The U.S. Market for 55+ Consumers: Attitudes and Lifestyles in the New Retirement Paradigm

 
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Published Nov 22, 2004 | 233 Pages | Pub ID: LA1006028

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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.

Report Methodology
The information in The U.S. Market for 55+ Consumers based on both primary and secondary research. Primary research involved interviews with experts, public relations and industry analysts in firms that specialize in ethnic market research. Secondary research entailed data-gathering from relevant trade, business, and government sources, including company literature.

About the Authors
Dr. Robert Brown and Ms. Ruth Washton have written more than 20 Packaged Facts reports analyzing demographic trends and marketing strategies in key consumer segments. Topics have ranged from kids to mature consumers to multicultural groups such as Hispanics and African Americans. Dr. Brown and Ms. Washton have co-authored several Financial Times Business Reports on strategic business issues and have provided market and competitor intelligence studies for clients in a variety of industries. Dr. Brown has a B.S. from Georgetown University and a Ph.D. degree from The George Washington University. Ms. Washton has a B.A from Skidmore College and an M.A. from the State University of New York.

What You’ll Get in this Report
Find out why traditional retirement is on the way out and learn about the new retirement models taking its place. Discover how older Boomers are changing the 55+ market. Identify the differences in the attitudes and behavior of key segments in the 55+ market. Understand the growing gap between haves and have-nots among older Americans and what it means for marketers.

Plus, you’ll benefit from extensive data, presented in easy-to-read and practical charts, tables and graphs.

Scroll down to see a more detailed outline of the contents of this report.

How You Will Benefit from this Report
If your company is interested in reaching what will be the largest market in the country, you will find this report invaluable, as it provides a comprehensive package of information and insight about the 55+ population not offered in any other single source. You will gain a thorough understanding of the current demographic profile of the 55+ consumer. Contributing to that understanding will be a complete analysis of data from published and trade sources, and in-depth examinations of the economic and societal trends that influence the consumer behaviors of this large and influential segment of the population.

This report will help:

  • Marketing Managers identify market opportunities and develop targeted promotion plans for 55+ consumers.
  • Research and development professionals stay on top of competitor initiatives and explore demand for products targeting the 55+ population.
  • Advertising agencies to develop messages and images that compel the 55+ consumer to purchase these products.
  • Business development executives understand the dynamics of the market and identify possible partnerships.
  • Information and research center librarians provide market researchers, brand and product managers and other colleagues with the vital information they need to do their jobs more effectively.

Chapter 1 Executive Summary
Introduction
  • Background
  • Overview of Report

Scope and Methodology

  • Market Definition
  • Methodology

The 55+ Population Today

  • Number of 55+ Americans Nears 64 Million
  • Oldest Boomers Begin to Have Impact
  • Women Form Substantial Majority
  • Older Population Skewed toward Non-Hispanic Whites

Economic and Social Profile

  • Aggregate Income Tops $1.8 Trillion
  • Earnings Gap between Older Men and Women Higher than Average
  • Social Security Largest Income Source for 65+ Population
  • Workforce Participation Declines Rapidly after Age of 50
  • Millions of Older Americans Still Work
  • Younger Age Groups Less Likely to Be Married
  • More than 90% of Older Married Couples Are Homeowners
  • Regional Differences in Homeownership Rates
  • College Degrees Less Common in Older Age Groups

Demographic and Economic Trends

  • American Population Aging at Accelerating Rate
  • Boomers Responsible for Rapid Aging of America in Near Term
  • Long-Term Projections Show Starkly Different Picture of
  • American Population
  • Divorce Rates Increase in 55+ Population
  • Number of High-Income 60+ Households More than Doubled in
  • Past Decade
  • But Net Worth Declined in Real Terms since 1980s
  • Many Boomers Better Prepared for Retirement than Their Parents
  • Coverage by Retirement Plans Continues to Decline

New Perspectives on Aging, Work, and Retirement

  • Increasing Longevity Drives Change in Perspectives
  • Today’s Workers Expect to Retire Later
  • Only Small Minority Plans to Retire “Old Fashioned Way”
  • Social Security Will Provide Smaller Proportion of Income for
  • Future Retirees
  • Most Workers Expect to Need to Earn Money in Retirement
  • Jobs Become More Important Source of Income
  • More 65+ Workers Stay in Labor Force
  • “Revolving Retirement” Expected to Grow
  • “Phased Retirement” Also Increasingly Attractive
  • Self-Employed Form Major Segment of 55+ Workers
  • Relocation Remains a Part of Retirement Plans

