Tag: Boomers

85% of Millennials Use OTT Video Services

New video research from Parks Asso­ciates finds more than 85% of mil­len­ni­als in U.S. broad­band house­holds sub­scribe to at least one OTT video ser­vice. This research comes from Parks Asso­ciates' OTT Video Mar­ket Track­er, which includes an exhaus­tive analy­sis of mar­ket trends and pro­files of OTT video ser­vice providers in the U.S. and Cana­da, such as Net­flix, HBO, YouTube and Ama­zon. The Track­er fea­tures a new way to blend com­pa­ny pro­files with indus­try research data and analy­sis of com­pet­ing play­ers' strengths and weak­ness­es in the space.

21% of Americans Have Not Started Saving for Retirement

Amer­i­cans feel under-pre­pared for the finan­cial real­i­ties of retire­ment, accord­ing to new data from North­west­ern Mutu­al. Near­ly eight in 10 (78%) Amer­i­cans are "extreme­ly" or "some­what" con­cerned about afford­ing a com­fort­able retire­ment while two thirds believe there is some like­li­hood of out­liv­ing retire­ment sav­ings.

Older People Projected to Outnumber Children for First Time in U.S. History

The year 2030 marks an impor­tant demo­graph­ic turn­ing point in U.S. his­to­ry accord­ing to the U.S. Cen­sus Bureau’s 2017 Nation­al Pop­u­la­tion Pro­jec­tions. By 2030, all baby boomers will be old­er than age 65. This will expand the size of the old­er pop­u­la­tion so that 1 in every 5 res­i­dents will be retire­ment age.

Marketers Can Target Boomers with Convenience, Accessibility of Products

Com­pa­nies are miss­ing the mark when it comes to engag­ing and cater­ing to the needs of the aging con­sumer. Mar­keters need to bol­ster efforts to bet­ter reach and cater to an aging demo­graph­ic, such as using larg­er fonts on prod­uct labels and sig­nage, and mer­chan­dis­ing age-relat­ed prod­ucts in one place and at arm’s length for eas­i­er acces­si­bil­i­ty.

Food Marketers Renewing Focus on Boomers

Although many food mar­keters have focused on tar­get­ing Mil­len­ni­als as of late, new research shows that Baby Boomers are sta­tis­ti­cal­ly more afflu­ent and well-posi­tioned in the new econ­o­my, and are qui­et­ly re-enter­ing the spot­light. This gen­er­a­tion accounts for 44% of the house­holds with incomes over $75,000, so dis­cre­tionary spend­ing is much greater than for younger con­sumers, as more than a third of Mil­len­ni­als, or 36%, live at home with par­ents accord­ing to Pew Research.

Significant Similarities Exist Between Boomers, Millennials

A new study by Radius Glob­al Mar­ket Research (radius GMR) has found that while there are cer­tain dif­fer­ences between Mil­len­ni­als and Boomers — as expect­ed — there are also sig­nif­i­cant sim­i­lar­i­ties. For exam­ple, new media and tech­nol­o­gy are not just for the young. Both groups also have sim­i­lar con­cerns when mak­ing pur­chas­es, such as a focus on qual­i­ty and val­ue.

Marketers to Connect with Online Boomers through Desktop PCs

Should mar­keters spend more time court­ing online Baby Boomers? The results of McAfee’s recent sur­vey show that ignor­ing this group of con­sumers could be an oppor­tu­ni­ty lost for retail­ers. How­ev­er, not all Boomers are alike. The young mem­bers of this gen­er­a­tion, those between the ages of 50 to 61, spend far more time online and make bet­ter tar­gets for dig­i­tal mar­ket­ing and sales efforts.

Millennials to Outspend Boomers Within Five Years

The Mil­len­ni­al gen­er­a­tion is expect­ed to out­spend Baby Boomers by 2017, yet retail­ers under­es­ti­mate the size and pur­chas­ing pow­er of this con­sumer group. Mil­len­ni­als (14- to 33-year-olds) num­ber 80 mil­lion and have an annu­al spend­ing pow­er in the U.S. of $200 bil­lion. By 2030, Mil­len­ni­als will be larg­er in vol­ume than all oth­er gen­er­a­tions com­bined.

Boomers' Online Purchasing Behavior Still Growing

Although online shop­ping is steady, Boomers are con­tin­u­ing to increase their online pur­chas­es (up 4.5% since 2011) and Mil­len­ni­als who said they are pur­chas­ing more online is down 7% from 2011, accord­ing to an ongo­ing shop­per behav­ior study con­duct­ed by Inte­ger and M/A/R/C Research. There are some inter­est­ing shifts in pur­chase cat­e­gories; online pur­chase of health and beau­ty has increased sig­nif­i­cant­ly among shop­pers aged 50 to 64, grow­ing near­ly 12%.

Boomers Leading Online Prescription Trend; Mobile App is Key

Con­sumer health­care research has increas­ing­ly moved to the inter­net, and now con­sumers are begin­ning to man­age their phar­ma pre­scrip­tions online as well. Baby boomers are defy­ing dig­i­tal norms by lead­ing, rather than fol­low­ing, the online trend. For phar­ma­cies look­ing to gain online users, mobile is key; two out of five inter­net users said they would like their pri­ma­ry phar­ma­cy to offer a mobile health app.

Boomers Don't Shun Digital Technology But Adopt at Slower Rate

Although an increas­ing num­ber of baby boomers own smart­phones and belong to social net­works, boomers — espe­cial­ly old­er ones — still tend to be less dig­i­tal­ly engaged than younger con­sumers, accord­ing to new research from eMar­keter. Only 42.6% of boomers who have mobile phones are mobile inter­net users. How­ev­er, boomers are about as like­ly as younger inter­net users to use email.

Healthy 50+ Americans Represent Prime Target for Marketers of Wellness Products

Accord­ing to a recent study by Pack­aged Facts, changes in think­ing about what it means to get old have occurred along­side a ris­ing con­cern by Boomers about doing what it takes to improve their health and well­ness. For that rea­son, mar­keters of con­sumer goods and ser­vices have made Healthy 50+ Con­sumers prime tar­gets. 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. Not only are Healthy 50+ Con­sumers more con­fi­dent about the over­all econ­o­my and their own finan­cial futures, but they are also far more will­ing to pay a pre­mi­um when pur­chas­ing “bet­ter-for-you” gro­cery prod­ucts com­pared to their peers.

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