How Senior Buyers Affect Various Industries

Automotive 
Cosmetics and Beauty
Finances and Insurance
Fitness  
Real Estate / Housing 
Travel
Vitamin and Nutritional Supplement 

Click here for a printable version of the information below.

Fitness Industry

• 55+ is the fastest growing demographic for health club memberships.
• 95% of organizations reching older adults found that a fitness/wellness center or physical activity program attracts new housing residents or club members.
• 88% of adults 44-56 years believe they will be more happier in retirement if they remain physically active.
• More older adults, from the senior Olympian to the non-exerciser with a hip replacement - are seeking personal trainers.
• Boomers understand the value of physical activity and are seeking residential communities, programs and facilities to find it. [Baby boomers are age 46 - 64 in 2010]
• Baby boomer women intend to remain active and tend to be more attracted to group classes as they are seeking a "communal experience" with each other. This is why circuit training facilities have been very popular with women.  [Women make up about 60% of the Senior Living readership]
• An increasing number of aging women are seeking weight training programs as it has youth enhancing and body transforming effects and aids in age-related problems (osteoporosis, muscle loss, joint disease, decreased coordination and hunched posture).
• The shift toward older tourists in the hiking and backpacking market has big revenue implications for tourism operators
• The Wii has rocked senior center and senior buyers have skyrocketed video game's sales, creating a hook for fitness classes and sports-oriented competitions.

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

Cosmetics and Beauty Product Industry

• Mintel International reveal that sales of anti-aging products grew an impressive 31% from 2002 through 2004
• In 2006 sales of anti-aging facial products have grown by 23%
• Market research finds boomers on average see themselves as 12 years younger than they actually are and plan on living longer than their actual life expectancy
• President of The Boomer Project (market research and consulting firm) says that if you have a product or service or company that can help boomers fulfill that quest for vitality in any aspect, you will be successful over the next 30 to 40 years

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

Real Estate / Housing Industry

• Represent largest share of home owners for every resale price point
• Seeking casual, easy living in smaller (but not small) homes
• Looking to downsize, but not downscale – want upscale living with less complication
• One in three say they currently have more house than they want or need
• 50% are likely to move to a more temperate climate
• They want it all – cozy and comfortable, yet airy and spacious; lots of visitors, but no mess or clutter; no stairs, but room for a stairmaster; less “stuff”, but a place for everything, especially the latest technology; and finally, they want their homes to be energy-efficient and “green”, but with deluxe amenities
• Nearly two-thirds find communities with an outdoor living focus an appealing option
• 21% would prefer to stay in current home after retirement
• 35% would prefer to buy a different or new home
• 17% would prefer to build a new home
• 15% would prefer to remodel their current home
• 12% would like to purchase a second home (allowing them seasonal living)
• 66% of the Silent Generation (aged 61+) have owned between two to five homes
• 66% of Baby Boomers (aged 42-60) have owned between two to five homes
• Baby boomers and older age groups are 70% more likely to own a second home or vacation home than the younger generations
• 28% of 42+ prefer ranch style homes
• 18% increase from 1998 to 2006 in awareness around age-restricted communities with more than 13% indicating they are likely or very likely to move to these communities
• 58% of people in Prairie provinces are likely to remain in current home
• In BC 32% are most likely to sell up or down size
• Of those 60+ who own homes, over 60% are mortgage free

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 alone
• When 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. 

Vitamin and Nutritional Supplement Industry

• Looking for diet, exercise and supplement solutions that can keep them dancing to life, and out of the doctors offices
• Arthritis affects approximately 40 million Americans with majority being 45+
• Looking for supplements to aid in prevention of brain diseases such as Alzheimer’s, heart disease, prostate complications, and Osteoporosis
• Big gains are expected in products for memory improvement, vision care and prostate care
• Specialist eye care supplement makers such as Bausch and Lomb, and mainstream multivitamin manufacturers like Wyeth Healthcare are now making a point of including lutein in the formulas to prevent the onset of the progressive eye disease age related macular degeneration