Consumer Expenditure Patterns

  • Older Consumers Spend More of Income
  • Older Consumers Allocate More to Food at Home
  • Consumers in 55+ Age Group Spend on Housekeeping Supplies
  • Expenditures on Furniture High for 55- to 64-Year-Olds
  • Women’s Apparel Purchases Remain Significant in 55+ Consumer Units
  • New Vehicles More Important to 55+ Consumer Units
  • Oldest Consumers Spend Nearly Three Times More than the Average on Health-Care Expenditures
  • Oldest Consumer Units Spend More for Reading Materials
  • 65+ Consumer Units Spend Most on Travel

Key Consumer Segments

  • Three Key Consumer Segments Analyzed
  • Differences in Consumer Behavior Driven by Workforce Status
  • Workers’ Incomes Outpace Retirees’
  • Retirees Feel More Secure Financially
  • Financial Profile of Workers in 60s and 70s Same as Aging Boomers’
  • Consumer Behavior of 60+ Working Women Bears Little Resemblance to Retired Womens’
  • Consumer Profile of 60+ Working Men Similar to That of Men in Late 50s
  • Vacation Choices Affected by Workforce Status
  • Some Generational Differences Remain

Media

  • Growth Projected for Magazines Targeting 55+ Readers
  • Magazines Get High Rating from Older Consumers
  • Many Differences in Readership of Men’s Magazines
  • Some Women’s Titles Have Broad Appeal in 55+ Age Group
  • Median Age of Network Viewer Continues to Rise
  • Television Gains Importance with Age
  • Aging of America Will Affect Radio Formats
  • Internet Still Has Little Impact on Media Usage of 55+ Consumers

Marketing and Advertising Strategies

  • Major Companies Begin to Take Notice of Market
  • Young Media Planners Still Seen as Obstacle
  • Life Stages Seen as Way to Segment 55+ Market
  • Values Segmentation Also Important
  • Sony Targets “Zoomers”
  • Anheuser-Busch Learns to Talk to Lifestyle, Not Age

Size and Growth of the Market

  • Buying Power Used as Measure of 55+ Market
  • Buying Power of 55+ Consumers Nears $2.4 Trillion
  • Buying Power Will Exceed $3.4 Trillion in 2009

Strategic Trends and Opportunities

  • Most Growth in U.S. Market Will Occur in Older Age Groups
  • New Generation of Retirees More Sharply Divided into Haves and
  • Have-Nots
  • More People Working Past “Retirement Age” Will Create New Class of Consumer and Generate New Opportunities
  • Companies Capitalizing on Shifts in 55+ Market Will Be Rewarded
  • Growth in Older Age Groups Will Also Create Opportunities

Section 1 Demographic Overview
Chapter 2 The 55+ Population Today
Size of Population

  • Number of 55+ Americans Nears 64 Million
  • Table 2-1: Size of 55+ Population by Age Group, 2003
  • Oldest Boomers Begin to Have Impact
  • Table 2-2: Size of 55+ Population by 5-Year Age Group, 2003

Gender

  • Women Form Substantial Majority
  • Table 2-3: Distribution of 55+ Population by Age Group and Gender, 2003
  • Table 2-4: Distribution of Population by Gender, 55+ Population vs.
  • Other Age Groups, 2003

Race and Ethnicity

  • Older Population Skewed toward Non-Hispanic Whites
  • Table 2-5: 55+ Population by Race and Hispanic Origin, 2003
  • Table 2-6: 55+ Population by Race and Hispanic Origin, 2003
  • More than 10% of 55+ Age Group Born outside United States
  • Table 2-7: 55+ Population, Foreign-Born vs. Native-Born, 2003
  • Table 2-8: Region of Birth of Foreign-Born Individuals 55 Years of Age and Over, 2003
  • Older Americans Less Likely to Speak Foreign Language at Home
  • Table 2-9: Languages Spoken at Home, by Age Group
  • Table 2-10: Foreign Languages Spoken at Home, by Individuals 65 Years of Age and Older
  • Table 2-11: Foreign Languages Spoken at Home in Linguistically Isolated Households, by Individuals 65 Years of Age and Older

