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Senior Lifestyles - US - December 2013

SCOPE AND THEMES
What you need to know
Definition
Data sources
Consumer survey data
Abbreviations and terms
Abbreviations
Terms
EXECUTIVE SUMMARY
Senior snapshot
Figure 1: Total US population by age groups, 2013 versus 2018
Senior spending
Figure 2: Median household income, by average and seniors, 2012; median net worth of households, by under-35s and seniors, 2011
The senior consumer
Top plans for the next year include family time, a focus on health, and vacation
Figure 3: Seniors' top five plans for the next 12 months, October 2013
Most seniors do not follow a budget, are cautious with finances; four in 10 feel secure
Seniors’ purchase decisions driven by a variety of factors
Figure 4: Online seniors' top purchase considerations (“very important”), October 2013
Seniors shop at preferred stores
Figure 5: Seniors’ select attitudes toward shopping, by age, May 2012-June 2013
Independence, health, and family are seniors’ top concerns
Figure 6: Seniors' top five concerns for the future, October 2013
Half of seniors use the internet at home; impact on use of traditional media
Figure 7: Impact of internet use on other media use, all versus seniors, May 2012-June 2013
What we think
ISSUES AND INSIGHTS
How powerful is senior spending and what are they buying?
The issues:
The implications:
What is the impact of the internet and social media?
The issues:
The implications:
What are the top concerns and key issues that seniors face today?
The issues:
The implications:
TREND APPLICATION
Inspire Trend: No Resting Place
Inspire Trend: Immaterial World
SENIORS BY THE NUMBERS
Key points
One in seven Americans is a senior in 2013
Figure 8: Total US population, share by age, 2013
More than one in five adults will be aged 65+ by 2018
Figure 9: Total US population by age, 2008-18
DEMOGRAPHIC CHARACTERISTICS OF SENIORS
Key points
Senior women outnumber men, men’s life expectancy on the rise
Figure 10: US population, share and ratio of male/female by age group, 2013
Most seniors aged 65-84 are married
Figure 11: Marital status, all versus seniors by age group, 2012
Fewer than three in 10 seniors live alone
Figure 12: Family status and household relationship of seniors aged 65+, 2012
Multigenerational living likely to increase among seniors
Vast majority of seniors are White, diversity set to increase
Figure 13: Race/Hispanic composition of seniors, 2008, 2013, 2018
About eight in 10 seniors are homeowners
Figure 14: Homeownership and mortgage holding, by age of reference person, all versus seniors by age group, 2011
Where seniors live
Figure 15: Share of population aged 65+ by county, 2010
Figure 16: Change in population aged 65+ by county, 2000 versus 2010
Six in 10 seniors have a high school diploma or less
Figure 17: Educational attainment, people aged 25 or older versus seniors by age group, 2012
SENIORS’ NET WORTH, INCOME, AND SPENDING
Key points
Median household income figures belie seniors’ net worth
Half of seniors rely on social security for income
Figure 18: Median household income, by age of householder, 2012
Seniors’ net worth far exceeds that of under-35s
Figure 19: Median net worth of households based on age of head of household, 2011
About one in 10 seniors are impoverished – less than the general population
Figure 20: Household income distribution <$50K, by age of householder, 2012
Figure 21: Household income distribution $50K+, by age of householder, 2012
Seniors’ household expenditures are about 80% compared to average
Figure 22: Top consumer spending categories’ share of annual expenditures, by age, 2011
But, seniors’ annual expenditures exceed median household incomes
Figure 23: Median household income (2012) and average annual expenditures (2011), by age of householder
INNOVATIONS AND INNOVATORS
Vodka brand targets retirement communities with “Sobieski Silver”
Services for seniors
Silver spas
Mather’s – More Than a Café keeps seniors connected
Figure 24: Mather’s – More Than a Café, 2013
Innovative senior-living products rooted in technology
Universal home design allows for aging in place
Figure 25: Interest in special home features, 2012 versus 2103
Figure 26: Interest in special function rooms, 2012 versus 2103
MARKETING STRATEGIES
Overview
Messaging should portray seniors’ “feel age” – not “real age”
You’re only as old as you feel …
… but seniors aren’t just “old teens”
Figure 27: Taco Bell “We are young,” Super Bowl commercial, 2013
Best practices for marketing to seniors
Text elements
Design elements
Language elements
Content elements
Targeting
Marketing channels: traditional and online
Ge•ron•to•pho•bia (noun): a fear of old people; a fear of old age
