MarketLooks: 55+ Consumers in the U.S.

MarketLooks, from MarketResearch.com, are concise 15-30 page summaries of popular full-length market research reports published by Packaged Facts. This MarketLooks report has been compiled from the following full-length study:

Title: U.S. Market for 55+ Consumers: Attitudes and Lifestyles in the New Retirement Paradigm
Published: January 2005

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The following is the abstract from the full report:
This Packaged Facts report analyzes the market created by the 64 million consumers in the 55+ age group, who account for $2.4 trillion in buying power. The first section of the report provides a demographic overview of members of the 55+ population, including their economic status and family structure. The next section takes a comprehensive look at factors shaping the future of the 55+ market, such as increasing longevity and the changing role of work in later life. The report then offers an in-depth analysis of consumer attitudes and behavior of key segments within the 55+ market, including the first wave of aging Boomers (55- to 59-olds), 60+ workers, and fully retired 60+ consumers. An analysis of media usage and an assessment of marketing and advertising strategies are provided. The last section of the report includes a projection of the buying power of 55+ consumers and an analysis of strategic trends and opportunities.

As the aging of America accelerates over the next several decades, marketers of consumer goods and services will face unprecedented challenges to established ways of thinking about older consumers. As Americans live longer, they are creating new definitions of what it means to age. Research shows that only a small minority of Americans expects to retire “the old fashioned way.” Even now, people in the 60+ age group are less likely to retire to the golf course or shuffleboard court and are more likely to keep working or to try to chart new and more meaningful directions in their lives.