Did you know over half of the Nation’s wealth is in the hands of the baby boomer generation? The 55+ age group controls more than three-fourths of America's wealth. They have more disposable income and are "tech savvy" too! They are using mobile devices and social media just like the younger generations. Just like every other consumer, Baby Boomers are turning to ecommerce to find products to fill their wants and needs in their lives.
According to the U.S. Census, 77 million people were born between 1946 and 1964, which is defined as the baby boomer era. The senior age group is now, for the first time, the largest in terms of size and percentage of the U.S. population, which makes this a very powerful market in which online business owners will want to cater to now and in the future.
Size of the Boomer and Senior Markets:
- By 2015, those aged 50 and older will represent 45% of the U.S. population (AARP).
- By 2030, the 65-plus population will double to about 71.5 million, and by 2050 will grow to 86.7 million people (U.S. Census).
- Boomers' median household income is 55% greater than post-Boomers and 61% more than pre-Boomers. They have an average annual disposable income of $24,000 (US Government Consumer Expenditure Survey).
- The 50+ have $2.4 trillion in annual income, which accounts for 42% of all after-tax income (U.S. Consumer Expenditure Survey).
- Baby Boomers outspend other generations by an estimated $400 billion each year on consumer goods & services (US Government Consumer Expenditure Survey).
- Baby Boomers account for nearly $230 billion, or 55%, of consumer packaged goods sales (Nielsen).
- Boomers outspend younger adults online 2:1 on a per-capita basis (Forrester Research).
- 96% of baby boomers participate in word-of-mouth or viral marketing by passing product or service information on to friends (ThirdAge and JWT Boom).
- One-third of the 195.3 million internet users in the U.S., adults aged 50+ represent the Web's largest constituency (Jupiter Research).
- Two-thirds of Americans 50+ buy from e-retailers online (Pew).
- Baby boomers spend 27 hours per week online, 2 hours more per week then Millennials at 25 hours per week (WSL/Strategic Retail).).
- 27.4 million people age 55 and over engaged in social networking with nearly 19 million of those people using Facebook (comScore).
- Adults 50+ spend an average of $7 billion online annually (SeniorNet).
Best Internet Businesses to Start Geared Towards Baby Boomers:
Internet Business Selling Senior Care Products
As the body ages it requires more essentials to stay healthy. Many seniors are turning to the internet to shop for the products they need including medical gear and senior care necessities.
- 82% of adults aged 50+ who use the Internet research health and wellness information online (Pew Internet and American Life Project).
- In the next ten years, U.S. baby boomers will increase their annual spending on wellness-based services from approximately $200M to $1 trillion (Paul Zane Pilzer, The Next Trillion).
Internet Business Selling Pet Products
With their children moving out on their own many "empty nesters" are turning to pets to fill the void. Over the next 10 years the prediction is there will be more pets per household then children!
- According to Pet Business, 70% of boomers have pets, and they’re keeping them longer and longer.
- APPA reported $55 Billion was spent in the pet supply industry in 2013 while it is predicted to jump to $58 for 2014.
Internet Business Selling Toys
Boomers are buying toys? YES, for their grandchildren! Grandparents are constantly purchasing the latest and great toys for their beloved grandchildren.
- 37% of caregivers have children or grandchildren under 18 living with them (National Alliance for Caregiving in collaboration with AARP).
- There were 65 million grandparents in 2010, projected to be 80 million by 2020 (MetLife).
- 75% of those age 65+ reports being a grandparent (Census Bureau).
Website Business Focusing on Fitness & Health
Baby Boomers want to stay fit and thriving so they turn to joining gyms and purchasing home equipment, clothing and other fitness essentials.
- Americans 55+ are the fastest-growing age group among gym members, up more than 266% since 1987 (IBISWorld).
- 82% of adults aged 50+ who use the Internet research health and wellness information online (Pew and American Life Project).
To find out more about the Internet Businesses For Sale that are great to start in order to tap into the Seniors and Boomers target market, visit us at www.Pure-Ecommerce.com today!