US Baby Boomers seek authenticity and respect for their life experiences. Successful marketing strategies will strike a balance between recognizing evolving capabilities and treating Baby Boomers as active, capable consumers.
Marketing to US Baby Boomers – Current Trends
Baby Boomers are aged between 60 and 78 in 2024 and number an estimated 68 million in the US. While waning in their cultural cachet, they still hold great political and economic sway through their accumulated wealth and influence. As they complete their transition into retirement and draw upon these resources, many will seek financial consulting and solutions to both adjust to a fixed income and maximize the value of their assets.
Marketing efforts should emphasize how products or services can help them achieve their goals and make a meaningful impact, rather than focus solely on age-related benefits. Avoid stereotypes or assumptions about their interests or abilities, as this generation is diverse and often defies traditional expectations of aging. That said, behavioral and health changes due to aging are a reality.
US Baby Boomers – Consumer Statistics
- US boomer retirement plans: Over two-fifths of US boomers are worried about who will take care of them when they get older, and almost half of non-retired baby boomers state they won’t be able to retire as early as expected.
- US baby boomer consumer perceptions:Â Almost two-thirds of US boomers see themselves as accepting and open-minded.
- US baby boomer spending habits:Â Almost half of US baby boomers rank dining out as one of their top spending priorities for the next 12 months.
US Marketing to Baby Boomers Consumer Report – What’s Inside?
Key Topics Analyzed in this Report
- Financial situations and life stage of Baby Boomers, their expectations and preparedness for retirement
- Baby Boomers’ self-perceptions vs how they are viewed by the general public, and the marketing implications
- An analysis of different segments of Baby Boomers based on their attitudes towards culture
- Their relationship with social media and technology
- Stressors and concerns of Baby Boomers
- What they have purchased, plan to purchase and their plans for the future
- Examples and principles of successful marketing to Baby Boomers
Meet the Expert Behind the Analysis
This report was written by Hiro Takemasa, Mintel’s Senior Consumer Lifestyles Analyst. Hiro joined Mintel in 2024. He draws from more than a decade of experience in marketing, R&D, regulatory and market research in CPG and specialty chemical industries. Hiro has an MBA in Marketing & MS in Biochemistry from the University of Illinois.
Baby Boomers, already the largest retirement population, are tapping into their considerable wealth to fund activities that personally fulfill them.
Hiro Takemasa
Senior Consumer Lifestyles Analyst
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Executive Summary
- What you need to know
- Market predictions
- What consumers want & why
- Opportunities
- Opportunities for maintaining Baby Boomers’ quality of life
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Market Dynamics
- Market context
- Inflation fell again in June, continuing a three-month trend of declines
- Graph 1: headline CPI and shelter CPI, 2022-24
- Rising healthcare costs should be an oversized concern for Baby Boomers
- Graph 2: monthly healthcare CPI for those aged 62 and above, 2014-24
- Baby Boomers by the numbers
- Baby Boomers grew up during the height of the American Dream
- Historical context on Baby Boomer wealth accumulation
- Baby Boomers will hit “Peak 65” in 2024
- Graph 3: population, by generation, 2018-28
- Graph 4: population distribution, by generation, 2018-28
- Financial retirement planning is a must for Baby Boomers
- Graph 5: Baby Boomers’ retirement status, 2022-24
- Understanding the diversity among Baby Boomers – exploring factors from marital status to living arrangements
- Racial diversity and household makeup
- Graph 6: household makeups, Baby Boomers, 2024
- Graph 7: generations, by race, 2023
- Marital status and political affiliation
- Graph 8: marital status, by generation, 2024
- Graph 9: political ideology, by generation, 2024
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Consumer Insights
- Consumer fast facts
- Consumer fast facts, continued
- Finances and fiscal behavior
- Assist Baby Boomers to unlock the maximum value of their assets
- Graph 10: average household net worth, by generation of householder, 2022
- Expect changes in spending patterns as Baby Boomers’ discretionary income fluctuates in retirement
- Graph 11: after-tax income minus expenditures, annual average, by generation, 2016-22
- Align marketing strategy with trends in perceptions of financial health
- Graph 12: perceived financial health, 2024; Baby Boomers, 2022-24
- In addition to financial health, Baby Boomers’ needs are a reflection of their household and life stage
- Graph 13: Baby Boomers’ perceptions of financial situation, by select demographics, 2024
- With inflation impacting renters the most, prepare affected Baby Boomers for changes in living arrangements
- Graph 14: primary residence ownership status, by all adults and Baby Boomers, by financial health and living arrangements, 2024
- Assist Baby Boomers’ transition to multi-generational households
- Graph 15: number of generations living in household, 2024; Baby Boomers, 2022-24
- For Baby Boomers who opt to stay put, offer home updates for enhanced livability
- The wealth transfer is happening NOW – help Baby Boomers balance retirement and support for their children
- Graph 16: financial help received from parents in past two years, by generation, 2024
- Four in 10 Baby Boomers give financial support to their children or grandchildren
- Multi-gen households and working Baby Boomers are big financial supporters
- Graph 17: Baby Boomers’ financial support of their children or grandchildren, by select demographics, 2024
- Leverage Baby Boomers’ inclination towards financial conservatism and desire for stability
- Graph 18: fiscal habits and attitudes, by all adults and Baby Boomers, 2024
