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Marketing to Baby Boomers - US - July 2019

Covered in this report

Mintel defines Baby Boomers as the generation born between 1946 and 1964. In 2019, Baby Boomers are between the ages of 55 and 73.

Baby Boomers were the first generation born in the years after World War II. This year, Baby Boomers range in age from 55 to 73. They make up about 22% of the US population and represent approximately 72 million Americans. Boomers grew up with more favorable financial circumstances than younger generations and pack more spending power today than Millennials or Generation Z.

"The Baby Boomers are entering their senior years; 10,000 Americans turn 65 each day. Brands and businesses often overlook this group of 72 million consumers, but there are plenty of opportunities associated with this vibrant, but aging, population. They are staying in the workforce longer than previous generations, are tech savvy and feel good about the future."
- Kristen Boesel, Senior Lifestyles and Leisure Analyst

This Report looks at the following areas:

  • Not all Boomers are at the same life stage
  • Most Boomers feel good about the future
  • Many Baby Boomers are at risk of social isolation

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Overview
          • Key takeaway: not all Boomers are at the same life stage
            • Figure 1: Labor force participation rate of older adults, by age, 1997-2017
            • Figure 2: Boomer attitudes towards continued employment, March 2019
            • Figure 3: Baby Boomers’ regrets, by employment status, March 2019
          • Opportunities
            • Key takeaway: most Boomers feel good about the future
              • Figure 4: Boomer attitudes, March 2019
            • Opportunities
              • Key takeaway: many Baby Boomers are at risk of social isolation
                • Figure 5: Distribution of households, by age of householder and type of household, 2018
              • Opportunities
                • What it means
                • The Market – What You Need to Know

                  • 72 million, but shrinking
                    • The Boomer single lady boom
                      • The silver tsunami of retiring Boomers
                        • Not all Boomers are financially ready to retire
                          • Aging in luxury
                          • Baby Boomers by the Numbers

                            • Demographics
                              • An important but shrinking market
                                  • Figure 6: Population by generation, 2019
                                  • Figure 7: US population by generation, 2014-24
                                • Less diverse than younger generations
                                  • Figure 8: US generations by race and Hispanic origin, 2018
                                • Marriage and family
                                  • Gray divorce
                                    • Single Boomer women are growing market
                                      • Figure 9: Marriage status of women, by age, 2018
                                      • Figure 10: Marital status, by age and gender, 2018
                                  • Issues Impacting Baby Boomers

                                    • Historical context
                                      • Financial circumstances
                                        • Not all Boomers can fund retirement
                                          • Cost of insurance strains financial resources
                                            • But Boomers are still wealthier than younger Americans
                                              • Figure 11: Attitude towards own savings, by generation, march 2019
                                            • Changing family dynamics and lifestyles
                                              • Other generations need their help
                                                • Solo aging and a shortage of caregivers
                                                  • Figure 12: Distribution of households, by age of householder and type of household, 2018
                                                • Transitioning to care communities
                                                  • Denial is not just a river in Africa
                                                    • Case study: Ventana by Buckner
                                                      • Figure 13: Ventana by Buckner on Good Morning Texas, October 2016
                                                  • Key Trends – What You Need to Know

                                                    • Coming to terms with time
                                                      • The aging population offers opportunities for businesses
                                                        • Boomers are often ignored
                                                          • Technology is not a barrier
                                                          • Mintel Trends to Watch

                                                              • Without a Care: meeting the growing need for accessible health care
                                                                • Case study: CVS HealthHUBs
                                                                  • Figure 14: Alan Lotvin, Executive Vice President, Transformation, CVS Health, November 2018
                                                                • No Resting Place and the “death wellness” movement
                                                                  • Case study: Megilla’s legacy video service
                                                                    • Figure 15: Screenshot from Megilla website, June 2019
                                                                • What’s Working

                                                                  • Intergenerational travel
                                                                    • YouTube and digital video
                                                                      • CoverGirl and Maye Musk
                                                                        • Figure 16: Maye Musk in COVERGIRL + Olay Simply Ageless Foundation | #IAmWhatIMakeUp by COVERGIRL, April 2019
                                                                        • Figure 17: Simply Ageless: Happy 71st Birthday Maye Musk | COVERGIRL, April 2019
                                                                    • What’s Not Working

                                                                      • The quest for immortality
                                                                        • RAADfest
                                                                          • Young blood
                                                                            • Ageism in the workplace
                                                                              • Marketers often overlook Baby Boomers
                                                                                • Tech companies underestimate Boomer abilities
                                                                                  • Figure 18: Tweet and video from John Legere announcing #Unlimited55, August 2017
                                                                                • Opportunities for health and wellness brands to serve Boomers better
                                                                                  • Figure 19: Goals for 2019, among Baby Boomers, February 2019
                                                                              • What’s Next

                                                                                • Alternatives to CCRCs
                                                                                  • Cohousing communities
                                                                                    • Case study: Shepherd Village
                                                                                      • Figure 20: Screen shots from Shepherd Village website, June 2019
                                                                                    • Multigenerational housing
                                                                                      • The internet offers convenience and privacy
                                                                                        • Rory serves menopausal women
                                                                                          • Femtechs help keep incontinence private
                                                                                            • Figure 21: Screenshot of Lily Bird website, June 2019
                                                                                        • The Consumer – What You Need to Know

                                                                                          • An optimistic perspective
                                                                                            • Self-confident and conformist
                                                                                              • Brands should steer clear of controversy
                                                                                                • Despite strong feelings, politics should be kept private
                                                                                                  • Living life online as much as everyone else
                                                                                                    • Retirement savings impact retirement plans
                                                                                                    • Positive Outlook

