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Marketing to Baby Boomers - US - December 2012

“Boomers face a host of financial challenges as they near retirement, which these may cause them to postpone as they build up funds. Boomers are using their resources to care for aging parents and adult children. Increases in human longevity necessitate greater funds to prevent outliving resources while increases in the occurrence of chronic conditions and rising medical costs mean more expenditure toward healthcare. Shifts in pension trends and changes in Social Security place more responsibility on individual savings. Crises in the stock market and housing market have diminished the value of assets and the prolonged period of low interest rates means much lower interest-based income. Despite these problems, Boomers are feeling somewhat more hopeful than they were last year and are looking forward to maintaining healthy and active lifestyles during retirement.”

– Ika Erwina, Retail, Apparel & Technology Analyst

Some questions answered in this report include:

  • How does the rise in multigenerational households impact Boomers?
  • Boomers as caregivers; what do they need to support this new role?
  • Are Boomers retirement prospects necessarily gloomy?
  • How can Boomers stay in control of their healthcare plans?

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Definition
        • Data sources
          • Consumer survey data
            • Advertising creative
              • Abbreviations and terms
                • Abbreviations
                  • Terms
                  • Executive Summary

                      • Demographics and factors driving the attitudes and behavior of boomers
                        • Boomers represent one quarter of the U.S. population
                          • Figure 1: U.S. population, by generation, 2012
                        • Boomers are heterogeneous, requiring a range of marketing approaches
                          • Figure 2: Baby Boomers’ profile, by race/Hispanic origin, 2012
                        • Boomers’ unemployment level is below the national average
                          • Figure 3: Labor-force status of Baby Boomers age 50-64, by gender, 2011
                        • Homeownership rate in decline
                          • Figure 4: Homeownership rate, by age of householder 45-54 and 55-64, 2001-11
                        • Multigenerational households
                          • Boomers head multigenerational households
                            • Figure 5: Family members other than children (including older than 18) living in Baby Boomers’ households, by Late and Early boomers, September 2012
                          • Care for aging parents
                            • Figure 6: Family members other than children (including older than 18) living in Baby Boomers’ households, by marital and relationship status, September 2012
                          • In a multigenerational household, Boomers are at least partly responsible for finances
                            • Figure 7: Baby Boomers’ shared responsibilities in a multigenerational household, September 2012
                          • Financial health and retirement readiness
                            • The structure of Boomers’ financial assets
                              • Figure 8: Percentage of Baby Boomers with investment products and major assets held, April 2011-June 2012
                            • Debt: mortgage, auto loan, and home equity
                              • Figure 9: Loans currently held by Baby Boomers, by selected loan type, April 2011-June 2012
                            • ‘At risk’ of failing to be able to retire at 65
                              • Figure 10: Percentage of households ‘at risk’ of failing to save enough money for retirement at age 65, by selected age groups, 2007 and 2010
                            • Most Boomers show a somewhat optimistic outlook on their financial health
                              • Figure 11: Baby Boomers’ perceptions of personal finances in the next 12 months, April 2011-June 2012
                            • Healthy lifestyle and healthcare costs
                              • Eating a well-balance diet
                                • Figure 12: Baby Boomers’ attitudes towards living a healthy lifestyle and appearance, April 2011-June 2012
                              • Concerns in rising cost of health insurance
                                • Figure 13: Baby Boomers’ attitudes towards healthcare and appearance, September 2012
                              • What we think
                              • Issues in the Market

                                  • How does the rise in multigenerational households impact Boomers?
                                    • Boomers as caregivers; what do they need to support this new role?
                                      • Are Boomers retirement prospects necessarily gloomy?
                                        • How can Boomers stay in control of their healthcare plans?
                                        • Insights and Opportunities

                                          • Providing a sound financial assistance now even more critical
                                            • Aging Baby Boomers require self-preventive care
                                              • Redefining self in a competitive workforce
                                                • Boomers want to stay active and appear young
                                                • Trend Applications

                                                    • Trend: Cam Cam
                                                      • Trend: No Degree, No Problem
                                                        • Inspire 2015 Trends
                                                          • East Meets West
                                                          • Demographic and Socioeconomic Characteristics

