Senior Facts and Figures: Everything you need to know about today’s senior citizen demographic. Includes senior statistics, senior consumer information, etc
A VITAL AUDIENCE
In the United States, there are about 52 million people who are age 65 or older, according to the U.S. Census Bureau. This demographic is projected to almost double in size by 2060, to a whopping 95 million people. This means that 1 in 5 people will be senior citizens and not only that, seniors are also predicted to outnumber children in the next 10 years. This large increase is largely due to many medical and technological improvements, which have helped us live longer.
This increase in the older population has brought many changes. Some positive changes include an increase in education levels and life expectancy and a decrease in the poverty rate, but there are also some rising problems. Obesity rates, Alzheimer’s, and other diseases are affecting more seniors every day, which has simultaneously increased the need for nursing home care. The baby boomers are definitely changing how the U.S. works and they definitely bring many opportunities as well as many challenges for the future.
Seniors are freed from the constraints of raising a family and have more time of their own. Mature consumers seek products, services, and activities that complement their desire to live life to the fullest. The mature market has over $1.6 trillion in spending power and a net worth that’s almost twice the U.S. average. The facts speak for themselves — the mature market represents a tremendous opportunity across all categories.
UNITED STATES MATURE MARKET
- Larger than African-American and Hispanic market segments combined.
- The most affluent of any age segment
- Account for 60% of all healthcare spending
- Purchase 74% of all prescription drugs
- Buy 51% of all over-the-counter drugs
- Acquire 41% of all new cars
- Purchase 25% of all toys
- Account for 80% of all luxury travel
- Spend $7 billion online annually
- Fastest growing segment on the Internet
- Spend more time online than teenagers
- Adults 50+ control a household net worth of $19 trillion.
- Own more than three-fourths of the nation’s financial wealth
- Own 70% of all money market accounts and certificates of deposit assets
- Have an income per capita that is 26% higher than the national average
- Spend more than one trillion dollars on goods and services
- The largest 55+ population resides in California, New York, and Florida respectively
- 42% of museum visitors are 55+
- Spends more per capita on groceries, O-T-C products, travel and leisure than any other age group
- Travel ranks among the top leisure activities for men and women over 50
- Mature vacationers travel more frequently than any other age group and stay longer
- 55+ households are the fastest-growing user segment to embrace computer technology
- 22 million adults 50+ are now online, representing 28% of the 50+ population.
- Take an incisive look at the Secrets of Successfully Advertising to Seniors
- Check out the latest stats about seniors online, The Graying of the Web: How Seniors Use the Internet
- Read the latest survey marketing information about retirement, The New Retirement Comes in Four Financial Flavors
- For the 10 Commandments of Successfully Selling to Seniors.
- Statistics on Senior Americans 65 and Over
- Senior Citizen Age (2020 Guide to Senior Citizen FAQs)
Senior Website Visitors Are Special
Why? Once a person enters the “retiree” demographic, he/she will be a member for life (rather than teens moving to 20s to 30s, etc.) There are currently more than 76 million seniors and over the next 20 years, more than 70 million baby boomers will join the “senior” rank. This represents an unlimited opportunity to expand your company’s brand.
Senior websites like Suddenly Senior and Retired.com have captured the trust and attention of the wealthiest consumer on the planet. This consumer group has the most disposable income with the greatest buying power; interested in new services to enhance their lifestyle and is currently the largest consumer in more product categories than any other market group. If you have valuable offerings, Suddenly Senior could be a gold mine for your company and your one source to gain the marketing advantage over your competition addressing this valuable consumer group.
Suddenly Senior and Retired.com are servicing the most desired consumer on earth – retirees. Retirees have many exciting attributes that make them extremely valuable to corporations around the world. While earning their trust takes time, their loyalty ensures long-term revenues and profits for decades to come.
Here’s some recent research to more acquaint you with our membership base:
Seniors are logging on in record numbers. According to Statista, 70% of people age 65 or older surf the internet. Smartphones have facilitated the usage of the internet for most people, but especially for seniors. It is estimated that 1 in 4 seniors has a phone with access to the internet and they use it for almost everything. From shopping to checking the weather, seniors are using the internet more frequently and are even a significant demographic of social media usage.
Many people make the mistake of thinking that the older generation doesn’t shop online. It may be true that older people are not always as internet savvy and younger ones, but their online shopping is just as active.
