Mature Market Experts Stat of The Day: Median Age of Grandparents is 53 to 57

j0438615 grandfather with grandkids

Mature Market Experts: more mature market news and stats more often – Median Age of Grandparents is 53 to 57 – “In a time past views of the elderly and views of grandparents were synonymous. Grandparents were seen as physically frail, out of touch with current life styles, and old fashioned. The profile of the average grandparent today is quite different from that former stereotype. Because individuals are becoming grandparents at an earlier age and are living longer, they are likely to be healthy, relatively well off, and have a living spouse (Aldous, 19951. The average grandparent is white, female, and healthy (Roe & Minkler, 1998/991). Most grandparents are married, and if they are single they are more likely to be females (Jones & Kennedy, 1996; Landry, 1999). About 50% are working (Heywood, 1999; Woodworth, 1996).

In 1995 at least 75% of older Americans were grandparents (Giarrusso & Silverstein, 1996) and almost 50 percent of them were great-grandparents, many of whom were raising their great-grandchildren (Woodworth, 1996). However, in 1995 one-half of all U.S. grandparents were less than 60 years of age and one-half of the under 60 group was less that 55 years old (Simon-Rusinowitz & Krach, 1996). These figures tell us that most grandparents are not members of the elderly population. In fact, the estimated grandparent age ranges from 30 to 110, with the median age between 53-57 (Giarrusso & Silverstein, 1996; Heywood, 1999; Jones & Kennedy, 1996). Factors that are often cited in the literature for the growing numbers of grandparents are; the aging of post World War II baby boomers, longer life expectancy, early age of becoming a grandparent, and changes in the family life cycle (Dressel, 1996; Giarrusso & Silverstein, 1996; Longino & Earle, 1996). We can conclude that the number of grandparents will increase as the younger grandparents age and additional young people become grandparents.”

Source: Goliath

As I have blogged before, Grandparents are a major consumer market. There were 69 million U.S. grandparents in 2000, a number expected to grow to 80 million by 2010, and they spend a median of $489 per year on their grandchildren, about $30 billion annually. Source: AARP Special Study, 2002

U.S grandparents and the mature market:

– Over 75% of the 50+ market are grandparents

– Average age of the first-time grandparent is 47

– Over 70 million grandparents in the U.S. (More than the entire population in the U.K.)

– 4,000 Baby Boomers become grandparents every day

– The 50+ population is projected to grow to 23% in the next ten years while growth in the 18-49 segment will be flat

Source: GRAND Magazine

PS  GRAND Magazine, one of TR Mann Consultings’ clients, offers an exceptional opportunity for marketers to capture an audience at a highly defined stage, at an exceptional cost per thousand. Grandparents will continue to spoil and spend money on their grandchildren even in the worst economy.

 

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