Grandparents Are an “Eager to Spend” Demographic
Think about it – Most grandparents light up when you ask about their grandchildren. My friends share stories and pictures at the drop of a hat. They are willing to spend abundantly on their grandchildren even when they cannot easily afford to do so. No matter what the product or service, which could be clothes, toys, extracurricular activities, or travel, the grandparent demographic tends to consist of eager consumers.
The Number of Grandparents in the U.S. is Rising
Grandparents represent a larger chunk of the population now than ever before. According to the Census Bureau, the number of grandparents in the United States rose to 69.5 million in 2014, up from 65.1 million in 2009 and 56.1 million in 2001. The youngest baby boomers turned 50 in 2014, and the country’s 75.4 million boomers make up an exceptionally large pool of potential grandparents. This generation of grandparents is one of the fastest-growing and most powerful segments of the U.S. population.
Today’s grandparents are younger, better educated, and wealthier than any previous grandparents. As a group, they control more than half the financial assets in the United States and spend around $3.2 billion annually. Even during recessions, grandparents seem to find money for their grandkids.
Grandparenting Is Evolving
My grandparents saved up to hand over a big chunk of money for my first car. They helped raise my siblings and me. I have wonderful memories from the time we spent together. Today’s grandparents have different types of relationships with their grandkids, though. My friends with grandchildren are more likely to spend on extras such as music lessons or a weekend trip throughout the years than to write a large check. Older adults who choose to delay retirement and work into their golden years have less time to spend with their grandkids. Fortunately, however, with Skype, Facetime, email, and cell phones, large numbers of boomers still foster extremely close relationships with their grandchildren.
The Bottom Line
Your impact on the country’s economy and well-being is considerable and you can expect more companies to cater to your age group moving forward. Marketing professionals understand your economic clout and commitment to family. Companies that ignore this demographic miss out on a lot of business.
Source for cover image: Isaac Quesada
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