According to Forbes, Americans over 50 account for $7.6 trillion in direct spending and related economic activity annually and control more than 80% of household wealth.
Bank of America Merrill Lynch notes that the global spending power of those over 60 will reach $15 trillion annually by 2020. That’s a lot of green in that grey market. Boomer spending spans many product categories. Health is an obvious area but, in addition to pharmaceuticals, it also includes biotechnology, devices and services.
Forbes notes that “when it comes to housing, transportation, entertainment, food and alcohol, older people already have their checkbooks out. Americans 60-plus are expected to account for at least 40% of consumption growth in those areas between 2015 and 2030.”
And let’s not forget finance and automotive, where older Americans have the money and the interest to spend heavily.
Boomers are hardly technophobes, having lived through a period of great technological advancements from the advent of mobile phones (the size of shoeboxes) to viewers’ choice (with remotes, cable TV and VCRs). The embracing of new technology continues. Today, “the greatest consumer group for Apple products is men over the age of 65,” noted David Harry Stewart, Founder, AGEIST.
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