Table of Contents
Scope and Themes
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- What you need to know
- Definition
- Data sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
Executive Summary
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- Snapshot of Boomers
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- Figure 1: US population, by generation share, 2014
- Boomer spending
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- Figure 2: Median household income and average annual expenditures, by all versus Baby Boomers, 2012
- The Boomer consumer
- Getting the most value, a positive experience, and getting a deal matter most
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- Figure 3: Baby Boomers’ top five factors very important to purchase decisions, November 2013
- Most Boomers not swayed by a company’s social altruism
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- Figure 4: Baby Boomers who make an effort to buy from “good” companies, November 2013
- Boomers who make caused-based purchases most concerned with poverty
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- Figure 5: Most important social issues to Baby Boomers who go out of their way to buy from companies/brands that support issues, November 2013
- Baby Boomers underutilize their smartphones
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- Figure 6: Smartphone use and attitudes, by all and Baby Boomers, November 2013
- Boomers do not appear to be receptive to digital direct marketing
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- Figure 7: Baby Boomers’ attitudes toward direct marketing communication, November 2013
- Keys to Boomers’ success: health, financial security, strong family ties
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- Figure 8: Achievements critical to success, by Baby Boomers and Millennials, November 2013
- What we think
Issues and Insights
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- How can marketers resonate with Baby Boomers?
- The issues:
- The implications:
- What is the market value of Boomers…and what do Boomers value?
- The issues:
- The implications:
- What drives Boomers’ purchase decisions?
- The issues:
- The implications:
Trend Application
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- Inspire Trend: Attention Economy
- Inspire Trend: Buydeology
- Mintel Futures: Human
Baby Boomers by the Numbers
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- Key points
- Baby Boomers account for nearly one quarter of the US population
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- Figure 9: US population, by generation share, 2014
- Despite falling numbers, Boomers remain a powerful market force
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- Figure 10: Population by generation, 2009-19
Demographic Characteristics of Baby Boomers
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- Key points
- Marital status
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- Figure 11: Marital status, by age/generation, 2012
- Boomer men are more likely than women to be married
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- Figure 12: Marital status of Baby Boomers, by age, 2012
- Race/Hispanic origin
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- Figure 13: Share of US population by generation, by race/Hispanic origin, 2012
- Household size and presence of children in household
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- Figure 14: Household size, by generation of householder, 2012
- One in five Baby Boomer households have children younger than 18
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- Figure 15: Households with own children, by generation of householder, 2013
- Median household income
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- Figure 16: Median household income, by age/generation of householder, 2012
- Labor force participation
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- Figure 17: Labor-force status of people aged 16 or older, by age/generation, 2012
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- Figure 18: Employment status of people aged 16 or older who are in the labor force, by age/generation, 2012
- Educational attainment
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- Figure 19: Educational attainment, by age/generation among those aged 25+, 2012
Baby Boomer Economy
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- Key points
- Boomers account for lion’s share of consumer spending
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- Figure 20: Median household income and average annual expenditures, by age/generation of householder, 2012
- How do Boomers spend their money?
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- Figure 21: Average annual expenditures by category, by all versus Baby Boomers, 2012
- How will Boomers spend in the next decade?
