Hey Big Spender

Elite Boomers, an attractive cohort for the luxury and leisure markets, may indulge in these products and services not merely more often, but for a longer time than their less wealthy peers. Seventy-five percent of Elites report their health status to be very good or excellent versus just over half (55%) of general Boomers who do so. Most Elites also have spouses to share their leisure time with; 92 percent versus 69 percent of regular Boomers are married or partnered. There is also a discrepancy in terms of educational level, as 92 percent of Elites are college educated versus 73 percent of non-Elite Boomers. Sex differences exist as well; 64 percent of the Boomer Elite is male, while just under half (49%) of the non-Elite Boomers are men. The greatest difference between Elite Boomers and their non-Elite peers may be most apparent in their residence dwellings; the average market value of a Boomer Elite’s home is $519,000, in contrast with the typical Boomer’s home valued at $282,000, nearly half of the value of a Boomer Elite’s home.

Boomer Elites invest a lot on their relatively expensive homes. Compared to their Boomer peers, over the next 12 months, Elites plan to spend 110% more on household items, and 60% more on home improvement.  Travel and leisure are also a priority to this cohort, as they will spend 62% more on taking trips this year than their peers. Boomer Elites also keep up with the latest in technology, as they will spend nearly three-quarters more (73%) than their peers on technological products.

As consumers, this cohort can be reached in various ways. More than general Boomers, Boomer Elites indulge in multiple media outlets. Three quarters of Boomer Elites use the Internet, nearly the same number (76%) listen to the radio, 87 % read a newspaper or magazine, and 91% watch television, all on a daily basis. Forty percent (4 in 10) state that they read the advertisements in the magazines to which they subscribe, and they spend an average of a half an hour a day reading print media.

Through Boomer Elites enjoy spending, they also consider themselves savers, and are confident in their retirement plans. Nearly all of them (95%) have retirement savings or investments versus three-quarters (75%) of non-Elite Boomers. Heather Stern, Director of Marketing, Focalyst, stated in a press release, "Retirement planning is big business for financial services companies but not all Boomers are looking for the same thing. When it comes to the Elites who are less likely to rely on a financial planner, the complexity of retirement planning isn't as daunting as it is for others. What they value most is no-frills information from a trusted institution that can help guide -- not determine -- their decisions. Boomer Elites pride themselves on having control over their finances so appealing to their need for information but ultimately helping them feel in charge of their financial destiny is key."