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Lifestyles of Baby Boomers in the United States 2009
Mintel, Oct 2009
The two years since the last Mintel report on Baby Boomers, Spending Power of Baby Boomers—U.S., February 2007, have seen dramatic changes in the US economy. Beginning in late 2007 and intensifying in 2008, consumers have been assaulted by the credit crisis, foreclosures, bank failures and consolidations, and a plummeting stock market. As a result they are less secure and less trusting—especially those closer to retirement.
With the recession as context, this report looks at the attitudes and behavior of the Baby Boomer segment and its habits across industries such as personal finance, apparel, health and medicine, and food and dining out. Mintel also places an emphasis on attitudes and behaviors between Younger Boomers (aged 45-54) vs. Older Boomers (55-64), as the sub-segments vary significantly in various attitudes and lifestyle choices.
The analysis indicates that a company’s relationship with Boomers’ communities can have a significant impact on the probability of purchase, but like other segments of the population, convenience, availability, and cost often have the greatest influence on probability of purchase. This is one of the key reasons that Mintel concludes, overall, that while Boomers have some unique preferences and needs, they live, shop and buy in a manner that is often quite similar to other demographics.
The following questions are explored throughout the report:
- In which categories are Baby Boomers spending money? How are they impacted by various media?
- How secure are Baby Boomers about their finances and what are Boomers investing in?
- What are the travel habits of Baby Boomers and their attitudes toward foreign and domestic travel?
- Where do Baby Boomers shop and dine out?
- How do Baby Boomers feel about health and medicine, and insurance?
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