2022
9
US Baby Boomers and Technology Market Report 2022
2022-07-13T04:11:00+01:00
OX1102911
3695
153105
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Report
en_GB
“Baby Boomers account for one in five Americans and more than half the country’s wealth. While they have trailed younger generations in adopting new technology and digital services, the pandemic…

US Baby Boomers and Technology Market Report 2022

£ 3,695 (Excl.Tax)

Description

This Baby Boomers and Technology market report provides comprehensive and current information and analysis of the Baby Boomers and Technology market including Baby Boomers and Technology market size, anticipated market forecast, relevant market segmentation, and industry trends for the Baby Boomers and Technology market in the US.

Current market landscape

At about 70 million, Baby Boomers are now the second largest generation in the US, having been surpassed by the 76 million strong Millennial generation. While Baby Boomers as a share of the population are shrinking, they hold considerable wealth and command significant spending power.

Baby Boomers represent an opportunity for tech brands. Members of this age group, which have been later to adopt newer technologies and digital services, are increasing their use of tech. Baby Boomers currently own smartphones at a similar rate as the general population, and nearly four out of 10 say they play video games on mobile devices. Advancing tech ownership and driving digital activity among Baby Boomers could result in lucrative gains if brands can make a compelling use case for adoption.

Future market trends in Baby Boomers and Technology

Currently, the biggest obstacle for tech brands appealing to Baby Boomers is the economy – not just rising inflation but severe losses in stock market investments, which will certainly impact Baby Boomers’ confidence. As most of this segment is either retired or nearing retirement, disruptions to their financial situation could severely limit spending on household tech, personal tech, and digital entertainment.

Read on to discover more about the Baby Boomers and Technology consumer market, read our US Older Generations: Online Shopping Behaviors Market Report 2021, or take a look at our other Third Age research reports.

Quickly understand Baby Boomers Market Research in the US

  • Baby Boomers’ wealth and potential market spend in the consumer tech space.
  • Baby Boomers’ tech ownership: leading products and potential opportunities for growth.
  • Evolving digital media consumption of Baby Boomers.
  • Top channels to connect with Baby Boomers in gaming.
  • Baby Boomers’ attitudes toward technology.

Expert analysis from a specialist in the Baby Boomers and Technology market

This report, written by Fiona O’Donnell, a leading analyst in the Multicultural, Lifestyles, Travel and Leisure sector, delivers in-depth commentary and analysis to highlight current trends in Baby Boomers and digital technology, and add expert context to the numbers.

Baby Boomers account for one in five Americans and more than half the country’s wealth. While they have trailed younger generations in adopting new technology and digital services, the pandemic served as a catalyst for many tech holdouts and they are quickly expanding their digital behaviors. Their size, wealth and relatively new interest makes Baby Boomers an opportunity for tech brands.

Director - Multicultural, Lifestyles, Travel & Leisure
Fiona O’Donnell
Senior Director, US Reports

Table of Contents

  1. Overview

    • What you need to know 
      • This Report looks at the following areas
        • Definition 
          • Market context
          • Executive Summary 

              • Top takeaways 
                • Market overview 
                  • Figure 1: Analyst outlook on Baby Boomers and technology, 2022-27
                • Opportunities
                  • Baby Boomers have the wealth to spend on new technology and digital services
                    • Figure 2: Share of US wealth, by generation, 2020
                  • Many Baby Boomers have picked up casual mobile gaming behaviors
                    • Figure 3: Devices used for gaming in the past three months, by Baby Boomers, 2022
                  • Healthcare integration an opportunity among Baby Boomers
                    • Figure 4: Wearable technology ownership, by generation, 2022
                  • Challenges
                    • Economic realities could erode Baby Boomer confidence and ability to spend on tech
                      • Figure 5: Consumer Price Index change from previous period, 2007-22
                    • Complexity of new tech a barrier to adoption
                      • Figure 6: Attitudes toward technology usage, by Baby Boomers, 2022
                    • Media consumption habits are hard to break
                      • Figure 7: Digital media consumption – NETs, by Baby Boomers, 2022
                  • Baby Boomers by the Numbers 

                    • Baby Boomers – Large but shrinking demographic
                      • Figure 8: Current and forecast population, by generation, 2016-26
                      • Figure 9: US population, by generation, 2016-26
                    • Most Baby Boomers report a healthy financial situation
                      • Figure 10: Share of US wealth, by generation, 2020
                      • Figure 11: Household income distribution shares, by age of householder, 2021
                      • Figure 12: Current financial situation, by generation, 2022
                    • More consumers are working into their 60s and 70s
                      • Figure 13: Labor force participation rate of older adults, by age, 1997-2017
                      • Figure 14: Current employment of Baby Boomers, 2022
                    • Baby Boomers head South and West in retirement
                      • Figure 15: Zip codes with the largest share of Millennials and Baby Boomers, 2022
                  • Market Factors 

