Friday, April 7, 2006

Baby Boomers Turn 50

The Media Audit reported there are 51.1 million men and women age 50+ in 2005, up from 44.6 million in 2000.

  • 23.4 million are retired
  • average annual household income is $42K
  • almost 50 percent claim liquid assets of $250,000+
  • 82.3 percent own their home in contrast to 69.2 percent of the general population
  • 4.3 percent plan to buy a home within two years versus 7 percent of all adults
Changes from 2000 to 2005, those reporting:
  • at least one college degree increased from 14.6 million to 19.3 million
  • earning $50K+ increased from 32.7 to 37.7 percent
  • annual income of $75K+ increased from 17.8 to 22.1 percent
  • household income of $100K+ increased from 9.5 to 12.8 percent
What does this mean to you? The next few years will see a huge increase in advertising and sales of health products (so we feel better), fitness products (so we look better), RVs (so we may travel in comfort), gadgets (GPS, cell phones, digital cameras, PDAs, whole house security and electrical systems). Market online because ease and convenience are important to us as we age. Provide services that make life easier.

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