance, by household income, September 2012
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- Figure 101: Baby Boomers’ attitudes towards work, career, and keeping up appearance, by region, September 2012
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- Figure 102: Baby Boomers’ attitudes to work, career, and keeping up appearance, by urban area, September 2012
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- Figure 103: Baby Boomers’ perceptions and aspirations for retirement, by household income, September 2012
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- Figure 104: Baby Boomers’ perceptions and aspirations for retirement, by employment, September 2012
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- Figure 105: Baby Boomers’ perceptions and aspirations for retirement, by region, September 2012
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- Figure 106: Investment products Baby Boomers own, by race/Hispanic origin, April 2011-June 2012
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- Figure 107: Loans Baby Boomers currently have, by race/Hispanic origin, April 2011-June 2012
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- Figure 108: Boomers’ spending attitudes on big- and medium-ticket items in the next 30 days, by race/Hispanic origin, April 2011-June 2012
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- Figure 109: Baby Boomers’ health and life insurance enrollments, by race/Hispanic origin, April 2011-June 2012
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Appendix – Trade Associations
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