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Senior Lifestyles - US - December 2017

"There are more than 50 million seniors aged 65+ in the US and this age group is growing more than three times faster than the total population, making them an important segment for marketers to consider. Since their career concerns are largely in the rearview mirror, seniors today are focused on their health, as well as the health of their personal relationships. Many seniors find that the role of their spouse becomes elevated when their children leave the house, resulting in a renewed appreciation for this partnership."

- Dana Macke, Associate Director, Lifestyles & Leisure

This report looks at the following areas:

  • As people age, the role of the spouse is elevated
  • Health is a primary area of focus
  • Today's seniors are financially stable, but tomorrow's seniors may not be
  • Seniors show little faith in younger generations

 

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Overview
          • Seniors and marriage
            • As people age, the role of the spouse is elevated
              • Figure 1: Priorities, goals, and attitudes – Marriage and relationships, August 2017
            • Seniors and health
              • Health is a primary area of focus
                • Figure 2: Priorities, goals, and attitudes – Health, August 2017
              • Seniors and finances
                • Today’s seniors are financially stable, but tomorrow’s seniors may not be
                  • Figure 3: Areas of optimism – Finances, August 2017
                • Seniors and the future
                  • Seniors show little faith in younger generations
                    • Figure 4: Attitudes toward the future and younger generations, August 2017
                  • What it means
                  • The Senior Market – What You Need to Know

                    • Seniors are the fastest-growing population segment
                      • Senior women outnumber senior men
                        • Older adults live in smaller households
                          • Solo households are likely single women
                            • Homeownership may be key to senior wealth
                              • Most retire in their early 60s
                              • Seniors by the Numbers

                                • Senior population continues to grow
                                  • Figure 5: Population aged 65 or older, 2012-22
                                  • Figure 6: Population aged 18 or older, by age, 2017 and 2022
                              • Demographics and Characteristics of Seniors

                                • Women significantly outnumber men in the 65+ market
                                  • Figure 7: Ratio of males to females, by age, 2017
                                • Household size shrinks with age
                                  • Figure 8: Average number of people, by age of householder, 2016
                                • Most seniors share life with a partner
                                  • Figure 9: Marital status, by age, 2016
                                • More than a quarter of aging women live alone
                                  • Figure 10: Households, by age of householder and type of household, 2016
                              • Market Perspective

                                • Senior partnership may not include marriage
                                  • Healthcare providers may struggle to meet growing demand
                                    • Figure 11: Visited provider to treat at least yearly (net), August 2017
                                • Market Factors

                                  • Homeownership rates high for those 50+
                                    • Figure 12: Homeownership rate, by age of householder, 2016
                                  • Seniors may have more wealth than previously reported
                                    • Figure 13: Median value of net worth for families with holdings, by age of householder, 2016
                                  • Seniors may have a limited budget, despite a higher net worth
                                    • Figure 14: Median household income, by age of householder, 2015
                                  • Labor force participation drops precipitously at age 60
                                    • Figure 15: Labor force participation of people aged 16 or older, annual averages, by age, 2016
                                  • Life expectancy drops, but seniors remain healthy
                                    • Figure 16: Life expectancy in the US, 1900-2011
                                • Key Trends – What You Need to Know

                                  • Senior market attracts telecom interest
                                    • Door-to-door services work for seniors with limited mobility
                                      • Brands capitalize on senior interest in health
                                        • Rising interest rates put seniors at risk
                                          • Lifestyle changes may lead to “grey divorce”
                                            • Media efforts toward diversity should include senior representation
                                            • What’s In?

                                              • Telecoms expand their reach to seniors
                                                • Figure 17: Get ready for #Unlimited55! Anyone 55+ can grab 2 lines of T-Mobile ONE for $60, August 2017
                                              • Ride-share services look to improve access for seniors
                                                • Creative housing solutions help seniors age in place
                                                  • Seniors branch out to improve health
                                                    • Sex-ed goes beyond the middle school crowd
                                                      • For senior discounts, is 50 the new 65?
                                                      • What’s Out?

                                                        • The financial landscape is shifting for seniors
                                                          • Retirement can put undue stress on a marriage
                                                            • #OscarsSoYoung
                                                              • Risk-taking seniors particularly susceptible to financial fraud
                                                                • Boomers remain skeptical of short-term rentals
                                                                  • Changes to reverse mortgage policies make them less attractive
                                                                  • What’s Next?

                                                                    • Brands tackle the problem of loneliness
                                                                      • Figure 18: Ohmni: The Race
                                                                    • Niche meal delivery services test out the senior market
                                                                      • Nostalgia may jumpstart VR market for older Americans
                                                                        • Figure 19: BETTVR WITH AGE – TEASER, April 20217
                                                                    • The Consumer – What You Need to Know

                                                                      • Majority of seniors live with a partner
                                                                        • Most seniors are online, but fewer are adopting new technologies
                                                                          • Maintaining good health is crucial to seniors
                                                                            • Married seniors put their spouse first
                                                                              • Optimistic seniors treasure their partnerships
                                                                                • Uncertainty for the country apparent in senior attitudes
                                                                                  • Seniors are happy with the past and looking forward to the future
                                                                                  • Living Situations

                                                                                      • Seniors most likely to live with a partner
                                                                                        • Figure 20: Current living situation, August 2017
                                                                                      • Longer lifespans leave women more likely to live alone
                                                                                        • Figure 21: Current living situation – Select items, by gender, August 2017
                                                                                      • Low-income seniors may have less social support
                                                                                        • Figure 22: Current living situation – Select items, by household income, August 2017
                                                                                      • Small spaces may result in urban dwellers living alone
                                                                                        • Figure 23: Current living situation – Select items, by location type, August 2017
                                                                                    • Technology Usage