Figure 28: Quaker Oats logo change, March 2012
Figure 29: Betty Crocker portraits through the years, 1936-96
Figure 30: Cover images, What to Expect When You’re Expecting, 1988, 2002, 2008
“Aging up” to depict challenges and solutions for the oldest seniors can be effective
Figure 31: Swiffer Dusters, “Morty, are you listening?” TV ad, July 2013
Underlying messaging strategies
Build trust
Demonstrate an understanding of their values
Figure 32: Walmart, “Grandpa visit,” TV commercial, October 2013
Don’t forget the packaging
Color scheme and information overload
Pack design
LIVING SITUATION AND FINANCIAL SUPPORT
Key points
Most seniors live with a spouse or partner, or alone
Figure 33: Who seniors live with, October 2013
Younger senior men least likely to live alone
Figure 34: Who seniors live with, by gender and age, October 2013
Partnered seniors have higher household incomes
Figure 35: Who seniors live with, by household income, October 2013
Seniors more likely to provide than to receive financial support
Figure 36: Seniors providing/receiving financial support, October 2013
More seniors have difficulty saying no to their kids
Figure 37: Seniors’ agreement that it is difficult to say no to their kids, by age, May 2012-June 2013
Family is important to seniors
Figure 38: Seniors’ attitudes toward family time, by age, May 2012-June 2013
PLANS AND LIFE EVENTS
Key points
Family time and personal health top list of plans for the next 12 months
Figure 39: Seniors' plans for the next 12 months, October 2013
Nine in 10 seniors plan to spend time with family over the next year
Taking better care of personal health and exercise is a goal
Half plan to travel, more than three in 10 plan to help take care of grandchildren
Fewer than one in 10 plans to move to a different residence
Demographic differences impact plans for the upcoming year
Life events of the past 12 months
Figure 40: Seniors’ select life events of the past 12 months indexed to the average, by age, May 2012-June 2013
BUDGETING, ATTITUDES TOWARD PERSONAL FINANCES
Key points
Most seniors do not follow a budget
Figure 41: Seniors’ budgeting habits, October 2013
Older seniors (aged 75+) are far less likely to follow a budget
Figure 42: Seniors’ budgeting habits, by gender and by age, October 2013
Seniors more likely than the average to feel financially secure
Figure 43: Feels financially secure, by age, May 2012-June 2013
Seniors are careful with their cash
Figure 44: Seniors’ select attitudes toward money and finances, by age, May 2012-June 2013
PURCHASE CONSIDERATIONS, ATTITUDES TOWARD SHOPPING
Key points
Seniors indicate a variety of factors impact their purchase decisions
Figure 45: Online seniors' purchase considerations, October 2013
Product selection more important to younger seniors, service to older
Figure 46: Seniors’ select attitudes toward shopping, by age, May 2012-June 2013
Seniors are sensitive to patronizing employees
Figure 47: Online seniors’ sensitivity to treatment by customer service representatives, by gender, age, household income, and survey method, October 2013
CONCERNS FOR THE FUTURE
Key points
Three quarters of seniors concerned with independent living
Figure 48: Seniors' top concerns for the future, October 2013
Opportunities in technology
Healthcare and companionship
Figure 49: Comfort Keepers In-Home Care TV ad, 2013
Construction
Retail
Family – children and grandchildren – are also top concerns
More than four in 10 seniors are concerned with Alzheimer’s
Demographic differences impact top concerns for the future
TECHNOLOGY, THE INTERNET, AND SOCIAL MEDIA
Key points
Half of seniors use the internet at home for activities other than email
Figure 50: Used the internet at home and work for something other than email in the last seven days, total versus seniors by age, May 2012-June 2013
More than half of online seniors use internet for finance, games, and travel planning
In memory of …
Figure 51: Online seniors’ use and interest in technology, October 2013
About one in five seniors visit social networking sites
Figure 52: Visits or belongs to any social media/networking websites, total versus seniors by age, May 2012-June 2013
Half of social media-using seniors visit these sites at least once a day
Figure 53: Frequency of visiting social media/networking websites, total versus seniors by age, May 2012-June 2013
PRINT MEDIA READING
Key points
Seniors’ use of print media less impacted by internet use
Figure 54: Impact of internet use on other media use, total versus seniors by age, May 2012-June 2013
Seniors enjoy newspapers and magazines
Figure 55: Attitudes and use of newspapers, total versus seniors by age, May 2012-June 2013
Figure 56: Attitudes and use of magazines, total versus seniors by age, May 2012-June 2013