Innovations and Innovators
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- Programs and initiatives
- AARP Innovation @50+
- Aging2.0
- AACC Plus 50 Initiative
- Technology
- AdhereTech – smart pill bottles designed to increase medication adherence
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- Figure 22: AdhereTech smart pill bottle
- Retail and clothing
- Amazon
- MarlaWynne – fashion for the 50+ woman
- Leisure
- Tee Pal Pro
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- Figure 23: Tee Pal Pro
- Health and fitness
- Striiv – the world’s first smart pedometer
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- Figure 24: Striiv pedometer
- Fitbit Aria scale – measuring more than just weight
- Oxo – providing universal design
Marketing Strategies
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- Boomer-inclusive, but not exclusive
- Skinny Cow … and Skinnygirl, Skinny shot, skinny water, etc
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- Figure 25: Skinny cow Divine Filled Chocolates, 2013
- J.Jill uncomplicates fashion
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- Figure 26: J.Jill uncomplicate campaign, 2013
- Figure 27: J.Jill “uncomplicate.” video, 2013
- Tylenol helps grandma to be active for her grandchild
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- Figure 28: Tylenol, “Are you ready grandma?” TV ad, 2013
- Travel targets Boomers – with upgrades at a higher price point
- Air travel
- Cruises
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- Figure 29: Viking River Cruises, TV ad, 2013
- Samsung shames Apple devotees by suggesting they are parents
Personal Finances and Spending Habits
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- Key points
- Boomers more worried about the longer term
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- Figure 30: Personal finances – concerns and habits, by all and Baby Boomers, November 2013
- Boomers working full-time appear comfortable about finances
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- Figure 31: Baby Boomers’ personal finances – concerns and habits, by employment status, November 2013
- Strict budgeters’ financial concerns and habits are similar to the average Boomer
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- Figure 32: Baby Boomers’ personal finances – concerns and habits, by those who stick to strict budget, November 2013
- Boomers are responsible spenders – at least they think so
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- Figure 33: Average total debt (2012), credit debt (2103), by generation, 2012/13
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- Figure 34: Frequency of overspending, by all and Baby Boomers, November 2013
- Unexpected expenses drive overspending, living on the edge also a factor
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- Figure 35: Reasons for overspending, by all and Baby Boomers, November 2013
Factors Influencing Purchase Decisions
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- Key points
- Value and experience matter most to Boomers’ purchasing decisions
- Three quarters want to feel good about purchases
- I am what I am – and that’s just fine
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- Figure 36: Importance of select factors to Baby Boomers’ purchase decisions, November 2013
- Compared to Millennials, Boomers are considerably less influenced by most factors
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- Figure 37: Factors very important to purchase decisions, by Baby Boomers and Millennials, November 2013
- Boomer women give greater consideration to purchases
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- Figure 38: Factors very important to Baby Boomers’ purchase decisions, by gender, November 2013
- Younger Boomers seek satisfaction through discounts
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- Figure 39: Factors very important to Baby Boomers’ purchase decisions, by age, November 2013
- Boomers working full-time less concerned with value
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- Figure 40: Factors very important to Baby Boomers’ purchase decisions, by employment status, November 2013
Personal Information and Incentives to Share
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- Key points
- Boomers willing to share habits, preferences, email address
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- Figure 41: Type of personal information Baby Boomers would/would not be willing to share, November 2013
- If the subject is initially unwilling to share, most won’t be enticed by incentives
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- Figure 42: Incentives that would prompt Baby Boomers to share personal information, October 2013
- Age is just a number – or is it?
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- Figure 43: Type of personal information Baby Boomers would not share even if incentives offered, November 2013
- Boomers who appreciate tailored advertising more willing to share
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- Figure 44: Type of personal information Baby Boomers would be willing to share, by those who are positive toward personalized advertising, November 2013
Expectations of Companies and Brands
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- Key points
- Boomers do not appear to be receptive to digital direct marketing
- Purchasing trends show email and direct mail marketing is effective …
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- Figure 45: Made a purchase as a result of message received through specified channel, by age, 2012
- … but you don’t get something for nothing
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- Figure 46: Baby Boomers’ attitudes toward direct marketing communication, November 2013
- Most Boomers not swayed by a company’s social altruism
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- Figure 47: Baby Boomers who make an effort to buy from “good” companies, November 2013
- Boomers expect less when it comes to digital forms of communication
- Diversity, inclusivity
