Changing Aging

The SmartSilvers Alliance is an thought-provoking Silicon Valley group that sees technology as key to active, successful aging.  They’ve compiled a 10 Things to Know About The Silvers Market llist below.   While many Baby Boomers aren’t representative of these stats, these are interesting figures around the large wave of Americans who have seniority next.  To read more about technology in aging services, we invite you to visit our whitepaper library.

1. An American turns 50 every 8 seconds — that’s over 10,000 people every day (AARP).  That makes it the fastest growing population segment.  
2. 78 million Americans who were 50 or older as of 2001 controlled 67% of the country’s wealth, or $28 trillion (U.S. Census and Federal Reserve). Adults 50+ account for an estimated $2 trillion in total expenditures for 2005.
3. The 50+ have $2.4 trillion in annual income, which accounts for 42% of all after-tax income (U.S. Consumer Expenditure Survey)
4. One-third of the 195.3 million Internet users in the U.S., 50+ silvers represent the Web’s largest constituency  (Jupiter Research) — that means  2/3 of Americans age 50-64 use the Internet (SeniorNet).
5. Email is the most popular online activity among 50+ users, followed by web browsing, research, and shopping  (ThirdAge and JWT Boom).
6. 72 percent of baby boomers have broadband Internet in their homes (ThirdAge and JWT Boom); they watch more TV than any other group.
7. Adults 50+ spend an average of $7 billion online annually (SeniorNet). Silvers Account for 40% of total consumer demand
8. The Internet is the most important source of information for baby boomers when they make a major marketing purchase, such as automobiles or appliances (Zoomerang).
9. 82 percent of adults aged 50+ who use the Internet research health and wellness information online (Pew Internet and American Life Project).
10. Contrary to popular belief – Silvers are not fanatically loyal to brands in fact 96 percent of baby boomers participate in word-of-mouth or viral marketing by passing a product or service information on to friends (ThirdAge and JWT Boom).

The Silvers  purchase:  41 percent of all new cars,  buy 25 percent of all toys (spend over $29 Billion annually on gifts for grandchildren),  go on 80 percent of all luxury travel trips , buy 60 percent of all healthcare products,  74 percent of all prescription drugs, and 51 percent of all over-the-counter drugs.  Plus they visit malls more often than any other age group and dine out 4-5 times per week.   (various sources)