User:Pvara 99/Drafts

Draft your article here. Include your sources and I'll teach you how to format everything. Once everything is ready, I'll tell you how to move it to main space. Lara❤Love 20:20, 2 October 2007 (UTC)

50+ / 50 plus

The terms 50+ and 50 plus refers to the age group between 55-70, which includes all of the boomers (baby boomers) and half of the so called silent generation—those over 70, or 70+.

The 50+ groups include both men and women; those planning to retire and are still working and those who are retired; single people, married people, divorced people, widowed people; those with no children, those with young children and those with adult children; “empty nesters,” and grandparents.**

- The MetLife Mature Market Institute Demographic Profile of Americans 50+

http://en.wiki.x.io/wiki/User:LaraLove/Adoptee_classroom

Data on the 50+/50plus market.

• Every 8 seconds someone turns 50 • There are nearly 90 million people in the U.S. who are over 50 • 82.3 % own their own home (compared to 69.2 % of the general population) • 3.4 million baby boomers turned 60 in 2006 • People over 50 are the fastest growing segment on the Internet • They spend more time online than teenagers • Adults 50+ control a household net worth of $19 trillion. • They own more than three-fourths of the nation's financial wealth • They own 70% of all money market accounts and certificates of deposit assets • They have an income per capita that is 26% higher than the national average • They spend more than one trillion dollars on goods and services • They spend more per capita on groceries, O-T-C products, travel and leisure than any other age group • Travel ranks among the top leisure activities for men and women over 50 • Mature vacationers travel more frequently than any other age group and stay longer • 29% visited a gambling casino in the past year (compared to 26.3 of the general population) • 42% of museum visitors are 55+

- - United States Census Bureau, 2005

Their areas of interest include

Health, Love, Sex, Relationships, Retirement, People (famous and otherwise), Grand-parenting, Parenting adults, Travel, Business and Continuing education, Giving back, Nostalgia, Good deals and Freebies, Puzzles ands humor, Sports, Financial/money, Legal, Misc.

What appeals to each age segment of those included under the “umbrellas” of 50+ and 50 plus

Many areas are the same or similar in varying degrees, depending on which age group they are in (Groups 1,2 and 3). Generally speaking they are interested in pursuing relationships with friends and families, as well as romantic relationships. They travel, continue working as long as they can, interact, have fun, continue their educations, stay healthy and fit, plan their retirements, enjoy their grandchildren, read, think, etc.

Group 1 – Ages 50-55 Health, Love, Sex, Relationships, People (famous and otherwise), Parenting Adults, Travel, Business and Continuing Education, Nostalgia, Good Deals and Freebies, Puzzles and Humor, Sports, Misc.

Group 2 – Ages 56-64 Health, Love, Sex, Relationships, Retirement, People (famous and otherwise), Grand-parenting, Travel, Business & Continuing Education, Giving back, Nostalgia, Good Deals and Freebies, Puzzles and Humor, Misc.

Group 3 – Ages 65-75 Health, Love, Sex, Relationships, Retirement, People (famous and otherwise), Grand-parenting, Parenting Adults, Travel, Giving back, Nostalgia with a twist, Good deals and Freebies, Puzzles ands humor, Sports, Misc.

Group 4 – Ages 75+ (considered seniors or senior citizens) The 50+ and 50 plus age segment, as a group, are affluent and will spend over 3 trillion dollars on goods and services this year.

Most industries can benefit from the rapidly growing and affluent 50+ and 50 plus age segments.

They include

Travel and Hotel Industries* • 50+ people represent 80% of Luxury travel • Ages 50—62 represent 36% of travel within U.S. • The 50+ leisure traveler prefers adventure, life experiences and memories. • Search for roots lead to family reunions. • Growing market for targeted tours (Better Home and Garden Vacations) • Week-end get-aways for those with children average 4-5 a year. • Disabled travelers are a growing market as boomers age (and a growing internet market as a result). • Luxury Cruises—Those 50+ account for 70% of all cruise passengers and 72% of RV trips.

Retirement home / Assisted Living Industry* • When boomers turn 65 in 2010 there will be 39 million over 65. • By 2030 the 65+ group will reach 69 million • The 85+ age group will double by 2025 and increase fivefold by 2050. • Assisted living is a $12 billion dollar business growing 15-20% a year

Financial Industries* • Two thirds of those50+ who use the internet manage their finances online. • 64% of Internet users 70+ log on once a week to check their balances • In the next 25 years those 50+ will grow 75% (those under 50 will grow only 1%. • Banks and Savings and Loan will compete for the “mature” market. • The 50+ customer uses about 4 times as many banking services as the younger customer—that is about 8 banking accounts and services.

Health Care Industry* • When boomers turn 65 in 2010 there will be 39 million over 65. • By 2030 the 65+ group will reach 69 million • The 85+ age group will double by 2025 and increase fivefold by 2050. • Prescription Drugs will greatly increase as a result.

Automobile Dealerships* • Those 50+ purchase 41% of new cars, and 48% of luxury cars, totaling more than $60 billion a year. • They transact 5 million auto loans a year and comprise 35% of the auto insurance market.

