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Charting Boomer Spending In 2000, movie attendance across the country generated revenue of $7.7 billion, an all-time high according to the Motion Picture Association of America. Viewers over forty were the biggest moviegoers, seeing on average one or more movies in the cinema each month. The movie industry is just one among many reporting their greatest custom within the mature market. Though they represent only 44% of all U.S. households, the 40-64s are responsible for more than half of expenditures in one industry after another. Baby boomers are making the mature consumer a force for commercial sectors to reckon with. Their spending power is formidable ¨C but in exactly what areas is it being felt? The answer is more or less everywhere. Not very surprisingly, consumers 40-64 ¨C owning their own homes, but not satisfied with same-old, same-old ¨C make half of all furniture purchases and 49% of all expenditures for shelter. Analysis by the National Endowment for the Arts has found that cultural entities like art museums, ballet companies and theaters find themselves increasingly patronized by older baby boomers, born between 1946 and 1955. This generation is highly educated and geared towards learning and stimulation. Once their children leave home and become financially independent, they are happy to indulge their interest in fine arts. Valuing convenience, comfortable in their homes and shunning the mayhem of large shopping centers, boomers are fond of catalog shopping. In its October 2000 Consumer Buying Trend Report, Abacus, a division of Doubleclick Inc, noted that households aged 56 to 65 were second only to households 66-75 for average number of catalog order transactions per annum. Households 46-55 spent the most in dollars per transaction ($112) and catalog spending per household ($415). Those 40+, Abacus showed, accounted for a hefty 73% of all catalog sales. In America, the bulk of international travel and tourism is also done by mature consumers. D.K. Shifflet & Associates Ltd., a market research and consulting firm specializing in travel, found in 2000 that the 40-64s, 29% of the population, paid out 48% of dollars spent on international travel and took 45% of all international trips. Niche travel often targets baby boomers, too. Those 50+ are apparently intent on enjoying life and account for 80% of all luxury travel, the American Society on Aging tells us. The Travel Industry Association of America reports that, on the domestic travel front, boomers were here again the top trippers in 2000. What¡¯s more, they spent the most on their trips. So, to whom does the mature market write it checks? To businesses in an industry near you. Baby boomers are not afraid of spending when they perceive quality. Learn how to impress them and their extensive custom is yours to gain. Back To Mature Market News → Go To The GenerationTarget.com Mature Market Bookstore → |
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