Products Baby Boomers Want

Baby Boomers are spending significant amounts of money everyday. Even though the Boomers are currently outnumbered by the millennials, the Baby Boomer crowd of approximately 75 million control the majority of the disposable income [about seventy (70%) percent].  Now let’s do a little digging and find out the products baby boomers want. Senior Shoppers

This group of folks, ranging from their 50’s to 70’s, also have or are about to inherit some significant amount of bucks as well.  Plus, many of these folks rather spend it now on pleasurable things as well as supporting their family and investing in their family’s future.  Many in this generation have the attitude of enjoying life while we are here, which includes taking care of family now and into the future.

So Where Is This Money Going?

For sure a good amount of this disposable income is going for travel.  I have a friend with whom I previously worked in the mental health area, and since she retired she has been constantly on the road visiting family and taking international trips to many exotic locations.  She is not shy about enjoying herself after a lifetime of dedicated service.

Actually Baby Boomers as a group spend in excess of one hundred and twenty billion dollars ($125 B) each year on traveling about the world.  Many have saved their entire lives to travel to their dream destinations.

Another area where much money is being spent is healthcare. Whether it is for medical care, prescription drugs, alternative treatments, natural remedies, or exercise devices or gym memberships, a significant amount of money is being directed to this area.

Baby Boomers love their pets.  They spend an estimated forty-five (45%) percent of all pet spending in the United States.  Due to this, many retail stores are expanding their pet offerings, and many online businesses, both large and small, are finding this to be a profitable niche.

Compared to any other age group, the Boomers spend more on home repairs and improvements.  When retired there is much more time spent around the house, and available for this type of stuff.

About forty (40%) percent of the Baby Boomers are currently spending more on satellite and cable television.  Not my preferred form of entertainment, although I do enjoy watching some sports and old flics on Roku.  Overall, many of this generation are more interested in staying fit, active, and traveling about.  Traveling

Fun Stuff to Do

Many iin the Baby Boomer age group have postponed many things until they retired, and a large proportion of these folks are determined to make this time count.  Whether it is a new hobby, creating a fun business, traveling here or there, or spending some quality time with their family, Baby Boomers are interested in adventure and fun.

In order to have the time to spend in areas of choice, the Boomers desire products and services which saves time and provvide convenience.  Spending time at home needs to be a pleasurable experience, so household items and entertainment products are high on their list, as well as cosmetics and anti-aging products to look and feel good.

Hobbies are also important whether it is gardening, crocheting/knitting, golf, tennis, or anything else which suits your fancy. Since travel is an important area for this group, any type of travel product or service which makes the trip more easy and convenient is most welcome.  Over one hundred and twenty billion dollars ($120 B) is spent by Baby Boomers on leisure travel.

How the Boomers Rate Some Products and Services

Contrary to what you may think, many companies are not aware of the buying habits of Baby Boomers.  They are so focused on finding ways into the Millennial market, that they ignore a virtual goldmine right in front of them.  Many Millennials don’t spend much in a lot of areas because of long-term debt.  So much of these big companies’ time would be much better spent wooing the Baby Boomer market.

But there defintiely are some companies who understand the value of this market.

Some companies like McCormick (specialize in spices) understand and cater to this group, so their approval rating is highest among this generation.  Reese’s peanut butter cups also rank high amongst the Boomers.

Other products and companies which get a high rating are WD-40, Johnson & Johnson (Band Aids), M&M’s, Clorox, Kleenex, Hershey’s Kisses, Ziploc, Planters, Betty Crocker, Windex, Chiquita bananas, Quaker, and Dawn.

It most defintiely pay dividents for companies large and small to recognize the importance of this segment of the market.  Otherwise, many of these companies will be leaving a significant amount of money on the table.

Recognizing Buying Habits  Baby Boomers

It is important for businesses to recognize the buying habits of this generation not only to capitalize on the profit, but to bring the greatest value to this group of folks.  As a result many businesses are becoming Baby Boomer Friendly.  More marketing is targeted specifically to this group. Just check out recent Super Bowl commercials.

