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SENIOR LIFESTYLES - US - DECEMBER 2017

Published By :

Mintel

Published Date : Dec 2017

Category :

Lifestyle

No. of Pages : N/A

There are more than 50 million seniors aged 65+ in the US and this age group is growing more than three times faster than the total population, making them an important segment for marketers to consider. Since their career concerns are largely in the rearview mirror, seniors today are focused on their health, as well as the health of their personal relationships. Many seniors find that the role of their spouse becomes elevated when their children leave the house, resulting in a renewed appreciation for this partnership.

Table of contents
OVERVIEW
What you need to know
Definition
EXECUTIVE SUMMARY
Overview
Seniors and marriage
As people age, the role of the spouse is elevated
Figure 1: Priorities, goals, and attitudes Marriage and relationships, August 2017
Seniors and health
Health is a primary area of focus
Figure 2: Priorities, goals, and attitudes Health, August 2017
Seniors and finances
Todays seniors are financially stable, but tomorrows seniors may not be
Figure 3: Areas of optimism Finances, August 2017
Seniors and the future
Seniors show little faith in younger generations
Figure 4: Attitudes toward the future and younger generations, August 2017
What it means
THE SENIOR MARKET WHAT YOU NEED TO KNOW
Seniors are the fastest-growing population segment
Senior women outnumber senior men
Older adults live in smaller households
Solo households are likely single women
Homeownership may be key to senior wealth
Most retire in their early 60s
SENIORS BY THE NUMBERS
Senior population continues to grow
Figure 5: Population aged 65 or older, 2012-22
Figure 6: Population aged 18 or older, by age, 2017 and 2022
DEMOGRAPHICS AND CHARACTERISTICS OF SENIORS
Women significantly outnumber men in the 65+ market
Figure 7: Ratio of males to females, by age, 2017
Household size shrinks with age
Figure 8: Average number of people, by age of householder, 2016
Most seniors share life with a partner
Figure 9: Marital status, by age, 2016
More than a quarter of aging women live alone
Figure 10: Households, by age of householder and type of household, 2016
MARKET PERSPECTIVE
Senior partnership may not include marriage
Healthcare providers may struggle to meet growing demand
Figure 11: Visited provider to treat at least yearly (net), August 2017
MARKET FACTORS
Homeownership rates high for those 50+
Figure 12: Homeownership rate, by age of householder, 2016
Seniors may have more wealth than previously reported
Figure 13: Median value of net worth for families with holdings, by age of householder, 2016
Seniors may have a limited budget, despite a higher net worth
Figure 14: Median household income, by age of householder, 2015
Labor force participation drops precipitously at age 60
Figure 15: Labor force participation of people aged 16 or older, annual averages, by age, 2016
Life expectancy drops, but seniors remain healthy
Figure 16: Life expectancy in the US, 1900-2011
KEY TRENDS WHAT YOU NEED TO KNOW
Senior market attracts telecom interest
Door-to-door services work for seniors with limited mobility
Brands capitalize on senior interest in health
Rising interest rates put seniors at risk
Lifestyle changes may lead to grey divorce
Media efforts toward diversity should include senior representation
WHATS IN?
Telecoms expand their reach to seniors
Figure 17: Get ready for #Unlimited55! Anyone 55+ can grab 2 lines of T-Mobile ONE for $60, August 2017
Ride-share services look to improve access for seniors
Creative housing solutions help seniors age in place
Seniors branch out to improve health
Sex-ed goes beyond the middle school crowd
For senior discounts, is 50 the new 65?
WHATS OUT?
The financial landscape is shifting for seniors
Retirement can put undue stress on a marriage
#OscarsSoYoung
Risk-taking seniors particularly susceptible to financial fraud
Boomers remain skeptical of short-term rentals
Changes to reverse mortgage policies make them less attractive
WHATS NEXT?
Brands tackle the problem of loneliness
Figure 18: Ohmni: The Race
Niche meal delivery services test out the senior market
Nostalgia may jumpstart VR market for older Americans
Figure 19: BETTVR WITH AGE TEASER, April 20217
THE CONSUMER WHAT YOU NEED TO KNOW
Majority of seniors live with a partner
Most seniors are online, but fewer are adopting new technologies
Maintaining good health is crucial to seniors
Married seniors put their spouse first
Optimistic seniors treasure their partnerships
