The Senior market is often defined by the total consumption of 55 years and over, whether for specific products or products consumed by all generations. The Senior Market, which is huge worth, is growing strongly with Boomers’ generation aging.
60Plus will generate 60% of the consumption’s increase by 2030
A recent study by McKinsey explains that 60% of the increase in consumption that we know by 2030 will be generated by people aged 60 years and older in developed countries including Western Europe.
The Boomers’ Wave
Baby boomers are the demographic group born during the post–World War II baby boom, approximately between the years 1946 and 1964. This includes people who are between 53 and 71 years old in 2017, according to the U.S. Census Bureau.
Baby boomers gradually enter the period of retirement. They have marked the whole of society and everything suggests that they will « revolutionize » the very idea of ??retirement and old age.
Significant share of consumption
50plus consumers make up 33% of the population and are responsable for more than 53% of airline fare expenditures, more than 55% of new cars and trucks, more than 65% of eyes care services, more than 65% of accounting fees, more thant 85% of magazine subscriptions…
Revenues and wealth
In US, Households headed by People over 65 have more than 21x the median wealth of households headed by people under 35. 50plus consumers make up 33% of the population and are responsable for more more than 55% of lodging, more than 70% of checking/savings accounts, more than 75% share of net growth, more than 75% of retirement accounts…
More and more players
More and more companies are interested in Seniors, more and more countries are implementing public policies for the over 60s (USA, Sweden, Great Britain, Australia, France, Germany, Japan, South Korea…).
Source of Growth
Seniors and more generally aging demographics are a source of growth for businesses. This may include developing specific products for Seniors, services and products for all generations, or focusing these existing products on the older consumers.