Geographic Distribution

  • Regional Distribution of 55+ Population Varies by Age
  • Table 2-12: Distribution of 55+ Population by Region
  • Table 2-13: Distribution of 55+ Population by Place of Residence
  • Florida Has Highest Percentage, California Has Largest Population of Older Americans
  • Table 2-14: States with Highest Percentage of 65+ Population
  • Table 2-15: States with Largest 65+ Population

Chapter 3 Economic and Social Profile
Economic Status

  • Aggregate Income Tops $1.8 Trillion
  • Table 3-1: Mean Income of 55+ Population by Age Group, 2003
  • Figure 3-1: Distribution of Aggregate Income of People 55+ Years of Age, by Age Group
  • Earnings Gap between Older Men and Women Higher than Average
  • Table 3-2: Mean Income of Men and Women Aged 55+ Years by
  • Age Group, 2003

Table 3-3: Distribution of Aggregate Income of People Aged 55+ Years
by Age Group and Gender, 2003

  • Social Security Largest Income Source for 65+ Population
  • Table 3-4: Source of Income by Age Group
  • Many Older Consumers Are in Low-Income Brackets
  • Table 3-5: Income of 55+ Households by Age Group, 2003
  • Table 3-6: Income of 55+ Population by Age Group, 2003
  • Table 3-7: Income of 55+ Men by Age Group, 2003
  • Table 3-8: Income of 55+ Women by Age Group, 2003

Participation in the Workforce

  • Workforce Participation Declines Rapidly after Age of 50
  • Figure 3-2: Workforce Participation by the 55+ Population by Age Group
  • Men More Likely to Work at Every Age
  • Table 3-9: Labor Force Participation of Men and Women Aged 55+ Years by Age Group, 2003
  • Millions of Older Americans Still Work
  • Table 3-10: Labor Force Status of 55+ Population by Age Group, 2003
  • Self-Employment Important to 50+ People

Household and Family Structure

  • Nearly 26 Million Households Have 65+ Member
  • Table 3-11: Households by Presence of People 65 Years of Age and Over, 2003
  • One in Four 55+ Americans Lives Alone
  • Table 3-12: 55+ People Living Alone, 2003
  • Younger Age Groups Less Likely to Be Married
  • Table 3-13: Marital Status of 55+ Population by Age Group
  • Table 3-14: Marital Status of 55+ Men by Age Group
  • Table 3-15: Marital Status of 55+ Women by Age Group
  • Many 55+ People Live in Unmarried Partner Households
  • Table 3-16: 55+ People in Unmarried Partner Households

Housing and Homeownership

  • 55+ Americans More Likely to Be Homeowners
  • Figure 3-3: Homeownership Rates by Age Group, 2003
  • More than 90% of Older Married Couples Are Homeowners
  • Table 3-17: Homeownership Rates for 55+ Population by Age Group and Type of Household
  • Regional Differences in Homeownership Rates
  • Table 3-18: Homeownership Rates for 55+ Population by Age Group and Region of Residence
  • Substantial Number of Older Americans Live in Supportive Housing
  • Table 3-19: Major Types of Housing Occupied by Householders and
  • Persons 65 Years of Age and Over

Social Indicators

  • College Degrees Less Common in Older Age Groups
  • Table 3-20: Educational Attainment of the 55+ Population by Age Group and Gender
  • Voting Participation Highest among 55+ Citizens
  • Table 3-21: Party Affiliation of the 55+ Population by Age Group and Gender
  • Table 3-22: Voting Participation by Age Group and Gender
  • Older Women Most Socially Conservative
  • Table 3-23: Selected Social Values of the 55+ Population by Age Group and Gender

Section 2 Social and Economic Trends Shaping the Future of the Market
Chapter 4 Demographic and Economic Trends
Population Growth Trends

  • American Population Aging at Accelerating Rate
  • Table 4-1: Size and Growth of 65+ Population vs. Other Age Groups, 1990-2010
  • Figure 4-1: Percent Growth in Population, Total U.S. vs. 65 Years Old and Over, 2000-2020
  • Boomers Responsible for Rapid Aging of America in Near Term
  • Long-Term Projections Show Starkly Different Picture of American
  • Population
  • Figure 4-2: Growth in Population 65 Years Old and Over, 1960-2050
  • Figure 4-3: Percent Growth in Population 65 Years Old and Over by Decade, 1990-2050
  • Figure 4-4: Growth in Population 85 Years Old and Over, 1980-2050
  • Figure 4-5: Percent Growth in Population 85 Years Old and Over by Decade, 1980-2050
  • Figure 4-6: Growth in Population, 5- to 19-Year-Olds vs. 65+ Age Group, 2000-2050
  • Proportion of Males Projected to Increase
  • Figure 4-7: Percent Males in 65+ Population, 1960-2050
  • Multicultural Groups Will Grow in Importance
  • Table 4-2: Projected Growth of 65+ Population by Race and Hispanic Origin, 2000 vs. 2020