One in five seniors subscribe to a magazine specifically for seniors
Figure 57: Seniors who subscribe to senior magazines, by gender, age, household income, and survey method, October 2013
Most popular magazines are carried by newspapers
Figure 58: Top 10 magazines read or looked at in the last six months and top 10 index, all versus seniors by age, May 2012-June 2013
ATTITUDES TOWARD ADVERTISING
Key points
Seniors more negative than the average toward advertising in general
Figure 59: Attitudes toward advertising in general, and impact on shopping, total versus seniors by age, May 2012-June 2013
Four in 10 seniors “annoyed” by TV ads; three in 10 mute commercials
Figure 60: Attitudes toward TV advertising and commercials, total versus seniors by age, May 2012-June 2013
Seniors don’t want to be singled out in advertising based only on age
Figure 61: Seniors’ sensitivity to advertisements, by gender, age, household income, and survey method, October 2013
DIET AND HEALTH
Key points
Seniors more likely to be watching their diet
Figure 62: Presently watching diet and reads product labels, all versus seniors by age, May 2012-June 2013
Seniors focus on fiber, freshness and overall nutrition in foods
Figure 63: Attitudes and opinions about food, all versus seniors by age, May 2012-June 2013
Breakfast is the most important meal of the day
Figure 64: Most important meal of the day, all versus seniors by age, May 2012-June 2013
Half of seniors use health-monitoring devices
Figure 65: Use of health-monitoring devices in the last 30 days, all versus seniors by age, May 2012-June 2013
Seniors more trusting – and more reliant on – doctor’s orders
Figure 66: Attitudes and opinions about food, all versus seniors by age, May 2012-June 2013
LEISURE TIME AND ACTIVITIES
Key points
Seniors spend more than seven hours per day devoted to leisure
Figure 67: Average hours per day spent in primary activities, all versus seniors by age, 2012
About one third of a senior’s day is devoted to leisure
Figure 68: Seniors’ share of time spent in primary activities, by age group, 2012
Seniors spend about four hours per weekday watching TV
Figure 69: Average daily hours per day spent in leisure and sports activities, all versus seniors by age group, 2012
Seniors more likely to engage in solo leisure activities
Figure 70: Past 12 month participation in leisure hobbies/activities, all versus seniors by age, May 2012-June 2013
CUSTOM SEGMENTS – PRE-, MID-, AND OLDER SENIORS
Key points
Fewer than one quarter of pre-seniors (aged 50-64) surveyed live alone
Figure 71: Who seniors aged 50+ live with, by age group, October 2013
Nearly six in 10 pre-seniors are providing financial support to householders
Figure 72: Online adults aged 50+ providing/receiving financial support, by age group, October 2013
Pre-seniors are full of plans for the next 12 months
Figure 73: Online adults aged 50+ plans for the next 12 months, by age group, October 2013
Purchase considerations are generally similar for pre- and mid-seniors
Figure 74: Online adults aged 50+ purchase considerations, by age group, October 2013
In general, pre-seniors’ concerns are similar to seniors
Figure 75: Online adults aged 50+ top concerns for the future, by age group, October 2013
Pre-senior women have the most concerns
Figure 76: Online adults aged 50+ top concerns for the future, by gender and age group, October 2013
Pre-seniors conducting business online, fewer playing games
Figure 77: Online adults aged 50+ use and interest in technology, by age group, October 2013
APPENDIX – OTHER USEFUL TABLES
Seniors by the numbers
Figure 78: Total US population by age, 2008-18
Figure 79: Household income distribution, by age of householder, 2012
Demographic characteristics of seniors
Figure 80: US population, share and ratio of male/female by age group, 2013
Figure 81: Marital status, by age, 2012
Figure 82: Family status and household relationship of people, all versus seniors by age group 2012
Figure 83: Educational attainment of people aged 25 or older, by age, 2012
Seniors’ net worth, income, and spending
Figure 84: Median household income, by age of householder, 2012
Figure 85: Household income distribution, by age of householder, 2012
Figure 86: Share of average annual expenditures, by age of reference person, 2011
Figure 87: Average annual expenditures, by age of reference person, 2011
Figure 88: Median household income (2012) and average annual expenditures (2011), by age of householder
APPENDIX – OTHER USEFUL CONSUMER TABLES
Living situation and financial support
Figure 89: Who seniors live with, by gender and by age, October 2013
Figure 90: Who seniors live with, by gender and age, October 2013