A few years ago, BigCommerce and Frost Investment Advisors reported that 28% of seniors and 41% of baby boomers shop online. This, paired with the increased net income of people age 65 and over, make the older generation a very important sector of the e-commerce target audience.
According to a recent survey by the Pew Research Center, older adults believe the internet is something positive and are trying to incorporate it more into their daily lives. In the same survey, it was found that 75% of seniors who use the internet said that they use it on a daily basis. Their internet activity is not limited to basic things like news and weather reports, elderly Americans are also very active on social networks, especially Facebook.
In 2018, Wayne Best, the Chief Economist and Senior Vice President of Visa, reported that baby boomers are still dominating when it comes to consumer spending. The spending of older adults reaches almost every market, from home goods to fast food. It was estimated that this group of U.S. citizens accounts for more than 50% of all spending.
It is no surprise that the elderly account for such a big part of this spending. As medicine improves, seniors stay healthier for longer and work for longer, which means their earning and spending also increases and is projected to keep on growing.
This population segment dominates healthcare spending. The 50-plus group spends over $525 billion on healthcare, with that number expected to reach $1.1 trillion by the year 2007. They purchase 74% of all prescription drugs and 51% of all over-the-counter drug purchases representing a $100 billion market. Per capita spending is approximately $467, more than double the average.
Seniors are aging well, living longer and healthier lives than any generation before them. Sixteen million seniors exercise at least three times per week. From 1987 to 1995, the number of 55-plus health club members jumped 119%, and the number of 65-plus who joined health clubs rose a staggering 669%. Life expectancy has increased 30 years in the past century, extending the life of our members. We can expect similar results in the coming century. (American Academy of Anti-aging medicine, 2000)
Seniors represent 80% of all luxury travel purchased in the U.S., making up 65% of all cruise passengers and typically spending 74% more on vacations than the 18-49 years old population segment. In 2017, Visa reported that the older generations are some of the most avid travelers in the world. As previously mentioned, the elderly are increasing in numbers, which could mean a boost in the travel and tourism sector.
In the 2019 Boomer Travel Trends, the AARP said that boomers travel between 4 and 5 times a year and spend about $6,600 in total. Most travelling is done domestically, but there are many who do venture on international travels.
The Over 50 Age Group Is The Most Affluent Internet Consumer Market
Suddenly Senior presently receives 243,000 of these individual visitors each month. Just like any other network, we make a wide variety of seniors oriented information and programs available to our audience.
The population contains an ever-increasing proportion of older adults. Their social interests and lifestyles are ever-broadening. These seniors are pouring on-line to create one of the most important consumer groups yet seen in this supposedly youth-oriented medium.
According to a Greenfield Online consumer research study, an amazing 92 percent of wired seniors have window-shopped online and 78 percent have made a purchase. This is significantly higher than the online shopping and buying by the total Internet population, according to tracking studies by the Westport-based company that pioneered online marketing research.
Internet Users Over 50 Age Group Are The Most Likely To Buy Online
According to a Baruch College-Harris Poll commissioned by Business Week Magazine
The survey found that young people are more likely to use the Net for entertainment and socializing, while older folks spend most of their time on more serious matters. For example, 24% of 50-to-64-year-olds and 19% of those 65 and over say they use the Net often for investing purposes.
The over 50 age group represents 26% of the population, control nearly 75% of North America’s personal wealth, spend 28% of all discretionary income, nearly double that of households headed by those who are 34 years old or younger, and represents close to 50% of all consumer spending in North America.
The typical profile of the over 50 Internet user is a 57-year-old grandparent who owns a car, has a higher than average education, and has yearly household income in excess of $60,000.
The fact that this age group purchases more than half of the luxury automobiles sold in North America indicates their immense buying power.
The over-50 age group holds 75% of ALL Personal Wealth
According to Media Metrix, seniors are the fastest-growing Internet demographic group. Seniors go online more frequently and stay on the Internet longer than those under 50, making them among the largest untapped audiences for online marketers. Compared to 18- to 24-year olds, seniors spend on average 6.3 more days per month on the Internet, stay logged on 235.7 minutes longer and view 178.7 more unique pages per month.