Social Trends

  • Divorce Rates Increase in 55+ Population
  • Table 4-3: Number of Divorced and Separated People Aged 55+, 1999 vs. 2003
  • Women More Likely than Men to Be Divorced
  • Figure 4-8: Divorced and Separated 55- to 64-Year-Olds by Gender, 2003
  • Women Initiate More Divorces in Later Years
  • Midlife Crises Strike Again for Many Sixtysomethings
  • Working Women Have Major Impact on Retirement Plans of Married
  • Couples

Economic Trends

  • Number of High-Income 60+ Households More than Doubled in Past
  • Decade
  • Figure 4-9: Number of Households with Householder Aged 60+ with
  • Income of $100,000 or More, 1994-2003
  • Table 4-4: Percent Growth in Number of Households with Householder
  • Aged 60+ with Income of $100,000 or More, 1994 vs. 2003
  • Older Consumers Increased Savings Rate in 1990s
  • Figure 4-10: Percent of Households Headed by Householders Aged 65+
  • Who Saved, Selected Years 1992-2001
  • Net Worth Grew Substantially in 1990s
  • Table 4-5: Mean Family Net Worth of 55+ Householders by Age Group, 1992, 1995, 1998, and 2001
  • Figure 4-11: Percent Increase in Mean Family Net Worth of 55+
  • Householders by Age Group, 1992 vs. 2001
  • Table 4-6: Median Family Net Worth of 55+ Householders by Age Group, 1992, 1995, 1998, 2001
  • Table 4-7: Mean and Median Family Net Worth of Retirees, 1992, 1995, 1998, and 2001
  • But Net Worth Declined in Real Terms since 1980s
  • Many Boomers Better Prepared for Retirement than Their Parents
  • Coverage by Retirement Plans Continues to Decline
  • Table 4-8: Percent of Workers Participating in Retirement Plans, Private Industry, 1993-1994 vs. 2003
  • Collapse of Pension Plans Threatens Retirement Plans of High-Paid Workers
  • IRAs Not Yet Crucial Source of Income
  • Table 4-9: Aggregate Income from IRAs and Keogh Plans, 1994 vs. 2003
  • Self-Directed Plans Pay Out Less than Traditional Pension

Chapter 5 New Perspectives on Aging, Work, and Retirement
Evolving Views of Life Stages

  • Increasing Longevity Drives Change in Perspectives
  • Figure 5-1: Life Expectancy at Age 60, 1950 vs. 2000
  • Life Cycles Suggested as Better Framework for Aging
  • Life Stages Also Viewed Differently

The Changing Role of Work in Later Life

  • Retirement Age Continued to Decline in 1990s
  • Table 5-1: Estimated Average Age at Retirement of Men and Women,
  • 1950-1955 through1995-2000
  • Today’s Workers Expect to Retire Later
  • Only Small Minority Plans to Retire “Old Fashioned Way”
  • Financial Confidence Declines
  • Lack of Pension Plans Leads to Later Retirement
  • Cost of Medical Care Puts Crimp in Early Retirement Options
  • Social Security Will Provide Smaller Proportion of Income for Future Retirees
  • Workers Remain Overly Optimistic about Role of Social Security
  • Most Workers Expect to Need to Earn Money in Retirement
  • Jobs Become More Important Source of Income
  • Figure 5-2: Major Sources of Aggregate Income of People Aged 65+, 1994 vs. 2003
  • More 65+ Workers Stay in Labor Force
  • Table 5-2: Number of Workers 65 Years of Age and Over, 1994-2003
  • “Revolving Retirement” Expected to Grow
  • “Phased Retirement” Also Increasingly Attractive