                                                            • Key points
                                                              • The Baby Boom generation accounts for nearly one quarter of the U.S. population
                                                                • Figure 14: U.S. population, by generation, 2012
                                                              • Late Boomers are on the cusp of the ‘traditional’ retirement age
                                                                • Figure 15: U.S. population, by age, 2007-17
                                                              • Heterogeneous Boomers necessitate unique marketing appeals
                                                                • Figure 16: Share of population by generation, by race/Hispanic origin, 2012
                                                              • The most married and most divorced generation
                                                                • Figure 17: Marital status, by age/generation, 2012
                                                                • Figure 18: Marital status of Boomers age 50-64, by gender, 2012
                                                              • Boomers: a highly educated generation
                                                                • Figure 19: Educational attainment, by age/generation, 2011
                                                                • Figure 20: Educational attainment of Boomers age 50-64, by gender, 2011
                                                              • Roughly one in eight Boomers are parents of children under 18
                                                                • Figure 21: Households with own children, by generation of householder, 2012
                                                              • Homeownership rate highest among older Boomers
                                                                • Figure 22: Homeownership rate, by age of householder, 2001-11
                                                              • One third of Boomers’ households comprise three more individuals
                                                                • Figure 23: Household size, by generation of householder, 2012
                                                            • Factors Driving the Attitudes and Behavior of Boomers

                                                              • Key points
                                                                • Late Boomers represents the majority of the Baby Boom population
                                                                  • Figure 24: Baby Boomers population, by Early and Late Boomers, 2012
                                                                • The Baby Boom unemployment level is below the national average
                                                                  • Figure 25: Labor-force status, by age/generation, 2011
                                                                  • Figure 26: Labor-force status of Boomers age 50-64, by gender, 2011
                                                                • Once unemployed, job opportunities are harder to obtain for Boomers
                                                                  • Figure 27: Duration of unemployment, by generation, 2011
                                                                • Younger Boomers more ‘at risk’ of not retiring at 65 than Older Boomers
                                                                    • Figure 28: Percentage of households ‘at risk’ of not being able to retire at age 65, by selected age groups, 2007 and 2010
                                                                  • Baby Boomer households have higher income than other generations
                                                                    • Figure 29: Income distribution of households, by generation, 2011
                                                                  • Younger Boomers incur high expenditures with depleted income
                                                                    • Figure 30: Average annual expenditures by major category, by all consumer units and consumer units with a reference person aged 45-64 and 55-64, 2011
                                                                    • Figure 31: Median household income for all households and households headed by individuals aged 45-54 and 55-64, in inflation-adjusted dollars, 2001-11
                                                                  • Obesity prevalent among Boomers
                                                                    • Figure 32: Prevalence of obesity among adults aged 20 and older, by gender, 2011
                                                                  • One third of Late Boomers are facing chronic illnesses
                                                                    • Figure 33: Prevalence of two or more of nine selected chronic conditions among adults aged 45 and older, by gender and age, 1999-2000 and 2009-10
                                                                    • Figure 34: Adults aged 45 and older without or who delayed getting chronic medical care/prescription drugs because of cost, 1999-2000 and 2009-10
                                                                  • Boomers are ‘aging in place’
                                                                    • Figure 35: Change in numbers of Baby Boomers’ and senior population, by states and selected metro areas, 2000- 2010
                                                                • Innovations and Innovators

                                                                  • Aging care technology I: GrandCare Systems
                                                                    • Figure 36: GrandCare System, 2012
                                                                  • Aging care technology II: Philips Medication Dispensing Service
                                                                    • Figure 37: Philips Medication Dispensing Service, 2012
                                                                  • Healthy lifestyle: Jawbone UP
                                                                    • Figure 38: Jawbone UP, 2012
                                                                  • Revolutionary workout I: Conductorcise
                                                                    • Revolutionary workout II: Bar Method
                                                                      • Figure 39: The Bar Method, 2012
                                                                    • Online health social media networks: WEGO Health
                                                                      • Brain training: Marbles the Brain Store
                                                                        • Online memorial planning and preparation: MyWonderfulLife.com
                                                                            • Figure 40: MyWonderfulLife.com, 2012
                                                                        • Marketing Strategies

