• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
Generational Cohorts
 

Generational Cohorts

on

  • 4,595 views

 

Statistics

Views

Total Views
4,595
Views on SlideShare
4,592
Embed Views
3

Actions

Likes
0
Downloads
32
Comments
0

1 Embed 3

http://www.slideshare.net 3

Accessibility

Categories

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Generational Cohorts Generational Cohorts Presentation Transcript

    • Generational Cohorts Presented by Nicki Stajcar Iowa Department of Elder Affairs Statewide Transportation Conference November 1, 2006
    • Cohort Model
      • Generational Cohort
        • Individuals who experience same event
        • "What world events over the past 50 years were especially important to you?"
        • Ages of respondents correlated with importance rankings
        • Seven distinct cohorts
    • Cohort Model
      • Depression cohort (1912 - 1921)
        • Memorable events: The Great Depression, high levels of unemployment, poverty, lack of creature comforts, financial uncertainty
        • Key characteristics: strive for financial security, risk averse, waste not want not attitude, strive for comfort
      • WWII cohort (1922 - 1927)
        • Memorable events: men leaving to go to war and many not returning, the personal experience of the war, women working in factories, focus on defeating a common enemy
        • Key characteristics: the nobility of sacrifice for the common good, patriotism, team player
      • Post-war cohort (1928 - 1945)
        • Memorable events: sustained economic growth, social tranquility, Cold War, McCarthyism
        • Key characteristics: conformity, conservatism, traditional family values
      Schuman and Scott, 1989
    • Cohort Model
      • Leading Edge Baby Boomer
      • (1946 - 1954/55)
        • Memorable events: assassinations, political unrest, walk on moon, Vietnam War, social and drug experimentation, sexual freedom, civil rights movement, environmental movement, women’s movement, protests and riots
        • Key characteristics: experimental, individualistic, free spirited, social cause oriented
      Schuman and Scott, 1989; others
    • Cohort Model
      • Trailing Edge Baby Boomer
      • (1955/56 - 1964/65)
        • Memorable events: Watergate, Nixon resignation, defeat in Vietnam, oil embargo, raging inflation, gasoline shortages, economic competition
        • Key characteristics: less optimistic, distrust of government, general cynicism, credit/debt orientation
      Schuman and Scott, 1989; others
    • Cohort Model
      • Generation X cohort (1965 - 1976)
        • Memorable events: challenger explosion, Iran-Contra, social malaise, Reaganomics, AIDS, safe sex, fall of Berlin Wall, single parent families
        • Key characteristics: quest for emotional security, independent, informal
      • N Generation cohort (1977 - 1990s)
        • Memorable events: rise of the Internet, 9-11 terrorist attack, cultural diversity, 2 wars in Iraq
        • Key characteristics: quest for physical security and safety, patriotism, heightened fears, acceptance of change
      Schuman and Scott, 1989
    • Boomers Defined
      • Born 1946 – 1964 (age 42 - 60 today)
        • Born or immigrated to US
        • Over 26% of the population
        • 76 - 78 million persons
        • 48% of households
        • 34 million households
      MetLife Mature Market Institute Analysis, 2005
    • Boomers Defined
      • Born 1946 – 1964
        • 49% male
        • 51% female
        • By 2030: 66 – 84 yrs old
        • By 2030: 20% of the US population
      MetLife Mature Market Institute Analysis, 2005
    • Younger Boomers (1956 - 64)
      • 23.9 million households
      • Purchasing power: $1.1 trillion
      • Avg. # earners in household: 1.7
      • Avg. annual household income: $56,500
      • Avg. annual spending per household: $45,149 (80% of income)
      American Demographics, 2002; US Bureau of Labor Statistics, 2003
    • Younger Boomers (1956 - 64)
      • Priority: children
      • 69% own their own homes
      • Spending
        • 11% > avg. on pets, toys, playground equipment
        • 38% > avg. on mortgage payments
        • 10% < avg. on life and personal insurances
      American Demographics, 2002; US Bureau of Labor Statistics, 2003
    • Older Boomers (1946 - 55)
      • 21.9 million households
      • Purchasing power: $1 trillion
      • Avg. # earners in household: 1.8
      • Avg. annual household income: $58,889
      • Avg. annual spending per household: $46,160 (78% of income)
      American Demographics, 2002; US Bureau of Labor Statistics, 2003
    • Older Boomers (1946 - 55)
      • Spending
        • 11% < avg. on children’s items
        • 50% > avg. on home upgrades and products
        • 11-13% > avg. on adult apparel
        • 23% > avg. on hotels and vacation homes
        • 20% > avg. on life and personal insurances
      American Demographics, 2002; US Bureau of Labor Statistics, 2003
    • A Comparison
      • Younger Boomers:
      • Current ages: 42 - 50
      • 23.9 million households
      • Purchasing power: $1.1 trillion
      • Avg. # earners in household: 1.7
      • Avg. annual household income: $56,500
      • Avg. annual spending per household: $45,149
      • Spending as % of income: 80%
      Older Boomers: Current ages: 51 - 60 21.9 million households Purchasing power: $1 trillion Avg. # earners in household: 1.8 Avg. annual household income: $58,889 Avg. annual spending per household: $46,160 Spending as % of income: 78%
