updated 6/12/23
It’s time to throw out the assumptions about baby boomers. They’ve laid the groundwork for the “Silver Economy,” a global consumer base worth $2.6tn. While Millennials are now the largest generation by population share, Boomers still hold 51% of the wealth in the U.S.
Their influence and spending power are undeniable, yet this demographic is plagued by ageism and a simple lack of consideration in some retail categories. As these consumers pull back the curtains on their third act, it’s imperative that brands not miss their opportunity to connect with the new boomer.
Generation Re-Invention
It would be foolish to overlook the influx of digital elements into physical retail experiences. That wave, propelled by a global pandemic, has many brands testing digital-only or digital-heavy concepts that remove the human element altogether. To accommodate, consumers are setting new expectations and adopting new shopping habits.
Boomers should no longer be considered laggards when it comes to digital. According to Statista, by the end of 2021, 90% of Boomers shopped online for a product. As a whole, they are the most significant growing e-commerce shopper, showing unrivaled consumer resilience. Outside of easy product access, social connection is a significant driver beyond Boomer tech adoption, though many believe tailored solutions are lacking. 68% responded in a recent survey that tech is not designed with older people in mind.
Being aware of this generation’s adaptable behavior should empower brands to continue innovating without leaving this key demographic out of the mix.
Pursuit of Purpose
On a search for fresh experiences and fulfillment unrelated to career objectives, consumers are returning to travel/world exploration. Boomers and Millennials are leading the travel rebound globally, with Boomers traveling 27 days per year on average. This translates to a large group of individuals looking for experiences worth their time but also the luggage, technology, apparel, and more that might make the trip more enjoyable.
Others are retiring for re-hire. Working for well-being, boomers are finding solace in new creative outlets regardless of pay specifics. Over 56% of Americans find purpose in working for well-being, and companies see this as an opportunity. Advertising agency, Thinkerbell hosts paid internships solely for applicants 55 and beyond, seeing the value in this demographic’s perspective.
Health is Wealth
With tech adoption and healthcare data tools comes a newfound sense of health management. It’s projected that the average 60-year-old still has an entire third of their life to live, hence the term “a third act.” As it stands, almost 70% of adults ages 50-65 manage their personal health routine and keep track of a healthy lifestyle. This is to not only helping this demographic live longer but also positions them as a target health and wellness consumer.
More than just healthcare advances are making the aforementioned third act more regarding. Boomers are increasingly living more active lifestyles. Fitness for many Boomers has become less of a chore and more of a welcome escape or even a social activity. Last year fitness ambitions grew by 59% for baby boomers, creating a workout renaissance across the globe. UK studies found that Brits in their 60’s and 70’s are just as likely to cite fitness as a coping mechanism in life.
It’s easy to see why the global activewear market is forecast to hit $423.5bn by 2025 (Statista, 2020).
Game On
Gaming is no longer reserved for the young. 55-64-year-olds make up the fastest-growing demographic of gamers in the world, up by 32% since 2018, granted that includes a few Gen Xers. Not only has online gaming increased the social connection video games provide, but gaming, in general, has been shown to boost cognitive functions, relieve stress, and ease depression-related symptoms. Oh, but the mental health benefits could be even more powerful than we originally thought. Recent studies show that playing video games for 30 minutes a day could help an individual gradually fight the effects of dementia.
Consumers have much more similarities than differences, and boomers are showing their ability to not just keep up but trailblaze shopping trends in their own way. It’s an age of opportunity for brands who include instead of overlook.
Knowledge is power, especially when it comes to living a long and healthy life. Learn how advances in healthcare data tools are empowering individuals to take control of their health. It’s all in our recent article here >
