Baby Boomers Stats…Are You Looking For Extra Income

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Baby Boomers Stats…Are You Looking For Extra Income

Size of the Baby Boomers and Senior Markets:

 

Great Income opportunity

 

baby boomers

Baby Boomer income

  • 77 million people were born between 1946 and 1964, which is defined as the baby boomers era (U.S. Census).
  • The first baby boomers turned 60 on January 1, 2006.
  • An American turns 50 every 7 seconds—that’s more than 12,500 people every day (U.S. Census).
  • As of 2009, 48 is the largest age group in the United States (U.S. Census).
  • By 2015, those aged 50 and older will represent 45% of the U.S. population (AARP).
  • By 2030, the 65-plus population will double to about 71.5 million, and by 2050 will grow to 86.7 million people (U.S. Census).

Wealth of Baby Boomers and Seniors:

  • 78 million Americans who were 50 or older as of 2001 controlled 67% of the country’s wealth, or $28 trillion (U.S. Census and Federal Reserve).
  • Households headed by someone in the 55-64 age group had a median net worth of $112,048 in 2000—15 times the $7,240 reported for the under 35 age group (U.S. Census and Federal Reserve).
  • The 50+ have $2.4 trillion in annual income, which accounts for 42% of all after-tax income (U.S. Consumer Expenditure Survey).
  • Adults 50 and older own 65% of the aggregate net worth of all U.S. households (U.S. Consumer Expenditure Survey).

Spending Habits of Adults 50+:

  • Adults 50+ account for an estimated $2 trillion in total expenditures for 2005.
  • This group has $2.3 trillion in disposable income.
  • Between now and 2010, the total spending for 50+ households will increase by over $900 billion.
  • By 2010, adults 45-years-old and older will out-spend younger adults by $1 trillion annually.
  • In 2004, people aged 50 and older spent an average of 47.6 percent of their family’s budget on “nonessentials” (Bureau of Labor).
  • 50% of baby boomers plan to buy a new home after retirement (Del Webb Survey).
  • As of January 2007, baby boomers are 27% more likely than any other generations to embark on a major home improvement or repair in the next 6 months (Consumer Intentions and Actions Study).
  • 96 percent of baby boomers participate in word-of-mouth or viral marketing by passing product or service information on to friends (ThirdAge and JWT Boom).

Online Habits of Baby Boomers 50+:

  • One-third of the 195.3 million Internet users in the U.S., adults aged 50+ represent the Web’s largest constituency (Jupiter Research).
  • Two-thirds of Americans age 50-64 use the Internet (SeniorNet).
  • Email is the most popular online activity among 50+ users, followed by web browsing, research, and shopping (ThirdAge and JWT Boom).
  • 72% of baby boomers have broadband Internet in their homes (ThirdAge and JWT Boom).
  • Baby Boomers 50+ spend an average of $7 billion online annually (SeniorNet).
  • The Internet is the most important source of information for baby boomers when they make a major marketing purchase, such as automobiles or appliances (Zoomerang).
  • 42% of all travel industry purchases happen online, and adults 50+ account for 80% of all luxury travel spending (Pew Internet and American Life Project).
  • 82% of adults aged 50+ who use the Internet research health and wellness information online (Pew Internet and American Life Project).
  • By the end of 2007, the number of mature social networkers is expected to top 20 million (Deloitte).

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Great Baby Boomer Income Opportunity

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