Seniors

Seniors want to stay where they are – especially women.  In November, AARP reported results of its survey of older adults (sigh: now 45+) about where they want to live. Similar to other AARP studies, 88% of the 65+ population is in agreement that they want to stay in their current residence for as long as possible, pushed up to 89% for women overall, and up further to 90% for the 50+ population with incomes between $25K and $50K per year.  Maybe we interpret that as happy with one's current comfort level or maybe that represents responders' inability to afford a move that would provide the same degree of comfort or community.

The first boomers are about to turn senior.  One might think that the excitement of the first boomer turning 65 in January would have waited a few weeks closer to January, but silly me. So one boomer will turn 65 every 8 seconds starting in January. Is it the beginning of one of society's great tragic periods -- too few jobs, dwindling public funds for safety nets, declining health, and a fundamental recasting of the societal dependency ratio (see WSJ article)? Or will it be the beginning of a long and joyous 'senior boomer' or 'booming senior' marketing marathon that rises and then slowly ebbs over 30 or 40 years when the 46-year-olds run out of money and steam? Your perspective may vary: it matters whether you make a product for an aging population but want to move the age downward and broaden the appeal (see GreatCall). Or whether the opposite is true and you're Toyota and want to create a vehicle that will tackle problems of aging head on (no pun in tended). Or whether you're in a complex senior-focused market, like MetLife and long-term care insurance, where the economics of longevity and the recession have both shrunk the target buying audience and made the cost of claims untenable.