This report offers a complete analysis of American Baby Boomers from a consumer perspective. Below, we’ve summarised the key areas covered, defined the report scope, and offered handpicked insights from the report itself.
Key Areas Covered in this Report
- The Baby Boomer mindset related to life priorities including focusing on the future vs living in the moment or standing out vs fitting in.
- How value is defined including preference for buying products that last longer vs lower cost items that may need to be replaced and perception of store brands’ quality.
- Baby Boomers’ perceptions of their financial situation and inflation’s impact on their ability save.
- How various areas of personal wellness are prioritized.
Report Scope
Mintel defines Baby Boomers as the generation born between 1946 and 1964. In 2023, Baby Boomers are between the ages of 59 and 77. For the purposes of this Report, Mintel has further defined Boomer consumer segments as the following:
- Younger Boomers: those aged 59-64.
- Middle Boomers: those aged 65-72.
- Older Boomers: those aged 73-77.
US Baby Boomer Consumer Overview in 2023
Boomers are often thought of as a uniform group, however nuances exist within. Younger Boomers are just preparing to launch into retirement whereas Older Boomers will have settled in and looking stretch funds to ensure future comfort. Narrowing down the specific sub-segment of interest is key to creating meaningful messaging.
How to Market to Baby Boomers: Example Opportunity
When thinking of inclusion, it is also important to include older consumers. Seniors are identified as a top segment not authentically represented enough in the media today. Notably, brands that step up and challenge negative beliefs about Boomers will resonate well not only with older consumers themselves but also with a broader audience.
The above is just a snapshot of what our consumer report contains. For a complete analysis of marketing opportunities available to brands, purchase the full report. Readers of this report may also be interested in US Baby Boomers: Online Shopping Behaviours Market Report 2023.
Additional Features Included with Your Report Purchase
- Different Digital Formats:Â PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Infographic and an Excel Databook.
- Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.
Expert Recommendations from a Consumer Specialist
This report, written by Carol Wong-Li, a leading consumers and culture analyst, delivers in-depth commentary and analysis to provide opportunities to market to US Baby Boomers.
Maintaining quality of life now and into the future is the priority Baby Boomers. Financial stability makes them a more a discerning, though loyal, segment.
Carol Wong-Li
Director – Consumers & Culture
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- Key issues covered in this Report
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Executive Summary
- Consumer trends: key takeaways
- Opportunities
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Consumer Insights
- Consumer fast facts
- Consumer fast facts, cont.
- Baby Boomer preferences
- Graph 1: personal preferences, Baby Boomers vs overall, 2023
- Graph 2: personal preferences, Baby Boomers vs overall, 2023
- Graph 3: personal preferences, Baby Boomers, by stage, 2023
- Attitudes towards value
- Graph 4: value preferences, Baby Boomers vs overall, 2023
- Graph 5: value preferences, Baby Boomers vs overall, 2023
- Graph 6: value preferences, by perceived financial health, 2023
- Finances and the future
- Graph 7: personal preferences, Baby Boomers, 2023
- Graph 8: perceived impact of inflation on savings, Baby Boomers by stage, 2023
- Graph 9: own or rent current residence, Baby Boomers by stage, 2023
- Graph 10: number of generations living in household, Baby Boomers by stage, 2023
- Graph 11: financial circumstances, Baby Boomers by stage, 2023
- Wellness priorities
- Graph 12: ‘my body doesn’t work as well as it used to’ (any agree), Baby Boomers vs Overall, 2023
- Graph 13: wellness priorities, Baby Boomers vs overall, 2023
- Graph 14: health priorities, Baby Boomers by financial situation, 2023
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Current Opportunities and Market Activity
- Opportunity: showcase how boomers thrive with age
- Opportunity: connect in-person interactions to wellness
- Current market activities
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The Market
- Market context
- Baby Boomers by the numbers
- Graph 15: population by generation, 2018-28
- Graph 16: number of people living in household, Boomers vs overall and Boomers by stage, 2023
- Graph 17: have children of any age (including 18+) in houshold, Baby Boomers vs overall and Boomers by stage, 2023
- Graph 18: employment status, by generation, 2023
- Graph 19: employment status, retired – not working, Baby Boomers vs overall and Boomers by stage, 2023
- Graph 20: perceived financial health, by generation, 2023
- Graph 21: homeownership, by age of householder, Q4 2022
- Graph 22: most important measures for financial happiness (any rank), Boomers vs overall, 2022
- Boomers and inflation
- Graph 23: Consumer Price Index change from previous period, 2020-23
- Graph 24: Consumer Sentiment Index, 2019-23
- Graph 25: inflation is limiting how much money I am able to save (any agree), Boomers vs overall and Boomers by stage, 2023
- Graph 26: change in monitoring how money is spent compared to one year ago, Boomers vs overall, 2023
- Graph 27: financial circumstances, Baby Boomers by stage, 2023
- Graph 28: financial circumstances, Younger Boomers vs Boomers overall, 2023
- Boomers and health
- Graph 29: wellness priorities, Baby Boomers vs overall, 2023
- Graph 30: top three goals for the next year, 2023
- Boomers and technology in retail
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Appendix
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