Segment-Specific Research Reports

A Report on Consumer Behavior of Baby Boomers and Elderly
The consumption behavior of baby boomers is analyzed and contrasted to that of seniors in two national studies. The studies draw their conclusions by examining responses given by randomly selected samples of several hundred people aged 32 to 50 (baby boomers) and 65 or older (seniors). Participants in these studies were questioned about a wide variety of consumer topics and issues concerning products such as food, drugs and cosmetics, apparel and footwear, high tech and housing, as well as services such as financial, travel and leisure, telecommunication, mass media, insurance, long-term care and health-care services. Specific aspects of consumer behavior examined include: preferences for selected products and services in each product/services category; use of information sources in learning about new products and services; methods of purchasing selected products and services; reasons for patronizing specific outlets (e.g., food stores, restaurants, department stores, pharmacies) and service providers (e.g., financial institutions, hospitals, hotels, airlines, insurance companies); reasons for choosing certain brands of selected products; preference for payment methods; reasons for direct buying clothing, prescription drugs, insurance and electronic products; and future housing plans, reasons for moving into selected types of housing and for choosing specific homes. ©1997. Length: 150 pages. $200.00

Table of Contents

Purpose and Objectives II-1
The Studies II-3
Food, Food Stores, and Restaurants II-4
Pharmaceuticals II-8
Apparel and Footwear II-13
Mass Media Use II-16
High-Tech Products and Services II-17
Travel and Leisure Services II-19
Financial Services II-24
Insurance II-34
Long-Term Care II-37
Housing II-39
Health Care II-44
Summary and implications for marketing strategy
Tables
Appendix
Supplement

List of Tables

Table II-1 Tastes and Preferences for Food Today in Comparison to Tastes 15-20 Years Ago Among Baby Boomers and Older Adults (65)
Table II-2 Reasons for Patronizing Specific Food and Grocery Stores Among Baby Boomers and Older Adults (65)
Table II-3 Reasons for Choosing Specific Brands of Foods and Alcoholic Beverages Among Baby Boomers and Older Adults (65)
Table II-4 Reasons for Patronizing Specific Restaurants Among Baby Boomers and Older Adults (65)
Table II-5 Preferences for Payment Methods for Meals Among Baby Boomers and Older Adults (65)
Table II-6 Reasons for Patronizing Specific Drug Stores/Pharmacies Among Baby Boomers and Older Adults (65)
Table II-7 Reasons Considered Before Buying Health Aids and Drugs by Phone or Through the Mail Among Baby Boomers and Older Adults (65)
Table II-8 Reasons for Choosing Specific Brands of Drugs and Health Aids Among Baby Boomers and Older Adults (65)
Table II-9 Preferences for Payment Methods for Prescription Drugs Among Baby Boomers and Older Adults (65)
Table II-10 Reasons for Patronizing Department Stores Among Baby Boomers and Older Adults (65)
Table II-11 Reasons Considered Before Buying Clothes and Shoes by Phone or Through the Mail Among Baby Boomers and Older Adults (65)
Table II-12 Media Use Among Baby Boomers vs. Older Adults (65)
Table II-13 Magazine Readership Among Baby Boomers vs. Older Adults (65)
Table II-14 Preferences for Selected Products and Telecommunication Services Among Baby Boomers and Older Adults (65)
Table II-15 Reasons Considered Before Buying Electronic Products by Phone or Through the Mail Among Baby Boomers and Older Adults (65)
Table II-16 Reasons for Patronizing Hotels/Motels Among Baby Boomers and Older Adults (65)
Table II-17 Reasons for Patronizing Airlines/Cruise Lines Among Baby Boomers and Older Adults (65)
Table II-18 Preferences for Financial Services Among Baby Boomers and Older Adults (65)
Table II-19 Preferences for Methods of Purchasing Financial Services Among Baby Boomers and
Older Adults (65)
Table II-20 Reasons for Patronizing Financial Institutions Among Baby Boomers and Older Adults (65)
Table II-21 Use of Credit Cards by Baby Boomers and Older Adults (65)
Table II-22 Asset Composition Among Baby Boomers and Older Adults (65)
Table II-23 Preferences for Methods of Getting Cash from Home Equity Among Baby Boomers and Older Adults (65)
Table II-24 Reasons for Patronizing Insurance Companies Among Baby Boomers and Older Adults (65)
Table II-25 Reasons Considered Before Buying Various Types of Insurance by Phone or Through the Mail Among Baby Boomers and Older Adults (65)
Table II-26 Willingness to Pay for Long-Term Care Benefits for Self Among Baby Boomers and Older Adults (65)
Table II-27 Future Housing Plans of Baby Boomers and Older Adults (65)
Table II-28 Reasons for Moving Into an Apartment, Townhouse or Condominium Among Baby Boomers and Older Adults (65)
Table II-29 Reasons for Moving Into a Retirement Community Among Baby Boomers and Older Adults (65)
Table II-30 Reasons for Moving Into a Nursing Home Among Baby Boomers and Older Adults (65)
Table II-31 Reasons for Choosing a Single Family House Among Baby Boomers and Older Adults (65)
Table II-32 Reasons for Choosing an Apartment, Townhouse or Condominium Among Baby Boomers and Older Adults (65)
Table II-33 Reasons for Choosing a Retirement Community Among Baby Boomers and Older Adults (65)

