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NEW YORK - Older American consumers are spending proportionately more on food that they consume at home, according to "The U.S. Market for 55+ Consumers," a new report by market research publisher Packaged Facts.
Consumers between the ages of 65 and 74 allocate 8.9 percent of their expenditures to food at home, while those aged 75 and over allocate 9.2 percent -- a significantly higher than the U.S. population at large, which allocates around 7.6 percent. Overall spending by consumers in the 55+ age group for food at home totals more than $101 billion annually.
The report also found that work, rather than age, is a defining factor of attitudes and behavior among the 55+ crowd. Consumers over 60 who are working exhibit behaviors that are closer to people in their late 50s than to retired people. Also, workers in their 60s are more likely than retired people to have credit cards, new car loans, home mortgages, and life insurance.
"Fewer and fewer people will retire the old-fashioned way,” said Don Montuori, acquisitions editor for Packaged Facts. “More people will continue working past traditional retirement age or go back and forth into the labor force. And when they do retire, people are seeking new models for retirement.”
The report presents in-depth analysis of this segment of the population, complete with details of economic status and family structure. Factors shaping the future of the market, such as increased longevity and the changing role of work in later life, are also provided. Consumer attitudes, behaviors of key segments, and media usage are featured along with advertising and marketing trends.