Silver Economic Power: Seniors and Disposable Income
More than 34 percent of the U.S. population is over 50, and the over-65 demographic will increase 65 percent by 2030; seniors are living longer and spending more. Many retirees can expect to live 10 years longer than their parents. And these aren’t frail retirees.
These seniors tend to work later and play harder. From going out to dinner to traveling the world, more seniors are enjoying life. With this working and living longer comes buying power. But how much buying power do they have, and why aren’t marketers noticing?
Silver Economy Growing
Seniors contribute approximately $7.6 trillion to the economy worldwide. And according to the AARP, Americans over 50 represent the third-largest economy worldwide. With the aging population in the United States, that’s only going to grow. Indeed, the U.S. Census Bureau estimates that by 2050 there will be 83.7 million people in the United States 65 or older….