baby boomers

Basics or Luxuries? Baby Boomers Consider A Luxury-Filled Retirement

Filed under: Wealth

What do Baby Boomers consider a luxury? A new survey from MainStay Investments takes a look at the spending habits and mindset of those aged 45 to 65 that are not yet retired. While many Baby Boomers (76 percent) are willing to spend less now to invest for a more comfortable lifestyle in the future, they have redefined what is a basic need versus what is a luxury. According to the survey, the majority of Baby Boomers believe that healthcare coverage, internet connection, shopping for birthdays and special occasions, and pet care are basic needs. That doesn't sound too extravagant but half of those surveyed consider annual family vacation or weekend getaways, having eldercare/home aid, professional hair cut/color and funding children/grandchildren's education to also be basic needs. The Boomers are willing to work for this lifestyle, forty percent of those survey said they will have to delay retirement in order to have the lifestyle they want. Traveling and dining out topped the list of things that people would find most difficult to give up.
Although most people are concerned about healthcare costs many are not saving specifically for healthcare down the road. More than half of the consumers indicated they would rather work longer to pay for healthcare expenses, rather than give up luxuries in retirement.

The survey was conducted online by Harris Interactive last May and included over 1,000 consumers aged 45-65 with a total of $100,000 or more of investable liquid assets who are employed and either a sole or shared financial decision maker.

"An interesting pattern that we noticed throughout the research was that as consumers age, things that were once considered luxuries are more likely to be considered basic needs--thereby reaffirming that Boomers essentially want it all," said Matthew Leung, director and head of practice management programs at MainStay Investments. "In fact, almost half of consumers (47 percent) say they would downsize their home in retirement in order to afford these luxuries."

Tags: baby boomers, retirement, retirement planning, retirement savings

Get Used to Shorter Spa Treatments (for Now)

by Tom Johansmeyer (RSS feed) —

Filed under: Spas

The stress of working and living under tough economic conditions is enough to trigger the urge for a trip to the spa. Unfortunately, there just isn't enough cash around to lay out for that perfect facial or relaxing massage. Rather than give up, however, most Americans are compromising. Shorter treatments are becoming more common, as many realize that something is better than nothing.

In June this year, the International SPA Association found that treatments lasting 30 minutes or less grew in popularity. Forty-six percent of the ISPA's 3,200 members reported an increase in these shorter services ... and close to have saw the amount spent per visit fall year-over-year.

Interestingly, there is a changing of the guard afoot among spa visitors. In the past, Baby Boomers were the most frequent spa-goers, but Generations X and Y are starting to see the benefits of relaxation, according to a study by SpaFinder. For many spas, this may require a change in design and treatment menus, as younger guests may not be soothed in the same ways their parents were.

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Tags: aging, anti aging, AntiAging, baby boomers, BabyBoomers, facial, gen x, gen xers, gen y, generation x, generation y, GenerationX, GenerationY, GenX, GenXers, GenY, massage, resort, resorts, spa, spa retreat, spa treatments, SpaRetreat, spas, SpaTreatments

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Millennial Hipsters Outpace Gen X in Buying Power

by Tracy Chait (RSS feed) —

Filed under: Wealth

The new generation of twenty-something hipsters are creative, counterculture and serious consumers. Part of their ability to support the indie brands they love (Urban Outfitters, Steven Alan) is due to parentage: these hipster-ish Millennials are baby boomer kids, and baby boomers boast annual spending power of $2 trillion, much of which goes to offspring wants and needs. And there are about 70 million Millennials -- about one and a half times the population of Gen X -- with their collective eye trained on Vice's Dos and Don'ts.

[via Forbes]

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Tags: baby boomers, BabyBoomers, buying power, BuyingPower, creative class, CreativeClass, hipsters, urban outfitters, UrbanOutfitters

Charitable Giving's Big Spenders: Generation X

by Tracy Chait (RSS feed) —

Filed under: Charity, Big Givers

A recent survey concluded that, among millionaires, GenX'ers aged 28 to 42 gave twice as much to charity as their parents last year. The survey found that, on average, members of Generation X donated $20,000 each to charity, while Baby Boomers donated closer to $10,000 per person. The younger generation was also more likely to make donations during their lifetimes, donate globally and choose foundations that would focus on family-related goals. Not surprisingly, they were also found to be more likely to make financial contributions online.

[Thanks, Ben!]

Tags: baby boomers, BabyBoomers, charity, gen x, generation x, GenerationX, GenX, philanthropy, private wealth, PrivateWealth

Luxury Cruising Fueled by Baby Boomers

by Rigel Celeste (RSS feed) —

Filed under: Luxury Travel & Hotels, Yachts & Sailing

It seems that baby boomers are loving luxury cruises, and as a result the luxury cruise lines are not only managing to hold their own amidst this country's economic difficulties but are actually doing so well they're looking to expand and grow. They're buying new ships, remodeling existing ships, adding new gourmet foods to the menus, adding new ports to the itinerary ... all with the intent focus on attracting the affluent baby boomer group that is currently spending their money on the less premium cruises like Princess and Celebrity. The "in" cruises now are most likely through Regent or the soon-to-be fleet leader, Silversea.

They say once you go luxury cruising, you never go back!

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Tags: baby boomer, baby boomers, BabyBoomer, BabyBoomers, cruise, cruises, luxury cruises, LuxuryCruises

"Young Affluents" Are The Future Of The Luxury Market

by Rigel Celeste (RSS feed) —

All industries must grow and evolve with the times, and the luxury market is no different. Used to catering to the "Baby Boomers," the luxury market is slowly (but surely) feeling a shift towards the younger generations, or the "Young Affluents." Referring to those age 40 years old and younger, the "Young Affluents" group includes Generation X and the Millennial generation, and they both have much different spending habits than their parents and grandparents.

Even though some adjustments will need to be made regarding different tastes and attitudes, the industry is hardly upset by this developing trend. With a "want-it-all" attitude the Young Affluents spent an average of 32% more than the Baby Boomers last year, and there is no sign they plan on slowing down.

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Tags: baby boomer, baby boomers, BabyBoomer, BabyBoomers, generation, generation x, generations, GenerationX, luxury, luxury market, LuxuryMarket, millennial, young affluents, YoungAffluents

Eons, A New Way To Capture The Older Demographic

by Deidre Woollard (RSS feed) —

Filed under: Services

Today's 50 year old is a lot different than in the old days. Jeff Taylor, founder of Monster.com has created Eons, a new media company aimed at the boomer demographic. The fledgling company recently announced their partners: Harrah's Entertainment, Hyatt Corp., Humana, Inc., Liberty Mutual Group and Verizon Wireless. Eons plans to work with their partners to create customized products and services for the 50-and-older set such as special insurance packages and travel opportunities. Sounds like a cooler version of AARP. The site officially launches on Monday.

[via Travmedia]

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Tags: baby boomers, eons, jeff taylor, monster.com