More than a quarter of all Australians are over 60, they have 46% of our disposable income and 50% of our private wealth. Numbers in this demographic are growing faster than they ever have and they are embracing life with ambition, purpose, and money in their pockets.
This release of our Starts at 60 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.
Recent data from Nielsen and WPP reports show that this group buys 64% of all cars, 55% of all travel and 50% of all alcohol. And this tribe is only going to get bigger: between now and 2050, the number of people aged 65-84 is expected to more than double.
But while over-60 Australians outspend millennials in entertainment, auto, health, travel and almost every other category, 94% dislike the way brands, organisations and marketers communicate with them and 78% are willing to switch brands for a better deal or good value.
Brands with suitable products, services and solutions that are looking for an appropriate window for growth in a post-Covid world would be wise to consider the emerging digital-savvy over-60s. And we’ve shown you why in this, the Starts at 60 Boomer Guide for 2021/22. The guide is packed with data from our 2021 consumer survey as well as providing insights from respected demographer, Bernard Salt.