More 50+ Insights
Boomers are often credited with making 50 the new 30, but with more than half of this generation now over 60, they’re making 60-something look pretty darn good too.
Case in point: Christie Brinkley, who at 63 appeared in this year’s 2017 Sports Illustrated Swimsuit Issue rocking a bikini alongside her daughters—all the proof you need that 60 can be confident, sexy and in the spotlight.
Brinkley said, “In a country that’s very ageist, people love to put you in little boxes. Women feel very limited by their numbers. On a personal level, I thought, if I can pull this off, I think it will help redefine those numbers and remove some of the fear of aging.”
At 60 and beyond, Boomers continue to be a dynamic and powerful consumer segment. They may not be considered ‘young’, but their youthful energy has them constantly on the lookout for new and improved products and services that help them achieve the active, full lives after 60 that previous generations could only have imagined.
Here are 5 reasons for marketers to love 60-something Boomers:
#1 They represent a large and growing consumer market
At 37 million and growing, Americans age 60-69 have been the fastest-growing age decade since the turn of the century. By 2027, they will grow by an additional 4 million, while 20-somethings will decline by over 800,000. With size on their side, 60-something Boomers are a force to be reckoned with.
#2 They have big spending power
At nearly $471,000, according to MRI, the average net worth for 60-somethings is significantly greater than it is for Americans in their 20s (by 99%), 30s (+67%), 40s (+27%), and 50s (+13%).
Nearly half (40%) of today’s 60-somethings are still working, and according to MRI earning on average $61,500 annually, which is well above the U.S. norm of $52,800.
On top of that, many 60-somethings are choosing to forego leaving a large inheritance and instead are opting to spend on experiences they can share with their children and grandchildren in the moment.
#3 They’re not slowing down
Today’s60-somethings know they’ve still got it. Their mindset is characterized by a steadfast belief in their abilities, a desire to learn and try new things, and wanting to raise the bar on what’s possible at this life stage.
They understand the need to care for their health differently than when they were younger, so they pay more attention to their diets, stay informed about advances in healthcare, use supplements and prescription drugs when needed, and take fitness seriously. In fact, MRI data shows 60-somethings today are 232% more likely to workout at a fitness club than 60-somethings were a generation ago.
#4 They embrace technology that matters
Nearly 8 in ten 60-69 year-olds are online, and nearly 8 in 10 of those online use smartphones, according to MRI. While you may not find them on all the latest social platforms, they quickly adopt technology that meets their specific needs.
They are leading the charge for devices and services that make their homes more secure and efficient. Next up is technology that will help them monitor and manage their health.
Their demand for technology that improves their lives results in the development of products and services that will make life better for generations to come — something users of Reddit can’t claim.
#5 They’re a big influence on their adult children.
More than previous generations, Boomers and their adult children like, trust, and go to each other for advice. They are also more likely to share housing and cover costs their adult children can’t afford— from daily expenses to medical bills, cars, and education for grandchildren. Therefore, Boomers are often likely to make brand decision or at least make brand recommendations for products their adult children use, particularly for categories they have more experience in—think automotive, home remodeling, travel, and even retail sales and CPGs related to becoming a parent, according to15thnation.com
It was one thing for Boomers to change the face of 50, but to do the same for 60 is an even taller order they are fearlessly pursuing. Now more than ever, they are looking to marketers to provide the products, services and information that will help them expand the boundaries of possibility as they age.