Much has been made about the longevity economy -- the $8.3 trillion that the 50-plus age cohort contributes the U.S. economy each year. Still, many marketers remain reluctant to establish relationships with older consumers, a direct result of ageist thinking. Baby boomers, who are currently in their late 50s to mid-70s, are stuck in their spending ways, this line of thought goes, and, worse, are decidedly uncool. Can anything persuade marketers that older consumers warrant their attention? How about this: Baby boomers collectively have more money than any other generation in history (12 times that of Millennials in 2019, according to CNBC), a function of their large numbers, having worked three to five decades, and being the lucky recipients of inheritances from their Silent Generation parents. While this wealth varies greatly by household, of course, most of the 20 million or so millionaires in the United States are baby boomers. The average age of American millionaires is 62 years old, according to a 2021 study by Spectrem; about 38% of millionaires in this country are over 65 years of age, with only 1% below 35.
Thrillionaires, Coolionaires, Realionaires, Wellionaires and Willionaires: Defining the Longevity Economy
