Senior Market Research for Targeting Mature Consumers

Studies on mature consumers suggest that more than 33 percent of the American population will be over 50 years old by 2016. Senior market research further claims that the mature market, aged above 55 years, currently controls 75 percent of the wealth in America, and 70 percent of the US disposable income.

The senior market comprises individuals born in the period around the Great Depression, commonly referred to as the Depression-era Silent Generation - born between 1925 and 1942, and those born after the Second World War, commonly known as the Boomers - born between 1946 and 1964. Members of the senior market do not consider themselves to be representatives of their generation. However, their sensibilities can fall in either demographic with regard to their financial, political, social and cultural attitudes.

The specific generation of Boomers represents close to 44 percent of Americans. A study conducted on their consumer habits revealed that their buying power is quite substantial, contributing to the purchase of 49 percent of total Consumer Packaged Goods - CPG. In fact, the Baby Boomers are the primary consumers in 119 out of the 123 CPG categories. Senior market research also shows that the spending habits of Boomers are rather recession proof, with 63 percent of this group having a minimum of one individual in the household working on a full time basis.

Boomers are also keen to keep up with technology. This is supported by the fact that 40 percent of the wireless service subscribers, and 41 percent of Apple computers buyers are the Boomers. Furthermore, 33 percent of internet and social media users are Boomers, with over 8 million of them spending over 20 hours of every week online.

Part of the time spent online is used for shopping. Studies suggest that most of the disposable income of Boomers is spent over the internet, with the cumulative annual expenditure of individuals aged 50 years and above reaching $7 billion. The internet plays a major role in the consumer decision journey of Boomers, where they compare prices and other features before purchasing pricey items like home furnishings and cars.

Older Boomers aged 56 to 66 years spend the most amount of money online compared to other generations, with a quarterly spending of $367 million. Younger Boomers aged between 46 and 55 years fall in second place with a quarterly expenditure of $318 million, followed by "Generation Y", those aged 23 - 31, with an average spending of $311 million. Generation Z adults, aged 18 - 22 years have a quarterly online expenditure of $118.

Besides getting their information online, Boomers also spend a lot of time watching the TV, at an average of 174 hours a month.

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