Figure 91: Who seniors live with, by household income, October 2013
Figure 92: Who seniors live with, by online and offline survey sample, October 2013
Figure 93: Who seniors live with (online), by marital status, October 2013
Figure 94: Who seniors live with (online), by employment status, October 2013
Figure 95: Who seniors aged 50+ live with (online), by age group, October 2013
Figure 96: Attitudes toward family time and relationship with kids, all versus 55+ by age group, May 2012-June 2013
Plans and life events
Figure 97: Seniors' plans for the next 12 months, by gender and by age, October 2013
Figure 98: Seniors' plans for the next 12 months, by gender and age, October 2013
Figure 99: Seniors' plans for the next 12 months, by household income, October 2013
Figure 100: Seniors' plans for the next 12 months, by online and offline survey sample, October 2013
Figure 101: Online seniors' plans for the next 12 months, by marital status, October 2013
Figure 102: Online seniors' plans for the next 12 months, by employment status, October 2013
Figure 103: Online adults aged 50+ plans for the next 12 months, by age group, October 2013
Figure 104: Life events of the past 12 months, by all and aged 55+, May 2012-June 2013
Budgeting, attitudes toward personal finances
Figure 105: Attitudes toward money and finances, all versus aged 55+ by age group, May 2012-June 2013
Purchase considerations, attitudes toward shopping
Figure 106: Attitudes toward shopping, all versus aged 55+ by age group, May 2012-June 2013
Purchase considerations, attitudes toward shopping
Figure 107: Online seniors’ purchase considerations, by gender and by age, October 2013
Figure 108: Online seniors’ purchase considerations, by gender and age, October 2013
Figure 109: Online seniors’ purchase considerations, by household income, October 2013
Figure 110: Online seniors’ purchase considerations, by marital status, October 2013
Figure 111: Online seniors’ purchase considerations, by gender and age, October 2013
Figure 112: Online adults aged 50+ purchase considerations, by age group, October 2013
Figure 113: Online adults aged 50+ purchase considerations, by gender and age group, October 2013
Concerns for the future
Figure 114: Seniors’ top concerns for the future, by gender and by age, October 2013
Figure 115: Seniors’ top concerns for the future, by gender and age, October 2013
Figure 116: Seniors’ top concerns for the future, by household income, October 2013
Figure 117: Seniors’ top concerns for the future, by online and offline survey sample, October 2013
Figure 118: Online seniors’ top concerns for the future, by marital status, October 2013
Figure 119: Online seniors’ top concerns for the future, by employment status, October 2013
Figure 120: Online adults aged 50+ top concerns for the future, by age group, October 2013
Figure 121: Online adults aged 50+ top concerns for the future, by gender and age group, October 2013
Technology, the internet, and social media
Figure 122: Online seniors’ use and interest in technology, by gender and by age, October 2013
Figure 123: Online seniors’ use and interest in technology, by gender and age, October 2013
Figure 124: Online seniors’ use and interest in technology, by household income, October 2013
Figure 125: Online seniors’ use and interest in technology, by gender and age, October 2013
Figure 126: Online seniors’ use and interest in technology, by employment status, October 2013
Figure 127: Online adults aged 50+ use and interest in technology, by age group, October 2013
Figure 128: Online adults aged 55+ use and interest in technology, by gender and age group, October 2013
Print media reading
Figure 129: Impact of internet use on other media use, all versus aged 55+ by age group, May 2012-June 2013
Figure 130: Attitudes and use of newspapers and magazines, all versus aged 55+ by age group, May 2012-June 2013
Figure 131: Magazines read or looked at in the last six months (part I), all versus seniors by age, May 2012-June 2013
Figure 132: Magazines read or looked at in the last six months (part II), all versus seniors by age, May 2012-June 2013
Figure 133: Magazines read or looked at in the last six months (part III), all versus seniors by age, May 2012-June 2013
Figure 134: Magazines read or looked at in the last six months (part IV), all versus seniors by age, May 2012-June 2013
Attitudes toward advertising
Figure 135: Attitudes toward advertising, all versus aged 55+ by age group, May 2012-June 2013
Leisure time and activities
Figure 136: Average hours per day spent in primary activities, by age – part I, 2012
Figure 137: Average hours per day spent in primary activities, by age – part II, 2012
APPENDIX – SENIOR ASSOCIATIONS

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