My Nana turns 98 today, and in her honor we present some facts about what’s been called the “grandparent economy.” Mary Furlong describes grandparents as “wealthy and willing to spend.” And, while Nana is a card-carrying member of the Greatest Generation, marketing to grandparents today can’t be done without a better understanding of marketing to Baby Boomers. Read on for some spending stats and a resource for those curious to learn more.
Baby Boomers are Grandparents, Too
According to Grandparents.com, roughly half of all Boomers are grandparents and the other half are soon to follow. Their April 2009 report, authored by demographer Peter Francese, looked at the spending habits and economic impact of grandparents and found that ”in aggregate, they buy $2 trillion worth of goods and services annually.” Francese/Grandparents.com also found that grandparents are younger than ever before:
* “Parents first become grandparents at the median age of 50 for women and 54 for men.
* 54% of grandparents, almost 38 million, are younger than 65 years old.
* By 2010, more than half of the grandparent population (51%) will be Baby Boomers (those born between 1946 and 1964) — nearly 60% by 2015.”
