Mature Market Experts Stat of The Day: Boomer Real Estate Preferences

CB067787 Mature Market Housing

Mature Market Experts: more mature market news and stats more often – Boomer Real Estate Preferences – “An National Association of Home Builders (NAHB) survey of consumer preferences shows that Boomers prefer single-level living with three bedrooms (compared to their younger cohorts who want four bedrooms in a two-story house). Ease of maintenance, energy efficiency and an emphasis on quality were other preferences expressed by Baby Boomers for their homes.

The National Association of Home Builders is sponsoring a conference in April in Philadelphia called the “Building for Boomers & Beyond: 50+ Housing Symposium.”

Source: Baby Boomer Examiner

Note: For a ton of great real estate stats and figures, click here. Also, I should point out that TR Mann Consulting has a team that specializes in developing and marketing communities for boomers and beyond.

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Mature Market Experts Stat of The Day: Mature Market Skiers and The Economy

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Mature Market Experts: more mature market news and stats more often – mature market skiers and the economy – I recently went skiing close to home (Deep Creek, Maryland) with my wife and children and couldn’t help but notice the slopes were packed. Long lines everywhere you went. Didn’t seem like the economy was slowing business down at all. Upon closer review, I’d be willing to bet that many families are and will be vacationing closer to home to save money. The other thing I couldn’t help but notice is that the slopes were filled with boomers. In fact, in many instances I saw three generations of skiers from families. This broadening of the market has to be helping ski resorts. I know my parents weren’t skiing at 60. My observation of more mature market skiers definitely echoes what the industry is reporting:

The National Ski Areas Association (NSAA) 2008 National Demographic Study states that there are continued gains in visitation among skiers and riders aged 45 and over. Since the winter of 1997-98, the proportion of skiers aged 45 to 54 has increased from 14% to 19.9% in the U.S., says the association. Skiers aged 55 to 64 has doubled from 4.6 percent to 9.2 percent; and the proportion of visitors aged 65 and over has also increased substantially, from 2.4 percent to 3.8 percent. The NSAA press release states, “According to the study, the loyalty and staying power of older participants has been a plus for ski resorts and has been a key driver of the success enjoyed by the industry in recent seasons.” Last season, the industry tallied a record 60.5 million skier visits nationally.

Just imagine how much more business they would be doing if they catered some more to baby boomer needs. I can tell you that ski lifts, as they are designed today, continue to be a major barrier for young and old. I saw more falls in these areas than any other part of the resort. I also think ski boots need a redesign, as they are far heavier than they need to be. And finally, I’d encourage the resorts to consider shorter ski rental periods and rates. Many grandparents would love to go down the bunny hill with their grandkids once or twice but don’t want to spend the day out there . . . and would happily retire to the bar or spa (with their wallets) after a couple of trips down.

By the way, TR Mann Consulting’s client GRAND Magazine, had a wonderful article on the top four ski resorts for grandparents and their grandkids.

Mature Market Experts Stat of The Day: Mature Market Women

CBR001078 Yoga Mature Market Experts

Mature Market Experts: more mature market news and stats more often – Mature Market Women – According to research in Marti Barletta’s book, PrimeTime Women™ , 59% of mature market women, 50 to 70 years old, feel that their greatest achievements are still ahead of them.

I couldn’t agree with her more. Let’s see, at 50 a woman is more experienced, wealthier, and more spiritually-centered. And at 50, she is only 1/2 way through her life . . .

This, my friends, is an audience worth serving. And I’m betting that a few of them will be looking for a “Health Sherpa” to maximize those last 50 years!

PS   Want to join Mature Market Experts’ LinkedIn networking group? Click here.

Mature Market Experts Stat of The Day: Boomers and Cars

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Mature Market Experts: more mature market news and stats more often – Baby Boomers buying cars – According to J.D. Power & Associates, boomers will account for 57.5% of all the new vehicles sold in the U.S.

Think about that. 57.5%! Think about all the services and products attached to car ownership. Do you think some of these should be reshaped to better suit boomers’ wants and needs? Do you think some of the marketing could capitalize on this opportunity?

I do.

Mature Market Experts Stat of The Day: Baby Boomers Keep Fitness Industry Growing

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Mature Market Experts: more mature market news and stats more often – With 77.5 million boomers focused on staying young, fitness industry focuses on them – ““Baby boomers are a booming population. Their numbers are expected to increase by about 25 percent in the next eight years,” said Kara Thompson, of the International Health, Racquet and Sportsclub Association (IHRSA).