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The consumption behavior of upscale-older adults (age 55 and over) with an annual household income over $50,000 is studied, and several aspects of consumer behavior of those with incomes between $50,000 and $75,000 are compared to those with incomes greater than $75,000. A total of 532 upscale-older consumers were randomly surveyed about their purchasing and consumption habits with respect to products and services such as apparel and footwear, housing, financial and insurance services, travel and leisure, and mass media. Various aspects of the upscale older-person's consumer behavior were studied with respect to these products and services, including the following: use of, and preference for, financial and insurance services travel and leisure, apparel and footwear, housing options, and mass media; methods of purchasing financial and insurance services vacation packages, apparel and footwear products; sources of information used to learn about financial and insurance services, travel/vacation packages, new clothing and fashion; reasons for patronizing financial and insurance service providers, hotels/motels, airlines/cruise lines, and department stores; reasons for choosing specific brands of apparel and footwear products; preferred methods of payment for hotel/motel accommodations, airline tickets, meals at restaurants, and apparel and footwear; ownership of various financial instruments such as credit cards, liquid assets, securities and real estate; investment goals, and attitudes toward reverse mortgage plans; reasons for moving from a single-family house into an apartment, a townhome, or a condominium, retirement community with and without health-care services, and nursing homes; and preferences for general and specific mass media. ©1997. Length: 100 pages. $100.00

Table of Contents

Purpose and Objectives 11-1
The Studies 11-3
Results
Financial Services 11-4
Use and Preferences
Purchasing Methods
Credit Cards
Sources of Information
Institutional Patronage
Patronage Reasons
Asset Composition
Home Equity Plans
Use of IRA/Keogh, Pension
Use of Other Investments
Insurance Services
Preferences

Insurance Services 11-10
Preference for Policies
Purchasing Methods
Sources of Information
Patronage Preference
Patronage Reasons
Reasons for Direct Buying

Travel and Leisure 11-13
Preferences for Travel and Leisure Services
Sources of Information
Purchasing Methods
Patronage Reasons
Payment Methods

Apparel and Footwear 11-16
Purchasing Methods
Information Sources
Direct Buying
Brand Selection Criteria
Store Patronage Reasons

Housing 11-19
Reasons for Moving
Reasons for Choosing

Mass Media 11-23

List of Tables

Supplement (Additional Tables)
Appendix

LIST OF TABLES

Table II-1 Preferences for Financial Services Among Affluent Older Adults (55) by Income
Table II-2 Reasons for Patronizing Financial Institutions Among Affluent Older Adults (55) by Income
Table II-3 Asset Composition of Affluent Older Adults (55) by Income
Table II-4 Reasons for Patronizing Insurance Companies Among Affluent Older Adults (55) by Income
Table II-5 Reasons Considered Before Buying Various Types of Insurance by Phone or Through the Mail Among Affluent Older Adults (55) by Income
Table II-6 Preferences for Travel/Leisure Services Among Affluent Older Adults (55) by Income
Table II-7 Reasons for Patronizing Hotels/Motels Among Affluent Older Adults (55) by Income
Table II-8 Reasons Considered Before Buying Clothes and Shoes by Phone or Through the Mail Among Affluent Older Adults (55) by Income
Table II-9 Reasons for Choosing a Retirement Community Among Affluent Older Adults (55) by Income
Table II-10 Reasons for Choosing a Single Family House Among Affluent Older Adults (55) by Income
Table II-11 Media Use Among Affluent Older Adults (55) by Income
Table II-12 Magazine Readership Among Affluent Older Adults (55) by Income

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This report presents key findings from two national surveys conducted by the center for Mature Consumer Studies. It examines and compares the buying behavior of baby boomers and older age groups with respect to food products,apparel and footwear, drugs and cosmetics, housing, technology products and telecommunication services, health care, long-term care, travel and leisure, financial and insurance services, and entertainment and informatin services. It focuses on preferences for specific brands and service providers and for payment methods and reasons for buying direct. Analyses of responses by specific demographic and lifestyle characteristic and media use habits are included. Copyright 1999. Length 550 pages. $200.00