Many ski resorts are catering to the senior crowd by retrofitting their facilities.  Many businesses are jumping on board this trend.  Family is extremely important to the Boomer crowd, so any products and services which cater to family relationships are a high priority.

Financial institutions are creating pension plans and retirement products which Boomers can pay into for their family members, and in the caregiving area there are now innovative personal communication systems which enable Boomers and their parents to stay in touch.

Obviously not all companies’s products and services fit within the needs and deisres of this specific market, but for those that do it is wise to pay attention and adapt accordingly.  This demographic definitely deserves the attention of many more businesses who may be ignoring or totally unaware of this potential.

A Significant Market to Serve

Just with this brief discussion of the products and services needed and desired by the Baby Boomer demographic, it is easy to see that small and large companies have a profitable niche to address.  The sheer size of this market should get any business’s attention.

Since many Baby Boomers are not even retired, and still at the peak of their earning years, there is much discretionary income to be spent.  It is important \to recognize the specific attitudes and beliefs of this segment of the population.

For anyone is the Baby Boomer age range, let me know what you think is important in terms of products and services.  There may be things available right now of which you are not aware.

 

>>>>Click Here<<<< Learn to provide products and services which mean something to you while creating an additional Source of Income.

Have fun on your next shopping spree,

Joseph

10 Replies to “Products Baby Boomers Want”

  1. Hey Joseph! As an uncle of two very recently graduated millennials, your article couldn’t have been a better read for me. I’m 52 now, and even though I pride myself about my good relation with my nephews, there are obvious generational gaps which I am still working on understanding. 

    Your article caught my attention since I am part of the Baby Boomer generation (just!). 

    And you are right. Many of the preferences on consumer products, leisure, and spending habits are very similar to what my wife and I are experiencing (or will hopefully be experiencing in the midterm). 

    Great eye opener and much to think about…I’ve been thinking about diversifying my home biz opportunity beyond affiliate marketing…perhaps eCommerce, offering products and/or services (my wife and I love pets, so that could and interesting opportunity to pursue). Great article Joseph, with loads of useful information. 

    Good work and thanks again!

  2. I am a member of the baby boomer generation and can vouch that they do have a lot of money to throw around compared to the generation before and likely more than the next generation (the millennials). We have been fortunate to catch the wave of prosperity that came after the Second World War…

    The kinds of products that I spend a lot of money on include health items like gym equipment and clothing, herbs, and supplements, whole foods, international travel, and even on hobbies such as skiing, reading, and education. All these mean that I am trying to prolong the period of enjoying the times and still working out physically and mentally to stay as fit as possible for as long as possible.

    So far, health care is not taking a big chunk of my income although I think that may be the case looking to the future. Fortunately, I also have coverage that will take care of most of these costs (retired military), so I do not expect that this will ever be a huge expense as I know some Baby Boomers have to deal with.

    I most certainly agree with you that brands and services need to pay attention to this generation as they are going to be around for another few years and will likely continue to spend their hard-earned cash doing the things they want to do and ones they may have put off for one reason or another. 

    1. Thanks a lot for your insights.  Many of us in this generation are choosing to enjoy life and send our discretionary income in ways that we most prefer.

  3. I feel like a reason that there might be a bigger target on millenials instead of baby boomers (quite a bit of distance in between), is because there exists this notion that old people and technology don’t quite mix, leading to commercials being more focused on the younger generations. Let alone the fact that it’s they who can convince their parents to buy something for them. With the graying society more focus does need to be put on the “older” people, since they’ll still be around for some time and many of them are aware that the majority of their life is over and still haven’t achieved many of their dreams.

  4. There is no doubt the market for baby boomers is huge!
    Enjoyed reading this article it definitely gave me some ideas to take some action on.
    Buying habits is a topic large retailers spend millions on, to find this great information is absolute gold.
    Thank you Joseph!

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