    • Marital Status
      • 68.8% married
      • 14.2% divorced (> prior generations)
      • 12.6% never married (> prior generations)
      • 2.9% separated
      • 1.6% widowed
      US Census Bureau, 2000
    • Education
      • Boomers have a higher level of education than any prior generations
        • 88.8% completed high school
        • 28.5% have Bachelor’s Degree or more
      US Census Bureau, 2000
    • Housing MetLife Mature Market Institute Analysis, 2005 18% 24% 31% Renter 38% 20% 12% No mortgage 44% 56% 57% Mortgage 82% 76% 69% Homeowner 55-74 45-54 35-44
    • Family Life
      • In < a decade, Boomers will comprise 52% of all grandparents
      • By 2010, Boomer grandparents will grow from 18 million to 37 million
      JWT Mature Market Group, 2006
    • Family Life
      • Caregivers are typically females, 45+, with children at home and key influencers in health care and senior housing decisions
      • 2/3 of all caregivers are Boomers
      • Age cohort with the highest percentage of caregivers is 45 - 49 (13%)
    • Retirement Lifestyles
      • 80% will work at least part-time
      • 30% plan to start own business
      • Second or third careers
      • Delayed retirement
        • Nearly 1/3 had children later and may still pay tuition
        • Desire to maintain present lifestyle
        • Savings of $2.5 million to maintain current spending
        • Inadequate retirement savings
    • Travel & Tourism Consumers
      • Extensive travel
      • Immersive learning (“Edutainment”)
      • Peak experiences
      • Heritage tourism
      • Cultural tourism
        • Rock and Roll Hall of Fame
      • Nostalgic coming-of-age tourism
        • A “Beatles London” tour
    • Financial Services Consumers
      • Only 40% of workers born 1951 – 60 are on track to cover basic expenses in retirement
      • Those waiting until their 40s must save 25 – 35% of income
      • 78% aren’t very satisfied with personal finances
      • 70% have not met their financial expectations
      • Getting out of debt is #1 goal of empty nesters
      • Boomers will work longer
    • Retirement Housing Consumers
      • 55% plan to move when retired
      • 51% will move > 3 hours away
      • Paramount issues
        • 62% want less maintenance
        • 23% want smaller home
    • Retirement Housing Consumers
      • 26% will consider Active Adult Community
        • 30% prefer urban location
        • 29% want local natural benefits
        • 22% prefer AAC within multi-generational development (> twice the % of those 59 – 70)
    • Retirement Housing Consumers
      • Tailored features
      • On-site health and wellness
      • Fitness and therapy
      • Food choices
      • Enabling technologies
      • Lifelong learning
      • Work and voluntarism access
    • Retirement Housing Consumers
      • Tailored hobbies and interests
      • Emotional and spiritual wellbeing
      • Transportation
      • Ties with family and friends
      • Guest facilities and amenities
      • Homelike architecture and living
      • Sustainable design
    • The Cool Cohorts
      • Chronically cool
        • Regardless of age, Boomers continue to think they define the way life and people should be.
    • Media: TV
      • First generation to grow up with TV
        • Adults 35 – 64 average 248 minutes/day
        • Adults 18 – 34 average 226 minutes/day
      • Viewership increases with age
      • Prefer more intelligent / sophisticated programming than earlier generations
    • Media: TV
      • Older boomers
        • CSI
        • The West Wing
        • ER
        • News programs
        • Lifetime cable network
        • Science fiction
      • Younger boomers
        • ER
        • Friends
        • Survivor
        • Reality shows
        • Science fiction
    • Media: Radio
      • Listen to radio average of 21 hours / week
      • 2 hours more / week than other adults
        • Older boomers
          • News / talk #1
          • Rock #5
        • Younger boomers
          • Adult contemporary #1
          • Rock #2
    • Media: Internet
      • By 2009, over ½ of all heads of household will be > 50
      • Worked at least ½ their careers on computers
      • Children and grandchildren are online and bring older loved ones along
      • The mature market is the fastest growing segment on the internet
    • Media: Internet
      • Most frequent online activities for 50+
        • Driving directions 56%
        • Weather 55%
        • Travel information 54%
        • Community/local events 35%
        • Purchase airline tickets 33%
    • Trends: Freedom
      • Fastest growing segment of motorcyclists
        • Increasing 10% / year
        • Nearly 1/3 of Harley riders are 50+
    • Trends: Self-Actualization
      • Self-discovery
      • Self-expression
      • Balance
      • Life satisfaction
      • Community
      • Holistic solutions
      • Spirituality
    • Trends: Community
      • Communal experiences
        • Large classes
        • Rock concerts
        • Communal living
      • Sense of generational community
      • Group engagement
    • Trends: Children’s Approval
      • Children’s approval is more important to Boomers than any previous generation
      • 39% hold family & friends as the most important life area (29% for older generation)
      • Children are “influencers”
        • Consumer roles
    • Targeting Your Boomer Consumers
      • What are you doing in your environment ?
      • What are the challenges ?
      • What can you start doing?