                                                                          • Boomer brand reviews
                                                                            • Levi’s
                                                                              • Volkswagen
                                                                                • Pepsi
                                                                                  • Harley-Davidson
                                                                                    • Marketing strategies
                                                                                      • Aging—working with the inevitable
                                                                                        • Strategy: Real people talking about real issues
                                                                                          • Figure 41: Poise, “Second Conversation,” July 2012
                                                                                        • Strategy: Appealing to Boomers’ desire to feel ageless
                                                                                          • Figure 42: Viagra, “Made Of,” January 2012
                                                                                        • Strategy: Giving the power of free from pain
                                                                                          • Figure 43: Aleve, “Walk Ups,” January 2012
                                                                                        • Dating and appearance
                                                                                          • Strategy: Helping Boomers get back in the dating game
                                                                                            • Figure 44: OurTime.com, “New Love,” April 2012
                                                                                          • Strategy: L’Oréal’s Three-Pronged Fight Against Aging Skin
                                                                                            • Figure 45: L’Oréal, “3 Step Process,” November 2012
                                                                                          • Strategy: Just the Right Amount of Gray
                                                                                            • Figure 46: Just For Men, “Beachfront,” August 2012
                                                                                          • Managing the money—getting set for retirement
                                                                                            • Strategy: Making your Money Work Harder (So You Won't Have To)
                                                                                              • Figure 47: Charles Schwab, “Old Dogs New Tricks,” October 2012
                                                                                            • Strategy: Giving reasons to retire
                                                                                              • Figure 48: Merrill Lynch, “Act Two,” February 2010
                                                                                            • Strategy: Providing a solution for the ‘Next Step’
                                                                                              • Figure 49: AARP, “Always Growing,” February 2012
                                                                                            • Caring for the careers and having fun
                                                                                              • Strategy: Relieving frustration with caring for the aged
                                                                                                • Figure 50: AARP, “Silent Scream,” February 2012
                                                                                              • Strategy: Leveraging old memories—Ferris Bueller, Revisited
                                                                                                • Figure 51: Honda, “Matthew's Day Off,” February 2012
                                                                                              • Strategy: Passing down memory to offspring
                                                                                                • Figure 52: Radio Flyer, 2012
                                                                                            • Living Arrangements and Shared Responsibilities

                                                                                              • Key points
                                                                                                • Boomers and Boomerangs continue to cohabitate
                                                                                                  • Figure 53: Adult children living in Baby Boomers’ current households, by marital and educational status, September 2012
                                                                                                • Multi-generations living under Boomers’ roofs
                                                                                                  • Figure 54: Family members other than children (including older than 18) living in Baby Boomers’ households, by Late and Early boomers, September 2012
                                                                                                • Extended family and grandchildren mostly live with Early Boomer women
                                                                                                  • Figure 55: Family members other than children (including older than 18) living in Baby Boomers’ households, by gender and age, September 2012
                                                                                                • ‘Grandparenting’ remains imperative for Baby Boomers
                                                                                                  • Single Boomers are more likely to care for aging parents
                                                                                                    • Figure 56: Family members other than children (including older than 18) living in Baby Boomers’ households, by marital and relationship status, September 2012
                                                                                                  • Unemployed Boomers likely head multigenerational households
                                                                                                    • Figure 57: Family members other than children (including older than 18) living in Baby Boomers’ households, by employment, September 2012
                                                                                                  • Household responsibilities; mostly shared by Boomers
                                                                                                    • Figure 58: Responsibility sharing in a multigenerational household, by Late and Early Boomers, September 2012
                                                                                                • Multigenerational Household Sharing Arrangements

                                                                                                  • Key points
                                                                                                    • Boomers desire to be near family and to provide financial assistance
                                                                                                      • More than two fifths of Boomer households want to be closer to their family
                                                                                                        • Boomers are conflicted with financial obligations other than their own
                                                                                                          • Boomers tend to provide permanent and temporary housing solutions
                                                                                                            • One in eight Boomers provide health assistance to a family member
                                                                                                              • Figure 59: Reasons for living in multigenerational households, by Late and Early Boomers, September 2012
                                                                                                            • Boomer women—health and near family; men—assist finance/housing
                                                                                                              • Figure 60: Reasons for Baby Boomers living in multigenerational households, by gender, September 2012
                                                                                                            • Lower to medium income Boomer households afford health assistance
                                                                                                              • Figure 61: Reasons for Baby Boomers living in multigenerational households, by household income, September 2012
                                                                                                            • Non-married Boomers seek financial and permanent housing assistance
                                                                                                              • Figure 62: Reasons for Baby Boomers living in multigenerational households, by marital status, September 2012
                                                                                                          • Financial Perceptions and Spending Attitudes