                    • Rising home prices benefit Baby Boomers
                      • Figure 16: Homeownership rate, by age of householder, 2019
                    • Inflation could derail retirement plans 
                      • Figure 17: Consumer Price Index change from previous period, 2007-22
                    • Slumping stock market a concern for Boomers reliant on equities
                      • Figure 18: S&P 500 and Dow Jones Industrial Average year-to-date performance, 2022
                    • Rising healthcare costs will erode Baby Boomer wealth in retirement
                    • Competitive Strategies and Market Opportunities 

                      • Increasing tech adoption benefits smartphones and adjacent categories
                        • Lively focuses on tech solutions for senior living
                          • Products relating to aging should be discreet
                            • Facebook is the social media platform of choice for Baby Boomers
                              • Figure 19: Daily social media usage, by generation, 2022
                            • Promoting targeted content can increase appeal among Baby Boomers
                            • Baby Boomers and Technology – Fast Facts

                              • Baby Boomer smartphone ownership on par with general market
                                • Small segment of Baby Boomers active in the tech and digital space
                                  • COVID-19 accelerated Baby Boomers’ use of tech
                                    • Baby Boomers have room to grow when it comes to wearable tech
                                    • Home Tech Ownership

                                      • Baby Boomers lag younger generations in new home technology
                                        • Figure 20: Home tech ownership, by Baby Boomers, 2022
                                      • Younger household members drive video game console ownership among Baby Boomers
                                        • Figure 21: Baby Boomer video game console ownership, by household size and composition, 2022
                                      • Budget constrained Baby Boomers priced out of the tech category
                                        • Figure 22: Baby Boomer home tech ownership, by household income, 2022
                                      • Baby Boomer men more likely to equip the living room with new tech
                                        • Figure 23: Baby Boomer home tech ownership, by gender, 2022
                                    • Personal Tech Ownership

                                      • Baby Boomers have caught up in smartphone ownership but not on 5G
                                        • Figure 24: Smartphone and 5G smartphone ownership, by generation, 2022
                                      • Tablet computers are appealing to Baby Boomers
                                        • Figure 25: Tablet ownership, by generation, 2022
                                      • Baby Boomers lag in wearable technology
                                        • Figure 26: Wearable technology ownership, by generation, 2022
                                        • Figure 27: Smartwatch and activity tracker ownership, by generation, 2020-22
                                    • Digital Media Consumption

                                      • Baby Boomers rely on traditional media but are expanding their options
                                        • Figure 28: Digital media consumption – NETS, by Baby Boomers, 2022
                                        • Figure 29: Digital media consumption, by Baby Boomers, 2022
                                      • Wireless wearables ownership correlates with digital media consumption
                                        • Figure 30: Digital media consumption, by Baby Boomers and wireless wearable tech ownership, 2022
                                      • Cost cutting could spur digital streaming adoption
                                        • Figure 31: Baby Boomer digital media consumption, by household income, 2022
                                      • Baby Boomers less willing to spend on streaming
                                        • Figure 32: Attitudes toward video streaming, by Baby Boomers, 2022
                                    • Live Digital TV Streaming Behaviors

                                      • Baby Boomers get less utility from streaming digital TV
                                        • Figure 33: Live digital TV streaming behaviors, by Baby Boomers, 2022
                                      • Baby Boomers are comfortable recording their preferred programs
                                        • Figure 34: Live digital TV streaming behaviors – DVR usage, by generation, 2022
                                    • Baby Boomers and Gaming

                                      • Four in 10 Baby Boomers play mobile games
                                        • Figure 35: Devices used for gaming in the past three months, by Baby Boomers, 2022
                                      • Grandma and grandpa both game from time to time
                                        • Figure 36: Baby Boomers – Devices used for gaming in the past three months, by gender, 2022
                                      • Mobile gaming a bigger source of entertainment for low-income Baby Boomers
                                        • Figure 37: Baby Boomers – Any gaming and mobile gaming in the past three months, by household income, 2022
                                      • Baby Boomers aren’t spending their money on gaming
                                        • Figure 38: Mobile gaming behaviors, by Baby Boomers, 2022
                                        • Figure 39: Mobile gaming behaviors – Free-only vs paid, by Baby Boomers, 2022
                                      • Baby Boomer gaming attitudes point to very casual gaming behaviors
                                        • Figure 40: Attitudes toward gaming and mobile games, by Baby Boomers, 2022
                                    • Attitudes toward Technology

                                      • COVID-19 spurred greater tech use – Boomers likely to stick with new digital behaviors
                                        • Figure 41: Attitudes toward technology and the pandemic, by Baby Boomers, 2022
                                      • Ease-of-use critical for increasing tech adoption by Baby Boomers
                                        • Figure 42: Attitudes toward technology usage, by Baby Boomers, 2022
                                    • Appendix – Data Sources and Abbreviations

                                      • Data sources
                                        • Consumer survey data
                                          • Abbreviations and terms
                                            • Abbreviations
                                              • Terms

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