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- Figure 48: Attitudes toward company business practices, by Baby Boomers and Millennials, November 2013
- Gender and age impact Boomers’ perceptions of companies
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- Figure 49: Baby Boomers’ attitudes about business practices, advertising, and technology, by gender and age, November 2013
Attitudes toward Personal Health and Health Reform
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- Key points
- Baby Boomers less tolerant of unhealthy habits
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- Figure 50: Attitudes about personal health, by Baby Boomers and Millennials, November 2013
- As affluence increases, so does sense of personal accountability
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- Figure 51: Baby Boomers’ attitudes about personal health, by household income, November 2013
- Optimistic attitudes about health tied to affluence
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- Figure 52: Baby Boomers’ attitudes about personal health, by those who think they are healthier than most others their age, November 2013
- Baby Boomers skeptical about impact of the Affordable Care Act
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- Figure 53: Attitudes about the 2010 Affordable care act, by Baby Boomers and Millennials, November 2013
- Unlike personal health attitudes, affluence has little impact on perception of the ACA
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- Figure 54: Baby Boomers’ attitudes about healthcare reform, by household income, November 2013
- Weight is top health concern among Baby Boomers
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- Figure 55: Personal health concerns, by Baby Boomers and Swing/WWII generations, November 2013
Technology Use and Opinions
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- Key points
- Baby Boomers underutilize their smartphones
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- Figure 56: Smartphone use and attitudes, by all and Baby Boomers, November 2013
- One quarter prefer shopping online rather than in store
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- Figure 57: Preference for online/offline shopping and influence of mobile ads, by all and Baby Boomers, November 2013
- Boomers tuned in to return policies when shopping online
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- Figure 58: Usually checks return policy before making an online purchase, by generation, March 2013
- One in five Boomers think they spend too much time online
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- Figure 59: Preference for online/offline shopping and influence of mobile ads, by all and Baby Boomers, November 2013
- Boomers multitasking on tech is similar to average
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- Figure 60: Technology use and communication preferences, by all and Baby Boomers, November 2013
- Technology use loosely correlated to household income
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- Figure 61: Baby Boomers’ technology use and opinions, by household income, November 2013
Most Important Social Issues
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- Key points
- Boomers say that poverty in the US is the most important social issue
- Poverty and education
- Physical health
- Online privacy and security
- Veterans and military
- Community and political activism
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- Figure 62: Most important social issues, by all and Baby Boomers, November 2013
- Boomers who make caused-based purchases most concerned with poverty
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- Figure 63: Most important social issues to Baby Boomers, by those who go out of their way to buy from companies/brands that support issues, November 2013
Opinions about Work and Career
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- Key points
- Boomers prioritize health benefits, personal fulfillment, job security
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- Figure 64: Baby Boomers’ opinions about work and career, November 2013
- Health benefits are considered a top priority
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- Figure 65: Good health benefits should be a priority – agree/disagree, by Baby Boomers and Millennials, November 2013
- Personal fulfillment, passion for work, and making a difference
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- Figure 66: Workers should feel passionate – agree/disagree, by Baby Boomers and Millennials, November 2013
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- Figure 67: Making a positive difference is more important than money – agree/disagree, by Baby Boomers and Millennials, November 2013
- Job security trumps potential for advancement
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- Figure 68: Baby Boomers’ attitudes toward job security and advancement – agree/disagree, November 2013
- Boomers compartmentalize professional relationships
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- Figure 69: Manager’s relationships should be professional – agree/disagree, by Baby Boomers and Millennials, November 2013
- Boomers realistic about work conditions, looking for improvement
- Six in 10 Boomers think most workers deserve greater compensation
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- Figure 70: Workers are underpaid – agree/disagree, by Baby Boomers and Millennials, November 2013
- Striking a balance between extra hours and being competitive
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- Figure 71: Baby Boomers’ attitudes toward work/life balance, working overtime, and competition in the workplace – agree/disagree, November 2013
- Four in 10 Boomers agree many workers are overqualified
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- Figure 72: Many workers are overqualified – agree/disagree, by Baby Boomers and Millennials, November 2013
Achievements Critical to Success
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- Key points
- Keys to Boomers’ success: health, financial security, strong family ties