                                                                                                            • Key points
                                                                                                              • Only one third of Boomers are hopeful in their financial outlook
                                                                                                                • Figure 63: Perceptions of personal finances and the U.S. economy, by generation, April 2011-June 2012
                                                                                                              • The majority of Boomers own financial assets
                                                                                                                • Figure 64: Investment products owned by Baby Boomers, by gender and age, April 2011-June 2012
                                                                                                              • Boomers’ debt: mortgages, auto loans, and home equity
                                                                                                                • Figure 65: Loans currently held by Baby Boomers, by gender and age, April 2011-June 2012
                                                                                                              • Late Boomers more optimistic about their financial outlook
                                                                                                                • Figure 66: Baby Boomers’ perceptions on personal finances and U.S. economy, by gender and age, April 2011-June 2012
                                                                                                              • Optimism improves with income
                                                                                                                • Figure 67: Baby Boomers’ perceptions of personal finances and the U.S. economic outlook, by household income, April 2011-June 2012
                                                                                                              • One fifth of Boomers will likely make a big- or medium-item purchase
                                                                                                                • Figure 68: Likelihood of spending on big- and medium-ticket items in the next 30 days, by younger/older Boomers, April 2011-June 2012
                                                                                                            • Perceptions of Living in Multigenerational Households

                                                                                                              • Key points
                                                                                                                • Boomers likely feel the pressure of living in a multigenerational household
                                                                                                                  • Figure 69: Perceptions about living in a multigenerational household, by generation, September 2012
                                                                                                                • Late Boomers are particularly inclined to share a household
                                                                                                                  • Figure 70: Baby Boomers’ perceptions about living in a multigenerational household, by Late and Early Boomers, September 2012
                                                                                                                • Multigenerational living due mainly to health reasons
                                                                                                                  • Figure 71: Perceptions of living in a multigenerational household, by reasons for sharing household with other adults, September 2012
                                                                                                              • Healthcare, Diet, and Youthful Appearance

                                                                                                                • Key points
                                                                                                                  • Boomers claim to eat healthier
                                                                                                                    • Figure 72: Attitudes toward living a healthy lifestyle and appearance, by generation, April 2011-June 2012
                                                                                                                  • Boomers’ top concern on healthcare: rising cost of health insurance
                                                                                                                    • Figure 73: Attitudes towards healthcare and appearance, by generation, September 2012
                                                                                                                  • The majority of Boomers enroll in health and life insurance
                                                                                                                    • Figure 74: Health and life insurance enrollments, by generation, April 2011-June 2012
                                                                                                                  • Late Boomers are more prepared for health-related expenditures
                                                                                                                    • Figure 75: Baby Boomers’ attitudes towards healthcare and appearance, by gender and age, September 2012
                                                                                                                • Attitudes Towards Career, Leisure, and Retirement

                                                                                                                  • Key points
                                                                                                                    • Keeping up with current events and being an expert are valued highly
                                                                                                                      • Figure 76: Baby Boomers’ perceptions on career, by Late and Early Boomers, September 2012
                                                                                                                    • Varied participations in hobbies among Boomers
                                                                                                                      • Figure 77: Baby Boomers’ past 12 month participations in leisure activities and hobbies, by gender and age, April 2011-June 2012
                                                                                                                    • Boomers aspire to stay active during their retirement
                                                                                                                      • Figure 78: Baby Boomers’ perceptions and aspirations for retirement, by gender and age, September 2012
                                                                                                                  • Impact of Race and Hispanic Origin

                                                                                                                    • Key points
                                                                                                                      • Black Boomers are likely to feel confident in their financial outlook
                                                                                                                        • Figure 79: Baby Boomers’ perceptions of personal finances and the U.S. economic outlook, by race/Hispanic origin, April 2011-June 2012
                                                                                                                      • Hispanic Boomers more likely to live in a multigenerational household
                                                                                                                        • Figure 80: Family members other than children (including over 18) living in Baby Boomers’ households, by Hispanic origin, September 2012
                                                                                                                      • Rising health insurance cost raises concerns among Hispanic Boomers
                                                                                                                        • Figure 81: Baby Boomers’ attitudes towards healthcare and appearance, by Hispanic origin, September 2012
                                                                                                                      • Perceptions and aspirations for retirement
                                                                                                                        • Figure 82: Baby Boomers’ perceptions and aspirations for retirement, by Hispanic origin, September 2012
                                                                                                                    • Appendix – Other Useful Consumer Tables