Self-Employed Form Major Segment of 55+ Workers

  • More in 55+ Population Turn to Franchises as Retirement Alternative

New Models for Retirement Living

  • Relocation Remains a Part of Retirement Plans
  • Figure 5-3: Average Annual Number of People Aged 60+ Moving to
  • Different State, 1991-1995 vs. 1999-2003
  • Figure 5-4: Number of People Aged 60+ Moving to Different State, 1996-2003
  • Boomers Will Accelerate Retirement Migration Trend
  • More Retirees Choose Non-Traditional Areas
  • Younger, Athletic Retirees Choose Great Outdoors
  • Cities Attract More Retirees
  • Retiring among Like-Minded Neighbors Gains Favor
  • More Women Turn to Friends-Helping-Friends Retirement Model

Section 3 Understanding the Consumer Behavior of
55+ Consumers
Chapter 6 Consumer Expenditure Patterns
Overview of 55+ Consumer Units

  • Consumer Units Defined
  • Characteristics of 55+ Consumer Units Analyzed
  • Table 6-1: Characteristics of Consumer Units, 55+ Consumer Units vs.
  • All Consumer Units, 2002
  • Older Consumers Spend More of Income
  • Table 6-2: Consumer Expenditures as Percent of Before-Tax Income, by Age Group, 2002

Analysis of Consumer Expenditures

  • Older Consumers Allocate More to Food at Home
  • Table 6-3: Annual Expenditures by 55+ Consumer Units for Food and Beverages, by Amount and as Percent of Total Consumer
  • Expenditures, by Age Group, 2002
  • Consumers in 55+ Age Group Spend on Housekeeping Supplies
  • Table 6-4: Annual Expenditures by 55+ Consumer Units for Housekeeping Supplies by Age Group, 2002
  • Expenditures on Furniture High for 55- to 64-Year-Olds
  • Table 6-5: Annual Expenditures by 55+ Consumer Units for Household Furnishings and Equipment by Age Group, 2002
  • Women’s Apparel Purchases Remain Significant in 55+ Consumer Units
  • Table 6-6: Annual Expenditures by 55+ Consumers for Apparel and Services by Age Group, 2002
  • Figure 6-1: Annual Expenditures by Consumer Units on Women’s Apparel by Age Group, 2002
  • New Vehicles More Important to 55+ Consumer Units
  • Table 6-7: Annual Expenditures by 55+ Consumer Units for Vehicle
  • Purchases and Related Expenses by Age Group, 2002
  • Oldest Consumers Spend Nearly Three Times More than the Average on Health-Care Expenditures
  • Table 6-8: Annual Expenditures by 55+ Consumer Units for Health Care by Age Group, 2002
  • Oldest Consumer Units Spend More for Reading Materials
  • Table 6-9: Annual Expenditures by 55+ Consumers for Entertainment and Reading Materials by Age Group, 2000
  • 65+ Consumer Units Spend Most on Travel
  • Figure 6-2: Average Annual Travel Expenditures by Age, Consumers
  • Reporting One or More Trips

Impact of Race and Ethnicity on Consumer Expenditures
of Retirees

  • Composition of Retiree Consumer Units Varies by Race and
  • Hispanic Origin
  • Table 6-10: Demographic Characteristics of Retired White, Black, and Hispanic Consumer Units
  • Expenditure Patterns Also Vary
  • Table 6-11: Expenditure Levels and Shares of Total Expenditures for
  • Retired White, Black, and Hispanic Consumer Units

Chapter 7 Key Consumer Segments
Overview

  • Key Consumer Segments Analyzed
  • Differences in Consumer Behavior Highlighted

Profile of 60+ Workers and Retirees

  • Older Men More Likely to Work
  • Table 7-1: 65+ Workers by Gender
  • Table 7-2: 65+ Workers by Gender, Full-Time vs. Part-Time
  • Most Are Non-Hispanic Whites
  • Table 7-3: 65+ Workers by Race and Hispanic Origin
  • Part-Time Work More Common among Older People
  • Table 7-4: 60- to 74-Year-Old Workers by Age Group and Gender, Full-Time vs. Part- Time, 2003
  • Workers in 60- to 74-Year-Old Age Group Enjoy High Income Table 7-5: 60- to 74-Year-Old Workers by Age Group and Gender, 2003
  • Workers Have Significantly Higher Incomes than Non-Workers
  • Table 7-6: Mean Income of 60- to 74-Year-Olds by Age Group and Gender, Workers vs. Non-Workers, 2003
  • Full-Time Older Workers Relatively Affluent
  • Table 7-7: Mean Income of 60- to 74-Year-Olds by Age Group and Gender, Full-Time Workers vs. Other Workers, 2003
  • Many Older Workers Have High Earnings
  • Table 7-8: Earnings of Full-Time, Year-Round Workers in 55+ Population by Age Group
  • Table 7-9: Earnings of Full-Time, Year-Round Male Workers in 55+ Population by Age Group
  • Table 7-10: Earnings of Full-Time, Year-Round Female Workers in 55+ Population by Age Group
  • Occupations Analyzed
  • Table 7-11: Occupations of Workers in 55+ Population, 2002
  • Many Professionals Continue to Work Longer
  • Table 7-12: Occupations of Male Workers in 55+ Population, 2002
  • Table 7-13: Occupations of Female Workers in 55+ Population, 2002

