Senior Lifestyles - US - December 2013
“Today’s seniors are living longer, are more connected and informed, and lead a more active lifestyle than they did a few decades ago. As the 76 million strong Baby Boomer generation shifts toward senior status, the future over-65s will be even more diverse, tech savvy, active in the workforce, and exert greater market power.”
– Fiona O’Donnell, Senior Lifestyles & Leisure Analyst
This report looks at the following areas:
- How powerful is senior spending and what are they buying?
- What is the impact of the internet and social media?
- What are the top concerns and key issues that seniors face today?
In 2013, some 14.1% of the US population is aged 65+, which equates to about one in seven Americans who are considered a senior. By 2018, more than one in five adults will be part of the senior demographic, including nearly half of the Baby Boomer generation.
Despite a burgeoning population, marketing efforts inclusive of this demographic are less prevalent than one might expect – with the obvious exceptions of pharmaceuticals and retirement/investment products. Advertisements for consumer goods continue to focus on youth and family.
To ignore the senior population is to dismiss the consumption of nearly one fifth of the US adult population. Though seniors tend to spend less annually on consumer goods, basic household staples are purchased regularly, and brands that make an effort to speak to seniors in their advertising, to develop products that fulfill their needs, and make purchasing convenient, stand to benefit.
This report is the first from Mintel that investigates senior lifestyles. However, readers of this report may be interested in the analysis presented in Mintel’s Senior Purchasing Decisions – US, May 2010 and Seniors and Technology – US, April 2009.
For the purposes of this report, Mintel defines seniors as consumers aged 65+. The majority of Baby Boomers are not considered seniors, but are also discussed, when relevant to the discussion of seniors.
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