According to the 2021 Boomer Guide from Starts at 60, the over-60 generation, renowned for changing the rules through every life-stage, is now embracing life with ambition, purpose and money in their pockets.
Notably, over-60 Australians are outspending millennials in entertainment, auto, health, travel and almost every other category, but 94 per cent dislike the way brands, organisations and marketers are communicating with them and 78 per cent are willing to switch brands for a better deal or good value.
“Brands and marketers in Australia don’t spend enough time and attention on consumers aged 60 years and over,” says Starts at 60 founder and CEO, Rebecca Wilson.
“Yet the data shows they’re shopping online more than ever. The key difference between this generation and others is they have discretionary money to spend and fewer brands speaking to them directly.
“This release of our Boomer Guide for 2021 comes at a time when the world has changed fundamentally with baby boomers one of the lesser impacted by Covid. Sure, they’ve had to delay their travel dreams for now, but with stock markets at record highs and unemployment not their major concern, they’re looking for other ways to live out a fulfilling retirement, until travel returns,” adds Wilson.
Key findings include 66 per cent have been online for 15-plus years and 97 per cent for five years or more―over 60 per cent are online more than 10 hours per week. Ninety-two per cent are actively seeking out a good deal on products they plan to buy, 75.9 per cent are curious about new products that suit their needs, and 78.9 per cent are prepared to switch brands if they find a better deal.
More than a quarter of all Australians are over 60, and this number is expected to double between now and 2050.
Boomer Guide contributor Bernard Salt says the word ‘retiree’ is being jettisoned by this new generation of 60-somethings who have a fierce determination to do things differently in the post- Covid 2020s.
“Never use the ‘r’ word to Boomers,” says Salt.
“Boomers aren’t retired. No, no, no. Retirement is for old people. Boomers’ parents were old. Boomers are quite determined not to age as their parents age. Replace with the word ‘lifestyle’.”
