The Power of the Senior Consumer Market

The New Face of Senior Citizens

When you think of senior citizens, you might imagine someone like Uncle Milty, sitting in his flannel robe, watching endless reruns of Jeopardy, and shouting the answers at the TV. But that's far from the truth. Notable seniors include former President George W. Bush, actor Harrison Ford, former Governor Arnold Schwarzenegger, and former Secretary of State Hillary Clinton.

Every seven seconds, someone in America turns 50, making seniors the fastest-growing segment of the population. What sets the over-50 crowd apart is their financial power. They have, on average, over 26% more disposable income than other consumers, making them the most affluent consumer group in the country.

Where Does the Money Go?

So, what do seniors spend their money on?

• They buy 43% of all new cars.
• 60% purchase home remodeling products & services.
• Women over 50 spend $21 billion on clothes annually.
• They dine out 4-5 times per week.
• They account for over 78% of all leisure travel spending.

Moreover, seniors visit malls more often than any other age group, and they're not just there for power walking.

The Untapped Potential of the Senior Market

Despite the clear spending power of seniors, retail sales seem to be slowing down. While many attribute this to factors like recession, the 9/11 attacks, and bored shoppers, the real reason may be that companies are still focusing on the "youth market" instead of the lucrative 50+ market.

There are more senior shoppers than boomer or young adult shoppers. If companies want to see their sales and profits soar, they need to "See the Seniors".

According to AARP, companies that ignore or misrepresent the senior market are missing out on a significant opportunity. Forbes also highlights the importance of marketing to the Baby Boomer generation, who are now part of the senior market.

In conclusion, the senior market is a powerful and growing force in the consumer marketplace. Companies that recognize and cater to this demographic stand to benefit significantly.