Boomers span ages 43 to 61, approximately. With the U.S. Administration on Aging reporting that 77 percent of all financial assets in the United States are held by those 50 and older, it’s like the poet said: “You don’t need a weatherman to know which way the wind blows.”

Thompson said an a survey by IHRSA, which promotes fitness through education and sports club membership, showed that gym membership among the 55+ group in the United States jumped from 1.5 million in 1987 to 9.9 million in 2007.

“It is estimated that in this year alone, Boomers will spend over $70 billion on ways to stave off the aging process,” she added.

As we age, tendons and muscles shorten, bones lose calcium and lungs lose elasticity, writes Dr. Vonda Wright, in her new book, “Fitness After 40.”

But that’s just the bad news.

“Only 30 percent of aging is genetic,” Wright, who specializes in sports medicine, explained. “That means that 70 percent of how we age is determined by the decisions we make.””

Source: MSNBC and Reuters

Note from Tom Mann: Remember, With the 77.5 million boomers expected to increase by 25% in the next 8 years, the fitness industry will continue to represent a growth opportunity even in a down economy. I recently spoke at the International Council on Active Aging (ICAA) and presented some ideas on how retirement communities and fitness centers could engage the mature market through relational marketing. Regardless of your product or service, many of the techniques I discuss in this PowerPoint are effective ways to cost-efficiently market while building strong, lasting relationships. To see the presentation, click here on: TR Mann Consulting – Relational Marketing.

Also, worth repeating, several years ago the AARP in conjunction with the ICAA did a study on terminology . . . the mature market reacted very negatively towards the term “exercise” while the term “active” tested very positively.

 

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

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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.

 

Mature Market Experts Stat of The Day: Low Testosterone For Boomer Men

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Mature Market Experts: more mature market news and stats more often: Low Testosterone For Boomer Men – Baby boomers are continuing their quest for the fountain of youth, looking for preventative measures to fool Father Time, rather than reactive measures. Pharmaceutical companies and marketers are taking note.

According to Solvay Pharmaceuticals, “Thirteen million men in the U.S. age 45 and older suffer from low testosterone, but less than 10 percent are receiving treatment. Not enough men are aware of what the symptoms are, and they should consider talking to a physician,” said Harry Fisch, M.D. Professor of Clinical Urology, Columbia University, New York Presbyterian Hospital.  In response, Solvay has created a product called Low T.

Interestingly, Solvay is targeting boomer women in this campaign, rather than directly approaching the boomer men, creating a toll-free number to “support” women who are encouraging their man to get an annual checkup. The idea is that the woman can suggest to their spouse/lovers that they consider talking about their symptoms that may be related to low testosterone with their doctor.  Fisch continues, “Women play an active role in their husband’s health; if they are better informed about the signs and symptoms of treatable medical conditions such as low testosterone they can help make a big impact in the health of their male partners.”

Survey Key Findings

 — Women reported that time away from work would be the leading obstacle keeping their husband or male partner from a doctor’s visit in 2009; more than a quarter of women (27 percent) also said that fear and lack of motivation would play a role in preventing a doctor’s visit.

 — 82 percent of women responded that their spouse or male partner was more likely to discuss changes in cardiovascular health, eyesight or hearing with them after an annual medical exam than changes in weight or sexual function.

— Women were two times more likely to attribute symptoms, such as fatigue and depressed mood, to thyroid disease or diabetes than to the possibility that the men lives may be suffering from low testosterone.

— Not surprisingly, on average women report that the men in their lives spend five times more hours a month watching television than addressing their personal health; less than a quarter (21 percent) said that long-term health is most important to their husband’s or male partner’s daily life.

Source: PR News

Personally, I think a more direct approach explaining the role of testosterone to men, with the implied “side effects” of not taking Low T (loss of masculinity . . . lowered sex drive . . . decreased strength and sex appeal) would be more effective. In short, this is how you PROTECT your virility. Yes, I have long advocated for marketing to women (after all, they rule the world and make most of the purchases) but I think this might be an exception to the rule. That being said, I think for this to have mass appeal for boomer men, the message needs to be coming from a “esteemed” doctor and not a boomer on steroids.’

PS   The boomers reading this will remember this important testosterone laden skit from Saturday Night Live.