Overview of Shopping Behavior

  • Use of Time Varies with Age
  • Table 7-14: Average Hours per Day Spent in Primary Activities, 2003
  • Men Shop as Much as Women in 65+ Age Group
  • Figure 7-1: Hours per Day Spent by Men Purchasing Goods and Services by Age Group, 2003
  • Figure 7-2: Hours per Day Spent by Women Purchasing Goods and Services by Age Group, 2003
  • Older Female Workers Shop More than Retired Women
  • Table 7-15: The Importance of Shopping to 55+ Consumers by Age, Gender, and Work Status
  • Retired Women More Price-Sensitive
  • Table 7-16: Price Sensitivity of 55+ Consumers by Age, Gender, and Work Status
  • Older Women Most Brand Conscious but Less Brand Loyal
  • Table 7-17: Brand Loyalty of 55+ Consumers by Age, Gender, and Work Status
  • Retirees Place Premium on Convenience When Choosing Stores
  • Table 7-18: Criteria for Store Selection of 55+ Consumers by Age, Gender, and Work Status
  • Older Men Least Likely to Browse
  • Table 7-19: In-Store Shopping Behavior of 55+ Consumers by Age, Gender, and Work Status

Consumer Profile: Apparel

  • 60+ Working Women Most Fashion-Conscious
  • Table 7-20: Attitudes of 55+ Women toward Fashion and Style by Age and Work Status
  • 60+ Working Women Big Spenders
  • Table 7-21: Attitudes of 55+ Women toward Shopping and Buying Clothes by Age and Work Status Clothing Brands Seen as Important
  • Table 7-22: Attitudes of 55+ Women toward Apparel Brands by Age and Work Status

Consumer Profile: Food and Nutrition

  • Working Women Most Likely to Diet
  • Table 7-23: Attitudes of 55+ Consumers toward Dieting by Age, Gender, and Work Status
  • 60+ Men More Concerned about Nutrition
  • Table 7-24: Attitudes of 55+ Consumers toward Healthy Eating by Age, Gender, and Work Status Working Women Look for Convenience When Preparing Food
  • Table 7-25: Attitudes of 55+ Consumers toward Fast Food and Snacks by Age, Gender, and Work Status
  • Table 7-26: Attitudes of 55+ Consumers toward Prepared Foods by Age, Gender, and Work Status Retired Women Less Interested in Spicy Foods
  • Table 7-27: Attitudes of 55+ Consumers toward Food Styles by Age, Gender, and Work Status Older Women More Likely to Seek Out New Foods
  • Table 7-28: Attitudes of 55+ Consumers toward Trying New Foods by Age, Gender, and Work Status

Consumer Profile: Financial Services

  • 60+ Workers Feel Less Secure Financially
  • Table 7-29: Attitudes of 55+ Consumers toward Personal Financial Management by Age, Gender, and Work Status 60+ Workers Heavy Users of Financial Services
  • Table 7-30: Use of Financial Services by 55+ Consumers by Age, Gender, and Work Status

Consumer Profile: Consumer Electronics and
Telecommunications

  • Home Electronics Products Interest 60+ Working Men
  • Table 7-31: Attitudes of 55+ Consumers toward Home Electronics by Age, Gender, and Work Status Staying on the Job Means Owning a Home Computer
  • Table 7-32: Ownership of Home Electronics by 55+ Consumers by Age, Gender, and Work Status 60+ Workers Own Cell Phones
  • Table 7-33: Use of Telecommunications Services by 55+ Consumers by Age, Gender, and Work Status

