Starts at 60, the Australian online home of the baby boomer, is releasing its 2021 Boomer Guide, including consumer survey data, and insights from leading social commentator and business analyst Bernard Salt.
The snapshot of the modern digital savvy Boomer reveals this generation, renowned for changing the rules through every life-stage, is now embracing life with ambition, purpose, and money in their pockets.
Notably, over-60 Australians are outspending millennials in entertainment, auto, health, travel and almost every other category, but 94% dislike the way brands, organisations and marketers are communicating with them and 78% are willing to switch brands for a better deal or good value.
“Brands and marketers in Australia don’t spend enough time and attention on consumers aged 60 years and over. Yet the data shows they’re shopping online more than ever. The key difference between this generation and others is they have discretionary money to spend and fewer brands speaking to them directly,” said Starts at 60 Founder and CEO Rebecca Wilson.
“This release of our Boomer Guide for 2021 comes at a time when the world has changed fundamentally with baby boomers one of the lesser impacted by Covid. Sure, they’ve had to delay their travel dreams for now, but with stockmarkets at record highs and unemployment not their major concern, they’re looking for other ways to live out a fulfilling retirement, until travel returns,” said Ms Wilson.
Key insights from the 60go.com.au/Boomerguide consumer survey:
- 66% have been online for 15-plus years and 97% for five years or more. - Over 60% are online more than 10 hours per week.
- 56% are bingeing on Netflix just like the youngsters.
- 92% are actively seeking out a good deal on products such as hot water systems, they plan to buy, 75.9% are curious about new products that suit their needs, and 78.9% are prepared to switch brands if they find a better deal.
- Health is a top priority with 80% saying their health is good or better.
- Nearly 20% are eager to get to international destinations; 12% on an
international cruise and 11.3% on an international tour.
- 11.4% are considering downsizing, 28% own a home worth more than $750,000, and 27.2% are considering retirement living options as a downsizing destination. - 3.6% having money set aside for travel, and 21% for a new car.
More than a quarter of all Australians are over 60, and this number is expected to double between now and 2050.
Boomer Guide contributor Bernard Salt says the word ‘retiree’ is being jettisoned by this new generation of 60-somethings who have a fierce determination to do things differently in the post Covid 2020s.
“Never use the ‘r’ word to Boomers. Boomers aren’t retired. No, no, no. Retirement is for old people. Boomer’s parents were old. Boomers are quite determined not to age as their parents age. Replace with the word ‘lifestyle’,” said Mr Salt.