Eyeglasses Industry* • 98% of Americans 65+ wears glasses –primarily to see well. • Boomers are also buying glasses as a fashion accessory • Boomers pay top dollar for big-name-designer frames • Add to that the demand for progressives and expensive add-ons like anti-reflective coatings.

Mass Retail Industries* • Those in the 50-64 age group are easy spenders as well as brand name and label conscious. • The 50-64 age group outspends other age groups on new furniture and major appliances. • The 65+ age group shows increased spending on utilities, and household supplies. • Those 50 -64 (especially empty nesters) indulge in products for their own enjoyment. • There has been a tremendous increase in sales of CD, books, and DVDs as well as red wine, vitamin supplements, fortified foods, entertainment and adventure travel. • They spend on products they grew up with (Heinz, Campbell’s) as well as new products like Viagra.

Beverage Industries* • Health issues and fat and calorie issues are more important to those 50+. Look for tremendous growth in this category.

Exercise and Wellness Industries* • One in four health club members are 55+ (fastest growing group). • The majority of exercise machines were bought by those 45+ (most notably stair machines). • “Mature” Fitness future businesses see the future in mind and body activities such as Tai Chi, Yoga, Swimming in therapeutic pools and Martial arts. • Increase projected for more personalized instruction and programs for those 50+. • Increase in demand for vitamins, nutritional supplements, herbs, memory-enhancing drugs, anti-aging products, cosmetic surgery, skincare, hair care and cosmetics.

OTC Drug sales* • Products in such categories as analgesics, incontinence, durable medical, home diagnostics, digestives and nutritionals will be in more demand as the population ages.

Convenience food Industries* • 80% of those 50+ buy take out food each month (Chicken is the favorite). • Concern with nutrition increases with age.

Real Estate* • Affluent seniors are in the market for high-priced upscale new homes as well as second homes. • Exclusive retirement resorts are opening with a host of services in luxury settings.

“Grandparenting” Industries* • Grandparents spend an average of $82 on holiday gifts per grandchild, $72 for special occasions and $42 for each birthday. • Last year alone Grand Kids Ltd chain sold nearly $1 billion dollars in infant clothing and toys. • Grandparents account for 25% of all toys sold • They are big purchasers of electronics, and intergenerational vacations, gift certificates.

Insurance* • boomers more concerned with losing their jobs than death. That changes dramatically as they age.

General Statistics -What those 50+ and 50 plus spend their money on* • Online—Books, Clothing, toys, vitamins, medicine, gift certificates • They buy 43% of all new cars produced annually • 60% purchase home remodeling products and services • Women over 50 spend $21 billion on clothes annually • They dine out 4-5 times a week • Account for $78 billion of all leisure travel • Spend $14 billion yearly on grandchildren’s gifts • Housing market tops $100 billion each year • Provide over $90 billion in care giving services annually.

Trends of 50plus Market Reports on each industry, 1905 SeniorStrategic www.50plusmarkt.com

The 50+/50 plus market includes over 50 million people ages 50-64, and nearly 40 million people 65 and older – boomers, Young Seniors and Seniors. ***

- - United States Census Bureau, 2005

Facts about the 50+/50 plus market** • Those 50+ earn more than $2 trillion annually • Annual discretionary spending $750 billion • Control more than 77% of U.S. financial assets • Represent 50% of all discretionary spending

- The Mature Market TheMatureMarket.com

What the 50+/50 plus consumer purchases** • Account for 52% of all home maintenance, repair and insurance spending ($56 billion) • Purchase 57% of health-care insurance ($75 billion) • Represent 58% of Health-care spending ($152 billion) • Purchase 67% of all prescription drugs ($37 billion) • Account for 61% of all OTC purchases • Purchase 41% of all personal care products and services ($24 billion) • Purchase 50% of all reading material (8 billion) • Purchase 48% of all household supplies ($30 billion) • Purchase 35% of all apparel ($68 billion) • Account for 63% of all education gift spending ($13 billion) • Purchase 40% of all new cars ($79 billion) • Spend 40% more time vacationing and spend 74% more on a typical vacation

- The Mature Market TheMatureMarket.com

Business categories** that stand to profit most from those 50+/50 plus • Retirement Communities • Investment and Financial Planning • Insurance • Adventure and Educational Travel • Resorts and Hotels • Generation-specific Publications and Websites • Medical Specialists and Supplies • Fitness Centers and Vitamins • OTC and Prescription drugs • Luxury Cars and Homes • Toys and Children’s Clothing

- The Mature Market TheMatureMarket.com

The 50+/50plus age segment represents the fastest growing segment on the Internet

Internet Usage **** • 35.6 million people in U.S. ages 50-64 • 11.2 million people 65 and older • 71% of Boomers have bought something online • 40% of 60 and older have bought something online • 66% of Boomers report they research products online • 69% of boomers said they would be more likely to purchase online if they were confident their personal and financial information was safe • 86% are concerned with Identity theft • 7 in 10 would be more likely to purchase things online if they could talk to a customer service representative • 66% would purchase more if it were easier to return

- - - Pew Internet and American Life Project PewInternet.org)