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- Figure 73: Achievements critical to success, by Baby Boomers and Millennials, November 2013
- Boomer men more likely to measure success by career
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- Figure 74: Achievements critical to Baby Boomers’ success, by gender and age, November 2013
- Household income impacts ideas of success
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- Figure 75: Achievements critical to Baby Boomers’ success, by household income, November 2013
Impact of Race and Hispanic Origin
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- Key points
- White Boomers worried about finances – but in better shape than others
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- Figure 76: Baby Boomers’ personal finances – concerns and habits, by race/Hispanic origin, November 2013
- Positive experience, feeling good, standing out more important to Black and Hispanic Boomers
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- Figure 77: Factors very important, to Baby Boomers’ purchase decisions, by race/Hispanic origin, November 2013
- Blacks positive to targeted marketing – find it helpful
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- Figure 78: Baby Boomers’ buying behaviors and reactions to targeted advertising, by race/Hispanic origin, November 2013
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- Figure 79: Baby Boomers’ willingness to share personal information, by race/Hispanic origin, November 2013
- Black and Hispanic Boomers want environmental business practices
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- Figure 80: Baby Boomers’ attitudes about business practices, advertising, and technology, by race/Hispanic origin, November 2013
- Black Boomers more tolerant of unhealthy habits
- Black Boomers also more positive toward Affordable Care Act
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- Figure 81: Baby Boomers’ attitudes about personal health and healthcare reform, by race/Hispanic origin, November 2013
- Weight is Boomers’ number one health concern – particularly Hispanic Boomers
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- Figure 82: Baby Boomers’ personal health concerns, by race/Hispanic origin, November 2013
- Black Boomers multitasking on tech
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- Figure 83: Baby Boomers’ technology use and opinions, by race/Hispanic origin, November 2013
- Black Boomers more concerned than Whites with poverty
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- Figure 84: Social issues most important to Baby Boomers, by race/Hispanic origin, November 2013
- White Boomers struggle with balance; Black Boomers seek more pay
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- Figure 85: Baby Boomers’ opinions about work and career, by race/Hispanic origin, November 2013
- Hispanic Boomers more likely to value social life/circle of friends
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- Figure 86: Achievements critical to Baby Boomers’ success, by race/Hispanic origin, November 2013
Appendix – Other Useful Tables – Demographic Characteristics
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- Figure 87: Marital status, by age/generation, 2012
- Figure 88: Marital status of men, by age/generation, 2012
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- Figure 89: Marital status of women, by age/generation, 2012
- Figure 90: Median household income, by age/generation of householder, 2012
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- Figure 91: Household income distribution, by age/generation of householder, 2012
- Figure 92: Labor-force status of people aged 16 or older, by age, 2012
- Figure 93: Labor-force status of males aged 16 or older, by age, 2012
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- Figure 94: Labor-force status of females aged 16 or older, by age, 2012
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Appendix – Other Useful Consumer Tables
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- Personal finances and spending habits
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- Figure 95: Personal finances – concerns and habits, by all and Baby Boomers, November 2013
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- Figure 96: Baby Boomers’ personal finances – concerns and habits, by gender, November 2013
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- Figure 97: Baby Boomers’ personal finances – concerns and habits, by age, November 2013
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- Figure 98: Baby Boomers’ personal finances – concerns and habits, by gender and age, November 2013
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- Figure 99: Baby Boomers’ personal finances – concerns and habits, by household income, November 2013
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- Figure 100: Baby Boomers’ personal finances – concerns and habits, by marital status, November 2013
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- Figure 101: Baby Boomers’ personal finances – concerns and habits, by gender and household income, November 2013
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- Figure 102: Baby Boomers’ personal finances – concerns and habits, by presence of children <18 and 18+ in household, November 2013
- Frequency of overspending
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- Figure 103: Frequency of overspending, by all and Baby Boomers, November 2013
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- Figure 104: Reasons for overspending, by all and Baby Boomers, November 2013
- Factors influencing purchase decision
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- Figure 105: Importance of select factors to Baby Boomers’ purchase decisions, November 2013
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- Figure 106: Factors very important to purchase decisions, by Baby Boomers and Millennials, November 2013
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- Figure 107: Factors very important to Baby Boomers’ purchase decisions, by gender and age, November 2013