The Media Metrix Report shows that this group now comprises 20 percent of total online users outpacing 18-24-year-olds who trail at 17.5 percent. The report also shows that seniors surf the Internet more frequently, stay there longer, and check out more Internet pages than even their college-age counterparts, thereby contradicting the widely held belief that seniors are technology laggards.
An Online Gold Mine – According to a Greenfield Online
An amazing 92 percent of wired seniors have window shopped online and 78 percent have made a purchase. This is significantly higher than the online shopping and buying by the total Internet population, according to tracking studies by the Westport-based company that pioneered online marketing research.
There are currently more than 55 million seniors and over the next 20 years, more than 70 million baby boomers will join the “senior” rank.
Seniors are the wealthiest consumer on the planet
This consumer group has the most disposable income with the greatest buying power; interested in new services to enhance their lifestyle and is currently the largest consumer in more product categories than any other market group.
Also, According to a Greenfield Online consumer research study, an amazing 92 percent of wired seniors have window shopped online and 78 percent have made a purchase. This is significantly higher than the online shopping and buying by the total Internet population.
There are 76 million Americans 50 and older
Twenty-seven percent of those over 65 are online. (eMarketer 2000)
Currently, there are 76 million Americans over fifty or one in every four of us. There are 28 million women in the U.S. between the ages of fifty and seventy-five, and there are 11 million women over fifty who are employed or looking for work, including over one million women who are sixty-five plus!
In terms of economic impact, about half of America’s discretionary income lies in the pockets of those of us fifty and over, a group that is increasing by some six thousand people per day.
And, how many of us women over fifty-five are single? There are 14 million. Single men – 4 million. Yes, it’s true . . . 4 million single men over fifty-five and 14 million single women
Seniors are the Fastest Growing Internet Group
Seniors (age 55 and older) currently have the highest projected growth rate amongst all age groups. Formerly known as the group least likely to be online, seniors have increased their online presence to a 38% increase since last year. By the year 2003, it’s estimated there will be 17.3 million seniors online
Since last year, there has been a 38 percent increase in growth among seniors. Seniors participate in e-communities, make purchases online, swap photos of family, and keep in touch with friends. Seniors spend more hours per week online than any other age segment, including teens.
New eDemographics Report Reveals Major Shifts In U.S. Online Usage
Women now account for 37.1 million of all U.S. adult users, representing 49% of the total active online population, according to eMarketer’s eDemographics & Usage Patterns Report. The report also states that by the year 2003, the number of American women online will increase to 78.8 million, accounting for 51%, as men online will grow to 75 million representing only 49% of total active adults. This ratio will mirror that of women in the overall population — outnumbering men both online and offline.
Amongst minority groups, Asian households outpace all other race/ethnic groups in the percentage of households online. According to the report, 54% of Asian households are actively online compared to 39% of white households, 33% of Hispanic households and 30% of black households.
More Seniors Online
Newly established online services and communities are partly responsible for the rise in internet usage by senior citizens. Seniors (age 55 and older) currently have the highest projected growth rate amongst all age groups. Formerly known as the group least likely to be online, seniors have increased their online presence to a 38% increase since last year. By the year 2003, eMarketer estimates there will be 17.3 seniors online representing 11% of the total online population.
Key Findings of the eDemographics Report:
- Average income of online households will decrease as the number of lower-income families joining the net increase.
- Income, not race, shapes the digital divide.
- Workplace net users access the internet for longer periods than home-based users.
Net users are scaling down their consumption of other media in lieu of the Internet.
By year-end 2000, only 38 percent of the world’s 197.6 million active internet users will come from the U.S. As the growth of new users in the U.S. is gradually slowing down, the rest of the world is gaining a larger presence, with Western Europe and Asia leading the way.
“Waning net dominance in the U.S. will be reflected in more diverse content and globalized services,” states Claudine Thompson, Senior eMarketer Analyst and author of the eDemograhics report. “Online businesses will undoubtedly benefit from a wider consumer base, but will also be faced with increased competition and delivery concerns.”
The eDemographics Report offers a complete analysis of the American online population, aggregating research data from a variety of sources, including Strategis, Jupiter Communications, CommerceNet, Nielsen, Media Metrix, Intelliquest, Cyber Dialogue, IDC and the US Census Bureau. The report contains 214 pages filled with 343 charts and graphs.
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