Analysts are expecting Baby Boomers to lead the consumer spending boom over the next few years.
While Baby Boomers may not be the largest living generation any longer, they still have the spending power. According to a recent Fox Business article, America’s 75 million Baby Boomers, between the ages of 52 and 70, control about 70 percent of all disposable income in the U.S. according to Nielson.
One main area of spending for the generation is on travel, particularly leisure travel. 99 percent of Boomers plan to travel this year, according to recent survey from AARP. Airlines and travel booking agencies are set to benefit from this trend.
Healthcare is another top industry for spending as Baby Boomers want to keep an active lifestyle and stay feeling younger, longer. Companies selling vitamins, prescriptions, and other health products will benefit as they can help Boomers achieve this goal.
Baby Boomers are spending increasing amounts on pets and it doesn’t look like it will stop any time soon. Boomers accounted for 45 percent of all pet spending in the U.S., by spending nearly $30 billion on pets in 2014.
“They have more time on their hands. They are not working and it makes more sense. They still want that full house, something to parent to some degree so pet spending and having pets is still going to be a huge part of the Boomer lifestyle,” says Doug Hermanson, principal economist at Kantar Retail.
Boomers are also dishing out more cash on improving their homes and heading to places such as Home Depot and Lowes to do so.
See the full article from FoxBusiness here.