Baby Boomers – Generational Buying Trends
When it comes to spending, each generation has differing habits. While one group may be willing to spend money on a certain item or service, another may not. And, as a result, generational buying power and consumption trends tend to vary.
Understanding those generational trends can help you gain valuable insight into the minds of your employees. For a closer look at the Baby Boomer generation, check out the information below.
Typically, Baby Boomers were born just after World War II. As soldiers returned home and began starting families, the U.S. population increased dramatically. Though they may no longer represent the largest portion of the population,1 Baby Boomers are quickly gaining ground when it comes to spending. In fact, a recent report found that the generation represents $2.6 trillion in buying power.2
According to Epsilon, Baby Boomers spend the most across all categories and the most per transaction.3 Additionally, as they retire, Boomers invest in travel and their homes, spending more at home improvement stores than any other generation.4
Furthermore, trends show that Baby Boomers spend a total of $548.1 billion each year.5 And, they’re poised to further increase that buying power through future inheritance.
While more Baby Boomers (70%) prefer to speak to an employee rather than use automation,6 they aren’t afraid to embrace technology.
In fact, more than 90% of adults over 50 own a computer or laptop, 70% have a smartphone, and over 40% own a tablet.7 And, smartphone users age 60-69 are leading the way in using their phone to manage medical care.8
Baby boomers are living longer than any generation before them.9 They’re placing greater importance on healthy lifestyles than previous generations, and they are willing to spend money on products they believe will help them achieve longer, more active lives.10
Your Benefits Strategy
Their buying power, coupled with an interest in health, often means Boomers are drawn to a vast portfolio of benefits options. As you strive to meet your employees’ differing needs, we hope this information helps you establish a competitive benefits package. For additional assistance with your employee benefits strategy or education, contact your American Fidelity account manager!
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Spend some time each year during your enrollment period or after a qualifying life event to review your documents and make changes as needed.