Articles Index >> Marketing 2
FACTS ABOUT HE 50+ MARKET... Essential Information For Savvy Marketers...
by Thom Reece
Today's 50-plus adults are more fit, better educated and financially secure than any previous generations of mature men and women.Finance
Today's 50-plus adults account for:
- More than $2 trillion in income
- Over 50% of discretionary spending power - 2.5 times average per capita
- 80% of personal wealth in financial institutions
- 50% of all discretionary income - $13,286 per household
In addition, the 50-plus:
- Own over 70% of the financial assets in America
- Control nearly $9 trillion in net worth of U.S. households - 70% of the total
- Represent 40 million credit card users, owning almost 50% of the credit cards in the U.S.
Automotive
- The 50-plus purchase 41% of all new cars, totaling more than $60 billion
- 50-plus adults purchase 48% of all luxury cars
Fitness & Exercise
- 16 million 50-plus adults exercise at least three times per week
- Fitness activity participation is rising most rapidly among those over 45
- From 1987 to 1995, the number of 55-plus health club members jumped 119%; the number of 65-plus members jumped 669%
Health
- 50-plus adults represent over $525 billion per year in direct healthcare spending today; this will grow to $1.1 trillion per year by 2007
- The 50-plus consume 74% of all prescription drugs, a $100 billion market
- The 55-plus spend $467 per capita on prescription drugs, more than double the average
They account for 51% of all over-the-counter drug purchases
Even though today's adults age 50-plus are more fit and active than any previous mature generation, there are 56 million men and women living with heart disease, 40 million with arthritis, 28 million with osteoporosis, and 14 million with diabetes. Healthcare spending for this population exceeds $525 billion a year, much of it related to chronic, rather than acute, conditions. Housing
Travel
- Today's 50-plus adults represent 80% of all luxury travel
- They spend 74% more on a typical vacation than 18-49 year olds
- They account for 65% of all cruise trips
- They average 4.8 nights per trip, compared to 3.9 nights for travelers overall
- The 50-plus travel further distances than any other age group on an average trip
- They spend 40% more time vacationing in their 50's than they did in their 40's
Source: AARP; American Medical Association; Brandweek; CarSmart; The Conference Board; Corporation for Independent Living; DFD Marketing & Research; Find/SVP; Health Care Financing Administration; National Association of Home Builders; Sporting Goods Marketing Association; Travel Industry Association of America; U.S. Bureau of Labor Statistics, Consumer Expenditure Survey; U.S. Census Bureau; Age Wave.
About the Author
Thom Reece is CEO of On-Line Marketing Group in Hawaii. His website... Online Marketing Resource Center [www.e-comprofits.com] is visited by thousands of savvy marketers daily. Thom can be reached at: thom@e-comprofits.com, 808-929-7377.