                                                                                        • Seniors engage with technology, but adopt slowly
                                                                                            • Figure 24: Tech used regularly, August 2017
                                                                                          • Use of text messaging may indicate a tech-savvy senior
                                                                                            • Figure 25: Tech used regularly, by age, August 2017
                                                                                          • Stable finances may foster tech proficiency
                                                                                            • Figure 26: Tech used regularly, by household income, August 2017
                                                                                          • Seniors are filling their online carts
                                                                                            • Figure 27: Tech used regularly – Online shopping, by select demographics, August 2017
                                                                                        • Current Priorities

                                                                                            • Seniors focus on self-care
                                                                                              • Figure 28: Current priorities, August 2017
                                                                                            • A focus on health increases with age
                                                                                              • Figure 29: Current priorities – Select items, by age, August 2017
                                                                                            • Low-/middle-income seniors may need support improving health
                                                                                              • Figure 30: Current priorities – Select items, by household income, August 2017
                                                                                            • Employment status has little effect on nonwork priorities
                                                                                              • Figure 31: Current priorities – Select items, by employment status, August 2017
                                                                                          • Future Goals

                                                                                              • After kids are gone, partnerships take priority
                                                                                                  • Figure 32: Future goals, August 2017
                                                                                                • Older seniors want to carve out time for family
                                                                                                  • Figure 33: Personal goals – Select items, by age, August 2017
                                                                                                • Health and family are particularly important for senior women
                                                                                                  • Figure 34: Personal goals – Select items, by gender, August 2017
                                                                                                • Travel is less accessible for low-/middle-income seniors
                                                                                                  • Figure 35: Personal goals – Select items, by household income, August 2017
                                                                                              • Outlook on Lifestyle

                                                                                                  • Kids’ financial future is a question mark
                                                                                                    • Figure 36: Areas of optimism – Personal factors, August 2017
                                                                                                  • Optimism increases with age
                                                                                                    • Figure 37: Areas of optimism – Personal factors, by age, August 2017
                                                                                                  • Financial stability can affect perceptions of personal relationships
                                                                                                    • Figure 38: Areas of optimism – Personal factors, by household income, August 2017
                                                                                                  • Marital status can influence optimism across areas
                                                                                                      • Figure 39: Areas of optimism – Personal factors, by marital status, August 2017
                                                                                                  • Outlook on America

                                                                                                      • Low levels of optimism for the future of the US
                                                                                                        • Figure 40: Areas of optimism – External issues, August 2017
                                                                                                      • Older seniors demonstrate more optimism across the board
                                                                                                        • Figure 41: Areas of optimism – External issues, by age, August 2017
                                                                                                      • Marital status can impact perceptions of the outside world
                                                                                                        • Figure 42: Areas of optimism – External issues, by marital status, August 2017
                                                                                                    • Attitudes and Opinions

                                                                                                        • Seniors have fulfilling lives, but may be looking to expand social circles
                                                                                                            • Figure 43: Senior attitudes, August 2017
                                                                                                          • Women may have more social support than men
                                                                                                            • Figure 44: Senior attitudes – Sociability, by gender, August 2017
                                                                                                          • High household income makes both the past and future look rosier
                                                                                                            • Figure 45: Senior attitudes – Regret and life satisfaction, by household income, August 2017
                                                                                                          • Both men and women are happy they tied the knot
                                                                                                              • Figure 46: Senior attitudes – Partnership, by gender, August 2017
                                                                                                            • Senior men and women engage with the world in different ways
                                                                                                              • Figure 47: Senior attitudes – Engagement, by gender, August 2017
                                                                                                          • Senior Segments

                                                                                                              • Factors
                                                                                                                • Figure 48: Senior segments, August 2017
                                                                                                              • Segment 1: Positive Thinkers (36%)
                                                                                                                • Demographics
                                                                                                                  • Characteristics
                                                                                                                    • Opportunity
                                                                                                                      • Segment 2: Social Butterflies (33%)
                                                                                                                        • Demographics
                                                                                                                          • Characteristics
                                                                                                                            • Opportunity
                                                                                                                              • Segment 3: Fret Setters (31%)
                                                                                                                                • Demographics
                                                                                                                                  • Characteristics
                                                                                                                                    • Opportunity
                                                                                                                                    • Appendix – Data Sources and Abbreviations

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

                                                                                                                                                    • Figure 49: Population aged 18 or older, by age, 2012-22
                                                                                                                                                    • Figure 50: Number and ratio of males to females, by age, 2017
                                                                                                                                                    • Figure 51: Average number of people, by age of householder, 2016
                                                                                                                                                    • Figure 52: Households, by age of householder and type of household, 2016
                                                                                                                                                    • Figure 53: Marital status, by age, 2016
                                                                                                                                                    • Figure 54: Median household income, by age of householder, 2015
                                                                                                                                                    • Figure 55: Median household net worth, by age of householder, 2016
                                                                                                                                                    • Figure 56: Labor force status of people aged 16 or older, annual averages, by age, 2016
                                                                                                                                                    • Figure 57: Homeownership rate, by age of householder, 2016

                                                                                                                                                Senior Lifestyles - US - December 2017

                                                                                                                                                £3,435.47 (Excl.Tax)