Uncertainty for the country apparent in senior attitudes
Seniors are happy with the past and looking forward to the future
LIVING SITUATIONS
Seniors most likely to live with a partner
Figure 20: Current living situation, August 2017
Longer lifespans leave women more likely to live alone
Figure 21: Current living situation Select items, by gender, August 2017
Low-income seniors may have less social support
Figure 22: Current living situation Select items, by household income, August 2017
Small spaces may result in urban dwellers living alone
Figure 23: Current living situation Select items, by location type, August 2017
TECHNOLOGY USAGE
Seniors engage with technology, but adopt slowly
Figure 24: Tech used regularly, August 2017
Use of text messaging may indicate a tech-savvy senior
Figure 25: Tech used regularly, by age, August 2017
Stable finances may foster tech proficiency
Figure 26: Tech used regularly, by household income, August 2017
Seniors are filling their online carts
Figure 27: Tech used regularly Online shopping, by select demographics, August 2017
CURRENT PRIORITIES
Seniors focus on self-care
Figure 28: Current priorities, August 2017
A focus on health increases with age
Figure 29: Current priorities Select items, by age, August 2017
Low-/middle-income seniors may need support improving health
Figure 30: Current priorities Select items, by household income, August 2017
Employment status has little effect on nonwork priorities
Figure 31: Current priorities Select items, by employment status, August 2017
FUTURE GOALS
After kids are gone, partnerships take priority
Figure 32: Future goals, August 2017
Older seniors want to carve out time for family
Figure 33: Personal goals Select items, by age, August 2017
Health and family are particularly important for senior women
Figure 34: Personal goals Select items, by gender, August 2017
Travel is less accessible for low-/middle-income seniors
Figure 35: Personal goals Select items, by household income, August 2017
OUTLOOK ON LIFESTYLE
Kids financial future is a question mark
Figure 36: Areas of optimism Personal factors, August 2017
Optimism increases with age
Figure 37: Areas of optimism Personal factors, by age, August 2017
Financial stability can affect perceptions of personal relationships
Figure 38: Areas of optimism Personal factors, by household income, August 2017
Marital status can influence optimism across areas
Figure 39: Areas of optimism Personal factors, by marital status, August 2017
OUTLOOK ON AMERICA
Low levels of optimism for the future of the US
Figure 40: Areas of optimism External issues, August 2017
Older seniors demonstrate more optimism across the board
Figure 41: Areas of optimism External issues, by age, August 2017
Marital status can impact perceptions of the outside world
Figure 42: Areas of optimism External issues, by marital status, August 2017
ATTITUDES AND OPINIONS
Seniors have fulfilling lives, but may be looking to expand social circles
Figure 43: Senior attitudes, August 2017
Women may have more social support than men
Figure 44: Senior attitudes Sociability, by gender, August 2017
High household income makes both the past and future look rosier
Figure 45: Senior attitudes Regret and life satisfaction, by household income, August 2017
Both men and women are happy they tied the knot
Figure 46: Senior attitudes Partnership, by gender, August 2017
Senior men and women engage with the world in different ways
Figure 47: Senior attitudes Engagement, by gender, August 2017
SENIOR SEGMENTS
Factors
Figure 48: Senior segments, August 2017
Segment 1: Positive Thinkers (36%)
Demographics
Characteristics
Opportunity
Segment 2: Social Butterflies (33%)
Demographics
Characteristics
Opportunity
Segment 3: Fret Setters (31%)
Demographics
Characteristics
Opportunity
APPENDIX DATA SOURCES AND ABBREVIATIONS
Data sources
Consumer survey data
Consumer qualitative research
Abbreviations and terms
Abbreviations
Terms
APPENDIX THE MARKET
Figure 49: Population aged 18 or older, by age, 2012-22
Figure 50: Number and ratio of males to females, by age, 2017
Figure 51: Average number of people, by age of householder, 2016
Figure 52: Households, by age of householder and type of household, 2016
Figure 53: Marital status, by age, 2016
Figure 54: Median household income, by age of householder, 2015
Figure 55: Median household net worth, by age of householder, 2016
Figure 56: Labor force status of people aged 16 or older, annual averages, by age, 2016
Figure 57: Homeownership rate, by age of householder, 2016

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