How Senior Buyers Affect Various Industries

Automotive Industry

  • The average North American household purchases 13 cars over a lifetime
  • 7 vehicles are purchased after the head of the household turns 50
  • AutoPacific research indicates Boomers will maintain their pace of car buying with 54% of Boomers expecting to keep their vehicles 4 years or less, 26% 3 years or less
  • Nissan has realized that there is more money in the hands of seniors and there are more seniors on earth and as a result, have introduced rear parking cameras and is also developing a system with cameras dotted around the vehicle to give motorists a bird’s eye aerial view of the car on a dashboard display
  • Ford unveiled a concept Crossover called an Airstream designed to satisfy the retirees who have time to travel
  • The Nissan Bevel is another concept Crossover is aimed at ageing baby boomers (specifically 45-60 year old men)
  • Baby boomers keep RV market rolling. The typical RV owner is 49 and married with a $68,000 annual household income
  • Baby boomers are interested in fun-to-drive cars and performance cars, especially in the luxury arena – marketing director of Saab USA
  • They purchase 41% of all new cars and 50% of all luxury cars

Finances and Insurance Industry

  • Growing need for new retirement-oriented products with aging population
  • Upcoming retirement of baby boomers creates an enormous opportunity for companies that offer retirement services
  • Cross-selling of insurance products such as long-term care insurance (LTCI) with retirement products will generate the best results
  • Faced with the likelihood that they will outlive their finances
  • Healthy couples aged 65 has a 50% likelihood of seeing one of them live to age 92, a 25% chance that one will survive to age 97
  • There is a large demand for LTCI as approximately half the population over the age of 85 requires help with activities such as eating, bathing, cleaning, shopping, or going to the bathroom. LTCI is not covered by traditional health-insurance policies
  • 75% of investors ages 45-55 will seek out a retirement advisor for the first time or change financial advisors
  • Advisors need to help clients envision what their retirement will look like, and secure the income they need to meet their retirement goals
  • One of advisors' biggest challenges is helping them understand that the budget process in complicated and challenging
  • # 1 concern of mature Canadians is their personal finances
  • They represent most important segment for financial products and services
  • 61% own mutual funds
  • 41% have RRSPs
  • 54% have investments outside of RRSPs
  • 49% own stocks
  • 50% own investment real estate
  • 64% use a full service broker
  • 53% use a financial planner

Travel Industry

  • More than 81 million older adults are planning to travel in the next year
  • Collectively they plan to spend a total of $126 billion on their next trip aloneWhen it comes to airlines, hotels, motels and cruise lines, boomers and matures display very little brand loyalty with only 10% using the same company all the time
  • Nearly 11 million people aged 50+ planning on travelling more regularly over the next five to ten years
  • Travel is at the top of their agendas with 54% wanting to travel more regularly and to long-haul destinations and a further 22% wanting to go on a once in a lifetime holiday in the next decade
  • Travel takes priority over spending more time with friends and family (48%) getting fit (37%) and finding a healthier way of life (31%)
  • Huge demographic eager to try new experiences and with plenty of money to spend
  • Estimated that boomers spend 40% more time vacationing and 74% more money on a traditional vacation that the 18-34 year old set.
  • According to Canada’s tourism Industry: Industrial Outlook (Spring 2008) adults aged 55 to 75 are considered to be the number one largest and are in their prime traveling time.

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Comments

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Hello. MY HUSBAND AND I, WE ARE 65 YEARS OLD, A WE LIKE TRAVELING 3 WEEKS A YEAR, AND WE ENJOY TRAVEL AND WE ALWAYS SAW , A TALK WITH ELDERLY PEOPLE, MOST OF THEM ARE HEALTHY, , I THINKS , WE LIKE TO GO TO KNEW NEW CONTRIES, FOOD, ENJOY THE SAND, MOONLIGTHS, AND TO GO LONG DESTINATIONS LIKE INDIA, THAILAND, ETC. THANKS. MAGDALENA MARRUFFO MONTERREY N.L. MEXICO ABILITY.MTY@GMAIL.COM

Posted by magdalena marruffo | October 20, 2014 Report Violation

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