Boomers: 26 Percent of the Population, 40 Percent of the Economy

Baby Boomers support the economy in a wide variety of ways, such as by making generous purchases for their grown children and grandchildren.
asdfasdf
Baby Boomers support the economy in a wide variety of ways, such as by making generous purchases for their grown children and grandchildren.

Baby Boomers grew up during periods of dramatic social change and they are often known as being a generation of trendsetters. Yet Baby Boomers may not realize that they are the single largest economic group in the United States. They have more discretionary income and their spending habits can greatly effect the changing economy.

According to Baby Boomer Magazine, the Baby Boomer generation currently has more discretionary income than any other age group. They control most of the net worth of American households and they account for 40 percent of total consumer demand. Baby Boomers have been known to revitalize areas when they move in and build new homes. They support their own local communities as they pay for their home utilities and buy gas for their cars. They tend to eat out more than younger people, which supports local restaurants, and take advantage of many services such as spa treatments and salon visits.

Baby Boomers also travel more than other age groups, supporting cities and towns throughout the country as well. Marketing campaigns frequently target Baby Boomers and their spending has often been a boon to the economy. This is particularly important during economic downturns when spending can support local businesses and help stimulate the general economy.

However, some experts wonder how trends will change as this spending generation continues to mature. Baby Boomers are reaching the ages when they are inclined to spend less on accumulating more “stuff.” Having already filled their homes and raised their families, Baby Boomers often turn more toward buying experiences than physical items. This may mean that their spending will continue to turn toward travel, dining out and activities like golf, tennis or lifelong learning classes. Sporting events, concerts and other live performances are other experiences which Baby Boomers now enjoy as part of an active adult lifestyle.

Of course, Baby Boomers who no longer buy many items for themselves are still likely to spend money on their loved ones. As empty nesters become grandparents, they tend to turn their spending power toward gifts for their grandchildren. Some retired Baby Boomers even take on babysitting responsibilities which leads to spending on family-friendly activities like trips to zoos and amusement parks. Though Baby Boomers are the country’s single largest economic group, they may not be aware of how their spending affects the rest of the economy. Even financial experts may not yet know just how the economy will be affected as Baby Boomers mature and continue to change their spending habits.

Can you spot the $207,744 difference between these identical homes?

Financing is the difference!

Get the details in The 62+ Loan Homebuyers Guide.

55places Mortgage is a joint venture between Mutual of Omaha Mortgage and 55places.com.
Details here.

Share this post:

We're here to help! (800) 928-2055

Call us to speak with a customer service representative.

Subscribe to Our Newsletter

Get Weekly Updates

I agree that 55places and its affiliates, partner providers or agents may call, text, or email me about my inquiry, which may be made with automated means. I understand that my consent is not a prerequisite for buying a property. I may revoke my consent at any time by contacting [email protected] Message/data rates may apply. I also agree to 55places.com’s Privacy Policy and Terms of Use.

The Best Places to Snowbird in 2021

We’ve gathered 25 of the best places for snowbirds, including cities in Florida, Arizona, California, Texas, South Carolina, and Nevada. For each entry, we’ve also provided a list of recommended 55+ communities in the area. If you’re ready to find your own winter retreat this season, here are some of the best places to consider.

A group of older adults socialize within their 55+ community.

Top 10 FAQs About Living in 55+ Communities

We’re here to answer all of your questions about joining a mature living community, so you can feel empowered in your decision. This is the next great adventure of your life, and we’re firm believers in leaving the stress out. Check out these top 10 FAQs about living in 55+ communities.

A senior couple takes a hike in a low-humidity state they chose for their retirement.

Retirement: What Are the Top 5 States With the Lowest Humidity?

There are many factors in deciding where to retire, and the weather can be one of them. Luckily, many of the states with nice weather also offer additional benefits for people over 60 and have several exciting active adult communities. Here are the four best states for a low-humidity retirement.

Lake view during autumn at dusk of Table Rock Mountain in Pickens, South Carolina.

5 Reasons To Consider a South Carolina Retirement

What does South Carolina have to offer active adults? A selection of over 80 active adult communities is just the beginning. These five reasons to consider a South Carolina retirement just might convince you that this southern coastal state has everything you’re looking for in a 55+ community.

The Best Places to Retire in South Carolina

South Carolina is known for having some of the best golf courses in the country, but that’s not all it has to offer active adults. The state has a rich history and culture, a wide selection of entertainment and recreation, and miles of beaches and coastal living.

North Carolina vs. South Carolina

The Carolinas are a power couple when it comes to maintaining an active lifestyle in an amazing climate, but they’re separated by more than just a border. A side-by-side comparison of the two can quickly show which is better for you when it comes to your interests and needs.

Exterior view of a model home at Del Webb Carolina Gardens, Fuquay-Varina, North Carolina on a sunny day.

55+ Communities With New Homes for Sale Near Raleigh

If you’re in the market for a new construction home in Raleigh, North Carolina there are plenty of options to consider. We’ve put together a list to help you start your search for the perfect neighborhood with new homes.

About 55places

We’re changing the way people 55 and older are searching for their perfect next place. With a national network of hand-selected real estate experts, plus comprehensive information, unbiased content, and on-the-go insight about thousands of communities across the country, we’re a trusted resource paving the way from here to home. Whether you’re interested in a low-maintenance single-level residence, an active lifestyle or age-qualified community, an intimate enclave, or anything in between, we can help you make your next move the best one yet.

Scroll to Top