                                                                                                        • Content with where their lives are now
                                                                                                          • Figure 22: Boomer attitudes, March 2019
                                                                                                        • Optimistic about the future
                                                                                                          • Less stressed than younger generations
                                                                                                            • Figure 23: Boomers’ stressors, indexed against general adult population, March 2019
                                                                                                            • Figure 24: Percentage whose financial situation “stresses them out,” by generation, March 2019
                                                                                                        • Self-perceptions

                                                                                                            • Boomers want to fit in
                                                                                                              • Figure 25: Boomer attitude towards fitting in vs standing out, March 2019
                                                                                                            • Boomers feel financially secure
                                                                                                              • Figure 26: Correspondence Analysis – Symmetrical map – Generational perspectives, March 2019
                                                                                                            • Traditional values and faith differentiate Boomers
                                                                                                              • Figure 27: Boomers’ self-perceptions, indexed against general adult population, February 2019
                                                                                                              • Figure 28: Differentiating self-perceptions, by generation, February 2019
                                                                                                          • Boomer Values

                                                                                                              • All Americans value integrity, compassion and work ethic
                                                                                                                • Boomers think their values should be America’s values
                                                                                                                  • Figure 29: Boomers’ most important values, indexed against general adult population, February 2019
                                                                                                                  • Figure 30: Differentiating American values, by generation, February 2019
                                                                                                                • Tepid feelings towards brands representing personal values
                                                                                                                  • Courting controversy is not a good strategy
                                                                                                                    • Figure 31: Boomer attitudes towards brands representing personal values, March 2019
                                                                                                                    • Figure 32: Best ways for brands to represent values, among Baby Boomers, March 2019
                                                                                                                • Political Views

                                                                                                                    • They feel strongly about political issues
                                                                                                                      • Figure 33: Issues Boomers feel strongly about, indexed against general adult population, March 2019
                                                                                                                    • However, they would prefer to avoid discussing politics
                                                                                                                      • Figure 34: Views on talking about politics, by generation, February 2019
                                                                                                                    • They question the possibility of American unity
                                                                                                                      • Figure 35: Boomer attitudes towards divisiveness in America, March 2019
                                                                                                                  • Technology

                                                                                                                      • Device use: smart to smartphones and tackling tablets
                                                                                                                        • Boomer women lead in mobile device use
                                                                                                                          • Figure 36: Smartphone use among Baby Boomers, November 2018
                                                                                                                          • Figure 37: Boomer tech device use, by gender and age, November 2018
                                                                                                                        • Opportunities for tablets
                                                                                                                          • Figure 38: Mobile device uses, by smartphones and tablets, November 2018
                                                                                                                        • Not afraid to live online
                                                                                                                          • Untapped opportunities for smart speakers
                                                                                                                            • Figure 39: Boomer digital behaviors, indexed against general adult population, March 2019
                                                                                                                          • Case study: Amazon Show
                                                                                                                            • Figure 40: Amazon Echo Show: Cooking Together, February 2019
                                                                                                                        • Money Matters

                                                                                                                            • Extra money goes into savings
                                                                                                                              • Figure 41: How Baby Boomers spend extra money, February 2019
                                                                                                                            • Case study: Chase Private Client campaign
                                                                                                                              • Figure 42: Chase Private Client presents: Free to Fly, April 2019
                                                                                                                            • Top regret is investment-related
                                                                                                                              • Figure 43: Baby Boomers’ regrets, March 2019
                                                                                                                            • Working Boomers more likely to regret investments
                                                                                                                              • Figure 44: Baby Boomers’ regrets, by employment status, March 2019
                                                                                                                          • Working vs Retired Baby Boomers

                                                                                                                              • Working Boomers are younger with a higher household income
                                                                                                                                • Figure 45: Demographic profile of Baby Boomers who work full-time, March 2019
                                                                                                                              • Living longer, working longer
                                                                                                                                • Figure 46: Labor force participation rate of older adults, by age, 1997-2017
                                                                                                                                • Figure 47: Boomer attitudes towards continued employment, March 2019
                                                                                                                              • Case Study: WOOLN
                                                                                                                                • Figure 48: Screenshots from WOOLN website, June 2019
                                                                                                                              • Universal desire for balance and stability in the workplace
                                                                                                                                • Figure 49: Baby Boomers’ ideal job traits, March 2019
                                                                                                                              • Connections between demographics and retirement
                                                                                                                                • Retired Boomers are more engaged with Facebook
                                                                                                                                  • Figure 50: Demographic profile of Baby Boomers who are not employed, March 2019
                                                                                                                                • Retired Boomers seem more satisfied with life
                                                                                                                                  • Figure 51: Boomer attitudes, by employment status, March 2019
                                                                                                                              • Appendix – Data Sources and Abbreviations

                                                                                                                                • Data sources
                                                                                                                                  • Consumer survey data
                                                                                                                                    • Consumer qualitative research
                                                                                                                                      • Abbreviations and terms
                                                                                                                                        • Abbreviations
                                                                                                                                          • Generations
                                                                                                                                          • Appendix – The Market

                                                                                                                                              • Figure 52: Population by generation, 2014-24
                                                                                                                                              • Figure 53: Population by race, Hispanic origin, and generation, 2018
                                                                                                                                              • Figure 54: Distribution of households, by age of householder and type of household, 2018
                                                                                                                                              • Figure 55: Marital status, by age, 2018
                                                                                                                                              • Figure 56: Marital status of women, by age, 2018
                                                                                                                                              • Figure 57: Marital status of men, by age, 2018
                                                                                                                                              • Figure 58: Labor force participation rate of older adults, by age, 1997-2027

                                                                                                                                          Marketing to Baby Boomers - US - July 2019

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