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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?"

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Generational cohorts

Generational Cohorts

Presented by Nicki Stajcar

Iowa Department of Elder Affairs

Statewide Transportation Conference

November 1, 2006


Cohort model
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 model1
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 model2
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 model3
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 model4
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
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 defined1
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
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 641
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
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 551
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
A Comparison

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%

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%


Marital status
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
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
Housing

MetLife Mature Market Institute Analysis, 2005


Family life
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 life1
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
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
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
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
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 consumers1
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 consumers2
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 consumers3
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
The Cool Cohorts

  • Chronically cool

    • Regardless of age, Boomers continue to think they define the way life and people should be.


Media tv
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 tv1
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
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
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 internet1
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
Trends: Freedom

  • Fastest growing segment of motorcyclists

    • Increasing 10% / year

    • Nearly 1/3 of Harley riders are 50+


Trends self actualization
Trends: Self-Actualization

  • Self-discovery

  • Self-expression

  • Balance

  • Life satisfaction

  • Community

  • Holistic solutions

  • Spirituality


Trends community
Trends: Community

  • Communal experiences

    • Large classes

    • Rock concerts

    • Communal living

  • Sense of generational community

  • Group engagement


Trends children s approval
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
Targeting Your Boomer Consumers

  • What are you doing in your environment?

  • What are the challenges?

  • What can you start doing?