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.
INVOLVED CONSUMERS
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:
Internet Use
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.
Online Shopping
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.
