Aging2.0 and She Says event at Deutsch July 26, 2012
meets SHE SAYS July 26th, 2012 Emily Lutzker, PhD @lutzker
The 50+ Market is THE Market. 1946-1964 Baby Boom in the US 77 Million births They are now ages 48-66 26% of the US population
The times they are a changing.Baby Boomers 80% of personal control overﬁnancial assets and more than 50% ofdiscretionary spending power. 77% of all They buy prescription drugs, 61% of OTC medication and 80% of all leisure travel. Source: BCG, Global Aging, Dec 2011
How much money are we talking about? The 55+cohort will account for over HALF of consumer spending over next 20 years. Source: BCG, Global Aging, Dec 2011
How can we understand them? Forever Young The anti-aging industry will top $115 Billion annually in 2015 Still going at it 25% of boomers say they don’t want to retire The Experience Economy They see old age as a time of discovery and personal growth rather than slowing down.* Aging in Place They are reluctant to move into nursing homes and assisted living facilities
Not all Boomers are the same.b. 1946-1954 Leading edge Boomerb. 1955-1965 aka “Generation Jones”
All identify themselves with music: “You’re more rocker than rocking chair.” http://www.youtube.com/watch?v=u9_Dcg8hWuU&feature=player_embedded
Trend 1: Music as an emotional triggerPopular music during formative years 18-22Pre-boomer: the Silent Generation b.1925-1945 >>>>>> 18-22 starting in 1943
Trend 1: Music as an emotional triggerb. 1945 – 1954 >>>> 18 in 1963 (now age 58-66)b.1954 – 1963 >>>>> 18 in 1972 (now age 51-58)b. 1962 - 1967 >>>>> 18 in 1980 (now age 45-50)
Emerging trend 2: Design for All Don’t add those safety bars to the bathroom, make them a design feature from day 1. Make well-designed products for EVERYONE.
Trend 2 (continued): Design for ALL Don’t “age-market” me! “Don’t call me ‘old’, ‘elder’ ‘senior’, ‘silver’ and certainly don’t call me ‘young lady’!” -various respondents from Aging 2.0 roundtable, 2011
Trend 3: 50+ is sexy 84,685 Americans age 65 or older had “In 2010, cosmetic surgery, according to the society. Thats a 21% increase from 2009, when 69,685 older Americans had cosmetic surgery. The most common procedures among seniors are facelift, blepharoplaty (eyelid surgery), liposuction, breast reduction, and breast lift.” (CBS News) http://www.youtube.com/watch?v=1Pfa07ijUCE
Trend 4: Innovative business models for healthcare, tech, consumerproducts, and lifestyle. Peer to Peer sharing and learning Coupons and group buying Aging in place / lifestyle communities Looking to the future!