Last week’s Sunday New York Times reported that as more adults over 50 are vaccinated, and as new rules from the CDC emerge, the renaissance of Boomers leisure-fun times are loosening prohibitions in social behavior.
This market segment is still huge! Currently, approximately 74 million Americans make up the Boomer category, (57 to 75 years), which is approximately 22% of the U.S. population:
|BOOMER AGE – 2020 ESTIMATES|
|Source: U. S. Census Bureau, Statistica & JB Research Company|
Many Boomers are still affluent. According to the most current U.S. Census, “Current Population Census 2020,” households in the 55 to 64 group earn $91,687 annually. This compares to the national median of $86,631.
|BOOMER MEDIAN HOUSEHOLD INCOME – 2020 ESTIMATES|
|Age Range||Median Household Income|
|Source: U. S. Census Bureau 2020, Current Population Census and JB Research Company|
Further, Boomers as a whole are the top earners among United States households. They own 53.2% ($59.96 trillion) of US wealth. That’s twice the $28.5 trillion that Gen X holds and 10 times more than Millennials, who hold just 4.6% ($5.19 trillion) of US wealth, as reported by Bloomberg, citing recent Federal Reserve data.
Now, with almost 50% of Americans 65 and over fully vaccinated, older Americans are traveling, attending parties, going to bars and hosting dinner parties. They are sitting by their swimming pools with friends, drinking fruity cocktails and premium wine, and exploring the world once again.
Besides foretelling what’s to come when all Americans who wish to get a vaccine have received one, this party-hearty attitude could signal a roaring 20-ish kind of atmosphere for the foreseeable future. Airline travel is up; retail sales and nonfarm payrolls increased by 379,000 workers in February; and the unemployment rate was 6.2%. Most of the hiring came in the hospitality sector, which saw 355,000 new jobs. This segment is roaring back! The national Retail Federation predicts that 2021 retail sales – excluding automobile dealers, gasoline stations and restaurants – will grow between 6.5% and 8.2% over 2020 to between $4.3 trillion and $4.4 trillion. That could top 2020’s growth of 6.7% (despite the pandemic), which broke the previous record of 6.3% set in 2004.
My husband and I are fully vaccinated. We have seen our grandkids a bunch of times now including visiting poolside on a family vacation.
Loved your blog! So looking forward to getting together soon.We are noticing a pick up now, but it is still slow in coming.