Consumer Profile: Automotive

  • Working 60+ Men Want More Options on Cars
  • Table 7-34: Attitudes toward Automobiles by 55+ Consumers by Age, Gender, and Work Status
  • Retirees Tend to Buy New Cars
  • Table 7-35: Attitudes toward New vs. Used Cars by 55+ Consumers by Age, Gender, and Work Status
  • American Cars Favored by 60+ Drivers
  • Table 7-36: Vehicle Ownership Patterns of 55+ Consumers by Age,
  • Gender, and Work Status Older Consumers See Less Prestige in Foreign Cars
  • Table 7-37: Attitudes toward Domestic vs. Foreign Cars by 55+ Consumers by Age, Gender, and Work Status

Consumer Profile: Travel

  • Retired Men Want Active Vacation Trips, Working Men Want to Relax
  • Table 7-38: Attitudes toward Travel by 55+ Consumers by Age, Gender, and Work Status
  • Foreign Trips Often Taken by Retired Women
  • Table 7-39: Foreign Trips Taken in Last Three Years by 55+ Consumers by Age, Gender, and Work Status
  • Europe and Mediterranean Popular Destinations for 60+ Travelers on Cruise Ship Vacations

Table 7-40: Cruise Ship Vacations by 55+ Consumers by Age, Gender,
and Work Status

  • Domestic Travel Driven by Work
  • Table 7-41: Domestic Round Trips by 55+ Consumers by Age, Gender, and Work Status

Consumer Profile: Health Care and Pharmaceuticals

  • Working Women More Conscious of Aging
  • Table 7-42: Attitudes of 55+ Consumers toward Health by Age, Gender, and Work Status
  • Age Not Only Predictor of Illness
  • Table 7-43: Ailments Reported by 55+ Consumers by Age, Gender, and Work Status
  • Attitudes toward Using Medications Vary
  • Table 7-44: Use of Medications by 55+ Consumers by Age, Gender, and Work Status
  • Use of OTC Remedies Analyzed
  • Table 7-45: Use of Over-the-Counter Remedies by 55+ Consumers by Age, Gender, and Work Status

55+ Consumers and The Internet

  • Today’s Retirees Little Affected by the Internet
  • Table 7-46: Impact of the Internet on Lifestyles of 55+ Consumers by Age, Gender, and Work Status
  • Table 7-47: Attitudes toward Online Shopping by 55+ Consumers by Age, Gender, and Work Status
  • Older Boomers Look to the Internet More
  • Table 7-48: Online Activities of 55+ Consumers by Age, Gender, and Work Status

Chapter 8 Media
Print Media

  • Growth Projected for Magazines Targeting 55+ Readers
  • Magazines Get High Rating from Older Consumers
  • Table 8-1: Attitudes of 55+ Readers toward Print Media by Gender and Age Group
  • Many Differences in Readership of Men’s Magazines
  • Table 8-2: Magazines Popular with 55+ Men by Age Group
  • Some Women’s Titles Have Broad Appeal in 55+ Age Group
  • Table 8-3: Magazines Popular with 55+ Women by Age Group

Television

  • Median Age of Network Viewer Continues to Rise
  • Television Gains Importance with Age
  • Table 8-4: Attitudes of 55+ Consumers toward Television by Gender and Age Group
  • CBS Maintains Lead among 55+ Viewers
  • Table 8-5: Networks Viewed in Primetime by 55+ Consumers by Gender and Age Group
  • Primetime Viewing Habits Analyzed
  • Table 8-6: Primetime Viewing Habits of 55+ Consumers by Gender and Age Group
  • Favorite Cable TV Services Listed
  • Table 8-7: Cable TV Services Popular with 55+ Viewers by Age Group

Radio

  • Aging of America Will Affect Radio Formats
  • Men Depend More on Radio
  • Table 8-8: Attitudes of 55+ Readers toward Radio by Gender and Age Group
  • Popular Radio Formats Discussed
  • Table 8-9: Radio Formats Popular with 55+ Consumers by Gender and Age Group

Online Media

  • Men in Late 50s Most Likely to Access Online News
  • Table 8-10: Use of Online Media by 55+ Consumers by Gender and Age
  • Internet Still Has Little Impact on Media Usage of 55+ Consumers
  • Table 8-11: Impact of Internet on Media Usage by 55+ Consumers by Gender and Age

Chapter 9 Marketing and Advertising Strategies
Overview

  • Major Companies Begin to Take Notice of Market
  • Young Media Planners Still Seen as Obstacle
  • Life Stages Seen as Way to Segment 55+ Market
  • Values Segmentation Also Important

