Financial and physical wellness have become mainstays of Baby Boomers, as they and other influential older American adults continually discover that some things in life truly do get better with age —including themselves. According to "Healthy 50+ Americans: Trends and Opportunities in the Emerging Wellness Market," by Packaged Facts, changes in thinking about what it means to get old have occurred alongside a rising concern by consumers of all ages about doing what it takes to improve their health and wellness.
“As Boomers turn 50 and enter their 60s, they carry with them a firm belief that getting older means getting better. Many look at aging simply as another life stage filled with opportunities for reinventing themselves and experiencing new possibilities for personal growth rather than as a signal to wind down their lives,” says Don Montuori, publisher of Packaged Facts.
The report defines “Healthy 50+ Consumers” as the 26 million Americans 50 years and over who are pursing a wellness regime that includes healthy eating and regular exercise activities such as fitness walking or swimming. Healthy 50+ Consumers have an aggregate household income of $1 trillion, and comprise 25% of adults in their age group and 12% of all adult consumers. Packaged Facts projects that the aggregate household income of Healthy 50+ Consumers will total $1.3 trillion in 2015, representing cumulative growth of 29% between 2010 and 2015.
The financial strength of Healthy 50+ Consumers makes them a formidable force regarding the nation’s big picture economic stability and recovery. Nearly one in four (24%) Healthy 50+ Consumers has a household income of $100,000 or more, compared to 17% of other consumers in this age group. They are also more confident about the overall economy and their own financial futures. In addition, Healthy 50+ Consumers shop more often, dine out more regularly and travel more frequently.
Marketers of consumer goods and services have made Healthy 50+ Consumers prime targets. And because healthy eating is a key aspect of a wellness program for those in the 50+ age group, food companies have begun to aggressively target the cohort, especially since Healthy 50+ Consumers are a critical segment for supermarkets and specialty food stores focusing on organic and natural foods. Further, exclusive data from Packaged Facts’ consumer survey indicate that Healthy 50+ Consumers are far more willing to pay a premium when purchasing “better-for-you” grocery products compared to their peers.[Source: "Healthy 50+ Americans: Trends and Opportunities in the Emerging Wellness Market." Packaged Facts. 28 Mar. 2011. Web. 31 Mar. 2011.]