- Household and retirement
- The diversity of Baby Boomers’ retirement funds requires management
- Graph 19: retirement fund sources, by all adults and Baby Boomers, by retirement status, 2024
- Expectations vs realities of quality of life after retirement: mitigate surprises
- Graph 20: quality of life change with retirement, by all adults and Baby Boomers, 2024
- Address the unique challenges of retiring single Baby Boomers
- Graph 21: Baby Boomers’ financial situation and monetary behaviors, by marital status, 2024
- Older single women are financially vulnerable, men are emotionally vulnerable
- Connect2Affect combats social isolation among older adults
- Retirement expectations vs reality part two: easing retirement anxiety
- Graph 22: retired and working Baby Boomers’ expectations and realities of retiring as expected, by financial health, 2024
- Charles Schwab “Own Your Tomorrow”
- Generational perceptions
- Baby Boomers and older are perceived as incumbents tapped into global power structure
- Consumers’ perceptions of older and younger generations vary
- Gain trust and credibility by avoiding dissonances in perception
- Graph 23: perceptions of self and of Baby Boomers, by all adults and Baby Boomers, 2024
- Validate the historical roles Baby Boomers have had on societal change
- Graph 24: Baby Boomers’ self perception vs all adults’ perception of Baby Boomers, 2024
- Baby Boomers express a desire for empathy for their experiences
- Lighting of the Olympic Cauldron – honoring the past and connecting to the future
- Everyone thinks everyone else is close-minded; defensiveness tends to grow with age
- Graph 25: perception of accepting/open-mindedness, by self and generation, 2024
- Acknowledge the aspirations of Baby Boomers
- Graph 26: Baby Boomers’ age-related attitudes and perceptions, 2024
- Segmenting Baby Boomers’ attitudes towards culture
- Cultural diversity less of a priority for Baby Boomers
- Graph 27: attitudes towards culture (any agree), by all adults and Baby Boomers, 2024
- Cultural attitude segments of Baby Boomers
- Graph 28: Baby Boomer cultural attitudes segments, 2024
- Focused on Familiarity
- Multiculturally Experienced
- Cross-culturally Curious
- Traditionalists
- Baby Boomers’ cultural attitudes are reflected in their self-perceptions
- Graph 29: Baby Boomers’ self-perceptions, by cultural attitude segment indexed to all, 2024
- Multicultural messaging more likely to be appreciated by Baby Boomers with wider social exposure
- Graph 30: Baby Boomers’ attitudes towards culture (any agree), by social exposure, 2024
- Relationship with social media and technology
- Facebook continues to dominate Baby Boomers’ social media use
- Graph 31: social media sites used daily, by all adults and Baby Boomers, 2024
- Baby Boomers’ social media usage and variety slowly increasing
- Graph 32: Baby Boomers’ social media sites used daily, 2022-24
- Social media marketing is effective for many Baby Boomer demographics
- Graph 33: Baby Boomer daily social media users, by select demographics, 2024
- Maintain civility in social media content geared towards Baby Boomers
- Graph 34: social media opinions, by all adults and Baby Boomers, 2024
- Accommodate for all levels of tech comfort
- Mintel Trend Driver: Technology
- AI holds great potential for increasing tech ease of use for Baby Boomers
- Graph 35: familiarity and experience with generative AI, by generation, 2024
- AI-assisted natural language interface opportunities
- Baby Boomer activities and purchases
- The “TV generation” lives up to their name
- Graph 36: leisure activities enjoyed the most (any rank 1-3*), by all adults and Baby Boomers, 2024
- Foodservice inflation may be having an oversized effect on Baby Boomers
- Graph 37: discretionary spending priorities in the past 12 months (any rank*), by all adults and Baby Boomers, 2024
- Future demand for both dining out and overnight stays
- Graph 38: discretionary spending priorities – hypothetical $500 in the next 30 days (any rank 1-3)*, by all adults and Baby Boomers, 2024
- Empty nest, new horizons
- Graph 39: Baby Boomers’ attitudes towards life and retirement and top five year priorities, by parental status, 2024
- Life priorities, stressors and concerns
- Baby Boomers see physical health as a prerequisite to fully enjoying their main priorities
- Graph 40: top priorities for the next 5 years (any rank*), by all adults and Baby Boomers, 2024
- Fixed incomes and increased stakes in societal outcomes fuel Baby Boomers’ top concerns
- Graph 41: top concerns for the next six months (any rank 1-3*), by all adults and Baby Boomers, 2024
- Outside of finances and politics, health conditions are a top source of stress among Baby Boomers
- Graph 42: top stressors (any rank 1-3*), by all adults and Baby Boomers, 2024
- Experiences, health and philanthropy represent the primary marketing opportunities for engaging Baby Boomers
- Many single/widowed/separated Baby Boomers require financial and health counseling
- Graph 43: Baby Boomers’ top concerns (any rank 1-3*) and priorities (any rank 1-3*), by marital status, 2024
- Baby Boomers are ready to try new things, but on their own terms
- Graph 44: social attitudes, by all adults and Baby Boomers, 2024
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Innovation and Marketing strategies
- TaskRabbit “Let them do it” campaign encourages seniors to ask for help
- Focus on ease of use when implementing telemedicine to address Baby Boomer healthcare needs
- Keys to intergenerational marketing – accessibility and shared interests
- Japan: a model travel destination for Baby Boomers
- Equity in representation is important for Baby Boomers, too
- Baby Boomers are at the frontier of assistive technology
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Appendix
- Market definition
- Consumer research methodology
- Consumer research questions
- Consumer research questions, continued
- Generations
- Correspondence analysis – methodology
- Cluster analysis methodology
- Abbreviations and terms
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