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- Figure 108: Factors very important to Baby Boomers’ purchase decisions, by household income, November 2013
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- Figure 109: Factors very important to Baby Boomers’ purchase decisions, by marital status, November 2013
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- Figure 110: Factors very important to Baby Boomers’ purchase decisions, by gender and household income, November 2013
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- Figure 111: Factors very important to Baby Boomers’ purchase decisions, by presence of children <18 and 18+ in household, November 2013
- Personal information and incentives to share
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- Figure 112: Type of personal information Baby Boomers would/would not be willing to share, November 2013
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- Figure 113: Type of personal information Baby Boomers would be willing to share, by race/Hispanic origin, November 2013
- Information willing to provide – among those positive to targeted ads
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- Figure 114: Incentives that would prompt Baby Boomers to share personal information, November 2013
- Expectations of companies and brands
- Buying behaviors and reactions to targeted advertising
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- Figure 115: Buying behaviors and reactions to targeted advertising, by all and Baby Boomers, November 2013
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- Figure 116: Baby Boomers’ buying behaviors and reactions to targeted advertising, by gender, November 2013
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- Figure 117: Baby Boomers’ buying behaviors and reactions to targeted advertising, by age, November 2013
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- Figure 118: Baby Boomers’ buying behaviors and reactions to targeted advertising, by gender and age, November 2013
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- Figure 119: Baby Boomers’ buying behaviors and reactions to targeted advertising, by household income, November 2013
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- Figure 120: Baby Boomers’ buying behaviors and reactions to targeted advertising, by marital status, November 2013
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- Figure 121: Baby Boomers’ buying behaviors and reactions to targeted advertising, by employment status, November 2013
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- Figure 122: Baby Boomers’ buying behaviors and reactions to targeted advertising, by gender and household income, November 2013
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- Figure 123: Baby Boomers’ buying behaviors and reactions to targeted advertising, by presence of children <18 and 18+ in household, November 2013
- Attitudes about business practices, advertising
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- Figure 124: Attitudes about business practices, advertising, by all and Baby Boomers, November 2013
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- Figure 125: Baby Boomers’ attitudes about business practices, advertising, and technology, by gender, November 2013
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- Figure 126: Baby Boomers’ attitudes about business practices, advertising, and technology, by age, November 2013
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- Figure 127: Baby Boomers’ attitudes about business practices, advertising, and technology, by household income, November 2013
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- Figure 128: Baby Boomers’ attitudes about business practices, advertising, and technology, by marital status, November 2013
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- Figure 129: Baby Boomers’ attitudes about business practices, advertising, and technology, by employment status, November 2013
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- Figure 130: Baby Boomers’ attitudes about business practices, advertising, and technology, by gender and household income, November 2013
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- Figure 131: Baby Boomers’ attitudes about business practices, advertising, and technology, by presence of children <18 and 18+ in household, November 2013
- Attitudes toward personal health and health reform
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- Figure 132: Attitudes about personal health and healthcare reform, by all and Baby Boomers, November 2013
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- Figure 133: Baby Boomers’ attitudes about healthcare reform, by those who think they are healthier than most others their age, November 2013
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- Figure 134: Baby Boomers’ attitudes about personal health and healthcare reform, by gender, November 2013
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- Figure 135: Baby Boomers’ attitudes about personal health and healthcare reform, by age, November 2013
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- Figure 136: Baby Boomers’ attitudes about personal health and healthcare reform, by gender and age, November 2013
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- Figure 137: Baby Boomers’ attitudes about personal health and healthcare reform, by marital status, November 2013
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- Figure 138: Baby Boomers’ attitudes about personal health and healthcare reform, by employment status, November 2013
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- Figure 139: Baby Boomers’ attitudes about personal health and healthcare reform, by gender and household income, November 2013
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- Figure 140: Baby Boomers’ attitudes about personal health and healthcare reform, by presence of children <18 and 18+ in household, November 2013
- Personal health concerns
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- Figure 141: Personal health concerns, by all and Baby Boomers, November 2013