                                                                                                                        • Figure 83: Family members other than children (including older than 18) living in Baby Boomers’ households, by household income, September 2012
                                                                                                                        • Figure 84: Family members other than children (including older than 18) living in Baby Boomers’ households, by region, September 2012
                                                                                                                        • Figure 85: Baby Boomers’ spending attitudes on big- and medium-ticket items in the next 30 days, by household income, April 2011-June 2012
                                                                                                                        • Figure 86: Baby Boomers’ attitudes towards healthcare and appearance, by household income, September 2012
                                                                                                                        • Figure 87: Baby Boomers’ attitudes towards healthcare and appearance, by employment, September 2012
                                                                                                                        • Figure 88: Baby Boomers’ perceptions about living in a multigenerational household, by gender, September 2012
                                                                                                                        • Figure 89: Baby Boomers’ perceptions about living in a multigenerational household, by gender and age, September 2012
                                                                                                                        • Figure 90: Baby Boomers’ perceptions about living in a multigenerational household, by household income, September 2012
                                                                                                                        • Figure 91: Baby Boomers’ perceptions about living in a multigenerational household, by marital and relationship status, September 2012
                                                                                                                        • Figure 92: Baby Boomers’ perceptions about living in a multigenerational household, by employment, September 2012
                                                                                                                        • Figure 93: Baby Boomers’ perceptions about living in a multigenerational household, by region, September 2012
                                                                                                                        • Figure 94: Baby Boomers’ responsibility sharing in a multigenerational household, by gender, September 2012
                                                                                                                        • Figure 95: Baby Boomers’ responsibility sharing in a multigenerational household, by marital status, September 2012
                                                                                                                        • Figure 96: Baby Boomers’ responsibility sharing in a multigenerational household, by household income, September 2012
                                                                                                                        • Figure 97: Baby Boomers’ attitudes towards healthcare and appearance, by gender, September 2012
                                                                                                                        • Figure 98: Baby Boomers’ attitudes towards healthcare and appearance, by region, September 2012
                                                                                                                        • Figure 99: Baby Boomers’ attitudes towards work, career and keeping up appearance, by gender and age, September 2012
                                                                                                                        • Figure 100: Baby Boomers’ attitudes towards work, career, and keeping up appearance, by household income, September 2012
                                                                                                                        • Figure 101: Baby Boomers’ attitudes towards work, career, and keeping up appearance, by region, September 2012
                                                                                                                        • Figure 102: Baby Boomers’ attitudes to work, career, and keeping up appearance, by urban area, September 2012
                                                                                                                        • Figure 103: Baby Boomers’ perceptions and aspirations for retirement, by household income, September 2012
                                                                                                                        • Figure 104: Baby Boomers’ perceptions and aspirations for retirement, by employment, September 2012
                                                                                                                        • Figure 105: Baby Boomers’ perceptions and aspirations for retirement, by region, September 2012
                                                                                                                        • Figure 106: Investment products Baby Boomers own, by race/Hispanic origin, April 2011-June 2012
                                                                                                                        • Figure 107: Loans Baby Boomers currently have, by race/Hispanic origin, April 2011-June 2012
                                                                                                                        • Figure 108: Boomers’ spending attitudes on big- and medium-ticket items in the next 30 days, by race/Hispanic origin, April 2011-June 2012
                                                                                                                        • Figure 109: Baby Boomers’ health and life insurance enrollments, by race/Hispanic origin, April 2011-June 2012
                                                                                                                    • Appendix – Trade Associations

                                                                                                                      Companies Covered

                                                                                                                      • Facebook, Inc.
                                                                                                                      • Harley Davidson, Inc
                                                                                                                      • Levi Strauss
                                                                                                                      • LinkedIn
                                                                                                                      • Pepsi-Cola North America
                                                                                                                      • Twitter, Inc.
                                                                                                                      • Volkswagen of America, Inc.

                                                                                                                      Marketing to Baby Boomers - US - December 2012

                                                                                                                      £3,199.84 (Excl.Tax)