Impact of Advertising on 55+ Consumers

  • Women More Receptive to Advertising
  • Table 9-1: Attitudes of 55+ Consumers toward Advertising in General
  • Older Viewers Least Likely to Watch TV Ads
  • Table 9-2: Attitudes of 55+ Consumers toward Television Advertising
  • Older Readers Less Likely to Read Magazine Ads
  • Table 9-3: Attitudes of 55+ Consumers toward Print Advertising

Case Studies

  • Florida Updates Marketing Campaign to Capture New Generation
  • of Retirees
  • Sony Targets “Zoomers”
  • Anheuser-Busch Learns to Talk to Lifestyle, Not Age
  • Bank of America Redesigns Branches to Cater to Older Customers
  • Ford Targets Older Drivers with New Sedan
  • Automakers Attract Older Buyers with AARP Coupons

Chapter 10 Size and Growth of the Market
Industry Highlights

  • 55+ Consumers Represent $168 Billion Market for Food Industry
  • Table 10-1: Aggregate Annual Expenditures for Food and Beverage by 55+ Consumer Units, 2002
  • Household Furnishings and Equipment Purchases Total $47 Billion
  • Table 10-2: Aggregate Annual Expenditures for Household Furnishings and Equipment by 55+ Consumer Units, 2002
  • 55+ Consumers Spend Billions on Taking Care of Homes
  • Table 10-3: Aggregate Annual Expenditures for Selected Categories of Household Operations and Housekeeping Supplies by 55+ Consumer Units, 2002
  • Expenditures on Women’s Apparel in 55+ Category Add Up to $21 Billion
  • Table 10-4: Annual Expenditures for Apparel and Footwear by 55+ Consumer Units, 2002
  • New Vehicle Purchases Top $54 Billion
  • Table 10-5: Annual Expenditures for Vehicles and Related Expenses by 55+ Consumer Units, 2002
  • Health Care Sector Dominated by 55+ Households
  • Table 10-6: Annual Expenditures for Health Care by 55+ Consumer Units, 2002
  • Entertainment Expenditures Exceed $62 Billion
  • Table 10-7: Annual Expenditures for Entertainment by 55+ Consumer Units, 2002
  • 55+ Consumers Form Major Market for Publishers
  • Table 10-8: Annual Expenditures for Miscellaneous Products and Services by 55+ Consumer Units, 2002

Buying Power of 55+ Consumers

  • Buying Power Used as Measure of 55+ Market
  • Buying Power of 55+ Consumers Nears $2.4 Trillion
  • Table 10-9: Buying Power of 55+ Consumers by Age Group, 2004
  • Buying Power Will Exceed $3.4 Trillion in 2009
  • Table 10-10: Projected Growth in Buying Power of People Aged 55 Years and Over, 2004-
  • Table 10-11: Projected Growth in Buying Power of 55- to 59-Year-Olds, 2004-2009
  • Table 10-12: Projected Growth in Buying Power of 60- to 74-Year-Olds, 2004-2009
  • Table 10-13: Projected Growth in Expenditures by People Aged 75 Years and Over, 2004-2009

Chapter 11 Strategic Trends and Opportunities
Strategic Trends

  • Major Differences Seen in 55+ Market of the Future
  • Table 11-1: Comparison of Selected Characteristics of 55+ Market, 2005 vs. 2020
  • Most Growth in U.S. Market Will Occur in Older Age Groups
  • Table 11-2: Size and Growth of Population of Under-45 and Over-45
  • Age Groups, 2000-2020
  • Figure 11-1: Percent of Adult Population 45 Years Old and Over, 2000-2030
  • Experts See Need for New Vocabulary for Aging
  • New Generation of Retirees More Sharply Divided into Haves
  • and Have-Nots

Marketing Opportunities

  • Many Growth Opportunities Seen in the Future
  • Table 11-3: Selected Future Growth Opportunities in 55+ Market
  • More People Working Past “Retirement Age” Will Create New Class of Consumer and Generate New Opportunities
  • Companies Capitalizing on Shifts in 55+ Market Will Be Rewarded
  • Desire for Creature Comforts Expected to Drive New Entrants to 55+ Market
  • Home Builders Will Benefit from Retiring Homebuyers Trading Up,
  • Not Scaling Back
  • Shift Seen from Buying Things to Acquiring Experiences
  • Growth in Older Age Groups Will Also Create Opportunities

Appendix Selected 55+ Consumer Market Resources