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- Figure 142: Baby Boomers’ personal health concerns, by gender, November 2013
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- Figure 143: Baby Boomers’ personal health concerns, by age, November 2013
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- Figure 144: Baby Boomers’ personal health concerns, by gender and age, November 2013
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- Figure 145: Baby Boomers’ personal health concerns, by household income, November 2013
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- Figure 146: Baby Boomers’ personal health concerns, by marital status, November 2013
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- Figure 147: Baby Boomers’ personal health concerns, by employment style, November 2013
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- Figure 148: Baby Boomers’ personal health concerns, by gender and household income, November 2013
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- Figure 149: Baby Boomers’ personal health concerns, by presence of children <18 and 18+ in household, November 2013
- Technology use and opinions
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- Figure 150: Technology use and opinions, by all and Baby Boomers, November 2013
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- Figure 151: Baby Boomers’ technology use and opinions, by gender, November 2013
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- Figure 152: Baby Boomers’ technology use and opinions, by age, November 2013
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- Figure 153: Baby Boomers’ technology use and opinions, by gender and age, November 2013
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- Figure 154: Baby Boomers’ technology use and opinions, by marital status, November 2013
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- Figure 155: Baby Boomers’ technology use and opinions, by employment status, November 2013
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- Figure 156: Baby Boomers’ technology use and opinions, by gender and household income, November 2013
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- Figure 157: Baby Boomers’ technology use and opinions, by presence of children <18 and 18+ in household, November 2013
- Most important social issues
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- Figure 158: Most important social issues, by all and Baby Boomers, November 2013
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- Figure 159: Social issues most important to Baby Boomers, by gender, November 2013
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- Figure 160: Social issues most important to Baby Boomers, by age, November 2013
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- Figure 161: Social issues most important to Baby Boomers, by gender and age, November 2013
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- Figure 162: Social issues most important to Baby Boomers, by household income, November 2013
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- Figure 163: Social issues most important to Baby Boomers, by marital status, November 2013
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- Figure 164: Social issues most important to Baby Boomers, by employment status, November 2013
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- Figure 165: Social issues most important to Baby Boomers, by gender and household income, November 2013
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- Figure 166: Social issues most important to Baby Boomers, by presence of children <18 and 18+ in household, November 2013
- Opinions about work and career
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- Figure 167: Baby Boomers’ opinions about work and career, November 2013
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- Figure 168: Baby Boomers’ opinions about work and career, by gender, November 2013
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- Figure 169: Baby Boomers’ opinions about work and career, by age, November 2013
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- Figure 170: Baby Boomers’ opinions about work and career, by gender and age, November 2013
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- Figure 171: Baby Boomers’ opinions about work and career, by household income, November 2013
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- Figure 172: Baby Boomers’ opinions about work and career, by marital status, November 2013
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- Figure 173: Baby Boomers’ opinions about work and career, by employment status, November 2013
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- Figure 174: Baby Boomers’ opinions about work and career, by gender and household income, November 2013
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- Figure 175: Baby Boomers’ opinions about work and career, by presence of children <18 and 18+ in household, November 2013
- Achievements critical to success
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- Figure 176: Achievements critical to success, by all and Baby Boomers, November 2013
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- Figure 177: Achievements critical to Baby Boomers’ success, by gender, November 2013
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- Figure 178: Achievements critical to Baby Boomers’ success, by age, November 2013
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- Figure 179: Achievements critical to Baby Boomers’ success, by marital status, November 2013
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- Figure 180: Achievements critical to Baby Boomers’ success, by employment status, November 2013
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- Figure 181: Achievements critical to Baby Boomers’ success, by gender and household income, November 2013
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- Figure 182: Achievements critical to Baby Boomers’ success, by presence of children <18 and 18+ in household, November 2013
Appendix – Baby Boomer Associations
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