Research released by FH Boom and the National Marketing Institute (NMI) at the What’s Next Boomer Summit reveals a change in buying patterns of the aging Baby Boomer generation of consumers. The study provides insight on how Boomers will act when they turn 70. In short, the study revealed that when Baby Boomers reach 70:
* 74% still won’t be describing themselves as old
* 86% will be more practical and pragmatic in their purchases, and much less concerned about trendiness and indulgences
* 76% will be using technology to stay connected with family and friends
* 93% will have more time to do things like travel, dine out and pursue hobbies
* 63% will be making some kind of move, even though only 9% of Boomers currently in their 50’s and 60’s imagine themselves still in search of “the dream home” at age 70
The study presents an interesting find in that it confirms what we have seeing at 55 Places. Namely, more Boomers are using technology to stay connected with family and friends and many will be searching for a new home upon retirement. Interestingly, it appears that a majority of Boomers anticipate finding their dream retirement home before turning 70. For more information about the FH Boom and NMI study go here.
