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Today's "age of retirement" is being reimagined as the "age of possibilities." In huge numbers, Boomers and Gen Xers are redefining their second stage of life, focusing on what really matters to them and exploring the exciting opportunities that come along with more financial freedom and buying power and a lifetime of acquired skills, knowledge, dreams, and self-awareness.
Many are closer than any generation before them to adult children and grandchildren, and huge numbers see the second half of life as the perfect time to launch a new career, start a business, or engage deeply with meaningful volunteer work.
Active, engaged, informed and productive, Boomers and Gen Xers make up a majority of the buying audience - 51% of all consumer expenditures are made by buyers 50+. For marketers, the time to engage this vital target market is now. Here's a snapshot of this demographic, by the numbers:
- There are more than 113 million people in the US aged 50+
- Boomers make up 45% of all US adults
- With 70% of US wealth, Boomers represent enormous buying power
- The 50+ demographic represents a $30+ billion dollar market opportunity
- With Gen Xers right behind them, Boomers will represent 68% of adult population growth in the next 10 years
- Adults 50+ make up 31% of the workforce; 37% plan to keep working after they officially retire
- 1 in 3 Millennials lives with their Boomer parents, influencing buying decisions
- Nearly half of all people in restaurants or traveling across the United States are 50+
- Most importantly, 80% of adults 50+ say they have a lot of living left to do
It's an exciting time for marketers who want to get in on the opportunity to drive revenue by engaging the 50+ consumer with products, services and marketing reimagining the second stage of life right along with them. Interested in sharing your brand message with this powerful demo? Let's talk.