ESRI, Is “Seniors” One Demographic Group? An Analysis of America’s Changing Demographics, 2010-01-01
With over $2.3 trillion in disposable income, seniors are a force to be reckoned with. In 2000, the median age in the United States was 35.3 years. By 2010, this number had increased to 37.1 years. The population change for seniors, who are here defined as being 55 or older, is higher than the percentage change for the US population. For both boomers and seniors overall, their interests, social influences, goals, and preferences are very different from those of previous generations and among themselves.
To succeed in today’s fiercely competitive environment, financial institutions must thoroughly understand consumer spending patterns as tastes and behaviors change and new products are introduced. Staying abreast of or even anticipating shifts in consumer spending patterns can greatly benefit those who are responsible for making strategic decisions about product and service development, site selection, merchandise mix, and marketing.