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Is age more than just a number in the power of senior spending?

by Beauty Expert Rachel Lee 13 Aug 2023


The Power of Senior Spending: Why Age is More than Just a Number

Hello, lovely readers! As a woman selling hair clips here in the U.S., I always aim to understand our diverse market. Today, I'd like to share some insights that not only concern hair barrettes but also shed light on an influential consumer group.

Can Dietwald from Healthy Aging remarked, "Healthy seniors will rule the 21st century. But we are pathetically unprepared." And isn't that the truth? As Bill Novelli, the former CEO of the American Association of Retired Persons, points out, "People who turn 50 today have half their adult life ahead of them."

Now, let's dive into some intriguing statistics:

🚗 When it comes to new cars and trucks, those aged 55-64 spend 20% more than the 25-34 age group.
🍽 Full-service restaurant meals? A jump of +29% for our senior group.
✈️ Airfare sees a boost of +38%, and the trend continues with increases in spending on sports equipment, wine, recreational vehicles, and so much more. Remarkably, seniors spend +258% more on vacation homes and +250% on housekeeping and gardening services compared to their younger counterparts.

Here's a revelation: The saying "seniors have all the money" is not just a phrase; it's a reality. Why? Well, seniors typically have:

More Discretionary Income: They're often past hefty mortgage and student loan payments, leaving them with more to spend.
More Time: With fewer work-related commitments, they have more leisure time.
Drawing a parallel from an earlier discussion about men struggling to design for women: similarly, the younger generation often misses the mark in creating for and marketing to the senior demographic. For businesses, recognizing this gap and strategizing accordingly can unlock incredible potential.

Embracing the power of the senior market means more than just understanding their spending habits; it's about genuine connection and appreciation. So, whether it's hair barrettes or vacation homes, let's celebrate and cater to this vibrant community.


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