Table of Contents

1. OVERVIEW
The Maturing Marketplace
The Buying Habits of Baby Boomers and Seniors
Older Consumers Are Very Heterogeneous
Older Consumers' Habits
The Habits of Upscale Older Consumers
Mature Consumer Segments
About the Findings of our Surveys

2. FOOD AND BEVERAGES, FOOD STORES, AND RESTAURANTS Present vs. Past Tastes and Preferences for Food
Reasons for Choosing Brands of Foods and Alcoholic Beverages
Reasons for Patronizing Food and Grocery Stores
Reasons for Patronizing Restaurants
Preferences for Methods of Payment
Media Use
Summary and Recommendations for Marketing Strategy

3. APPAREL AND FOOTWEAR
Purchase of New Apparel and Footwear
Information Sources for New Apparel
Preferences for Methods of Purchasing Apparel and Footwear
Reasons for Patronizing Department Stores
Reasons Considered Before Buying Apparel by Phone or Mail
Reasons for Choosing Brands of Apparel and Footwear
Media Use Profiles

4. PHARMACEUTICAL PRODUCTS
Use of Drugs and Cosmetic Products
Preferences for Sources of Information for New Drugs and Cosmetics
Preferences for Methods of Purchasing Prescription Drugs
Preferences for Methods of Purchasing Cosmetics and Health Aids
Reasons for Patronizing Specific Drug Stores/Pharmacies
Reasons for Choosing Brands of Drugs and Health Aids
Reasons Considered Before Buying Direct
Payment Methods
Media Use Profiles

5. HOUSING
Housing Preferences
Reasons for Moving Into an Apartment, Townhouse, or Condominium
Reasons for Moving Into a Retirement Community
Reasons for Moving Into a Nursing Home
Reasons for Choosing an Apartment, Townhouse, or Condominium
Reasons for Choosing a Retirement Community
Reasons for Choosing a Nursing Home
Profile of Potential Resident Retirement Communities
Profile of Potential Residents of Nursing Homes
Preferences for Methods of Getting Cash from Home Equity
Use of Home-Equity to Pay for Post-Retirement Expenses

6. TECHNOLOGY PRODUCTS AND TELECOMMUNICATION SERVICES
Preferences for High-Tech Products and Telecommunication Services
Automobiles
Preferences for Sources of Information Regarding New Electronic Products
Sources of Information for Telecommunication Services
Preferences for Methods of Purchasing Electronic Products
Reasons Considered Before Buying Direct
Payment Methods for Burglar or Fire-Alarm System
Payment Methods for Home-Appliance Services
Media Use

7. HEALTH CARE
Demand for Health-Related Services Preferences for
Nontraditional Health-Care Services
Preferences for Health-Related Products
Preferences for Sources of Information
Reasons for Patronizing Specific Hospitals
Reasons for Choosing Specific Physicians and Surgeons
Payment Methods for Health-Related Services
Payment Methods for Eye Glasses
Media Use

8. TRAVEL AND LEISURE
Preferences for Travel and Leisure Services
Sources of Information for Vacation/Travel Packages
Preferences for Methods of Purchasing Vacation Packages
Reasons for Patronizing Airlines and Cruise Lines
Reasons for Patronizing Hotels/Motels
Preferences for Payment of Airline Tickets
Preferences for Payment of Hotel/Motel Accommodations

9. FINANCIAL SERVICES
Preferences for Financial Services
Preferences for Sources of Information
Preferences for Methods of Purchasing Financial Services
Patronage Preferences for Checking or Savings Accounts
Patronage Preferences for Certificate of Deposit
Patronage Preferences for Stocks
Patronage Preferences for Government Bonds and U.S. Treasury Bills
Patronage Preferences for Money Market Funds
Patronage Preferences for IRA/Keogh Accounts
Patronage Preferences for Asset-Management Services
Patronage Preferences for Financial Planning Services
Patronage Preferences for Tax Advice
Patronage Preferences for Insurance Policies
Reasons for Patronizing Financial Institutions
Use of Credit Cards
Asset Ownership and Composition
Preferences for Using IRA/Keogh, Pension to Pay Post-Retirement Expenses
Preferences for Using Other Investments to Pay Post-Retirement Expenses
Preferences for Methods of Getting Cash from Home Equity
Use of Home Equity to Pay for Post-Retirement Expenses

10. INSURANCE
Preferences for Insurance Services
Preferences for Sources of Information Regarding New Insurance Services
Reasons for Patronizing Insurance Companies
Patronage Preferences for Nontraditional Insurance Service Providers
Preferences for Methods of Purchasing Insurance Services
Reasons for Buying or Not Buying Insurance by Phone or Mail
Media Use Profiles of Those Likely to Buy LTC Insurance

11. SUMMARY AND IMPLICATIONS FOR MARKETING STRATEGY
Food and Beverages, Food Stores, and Restaurants
Apparel and Footwear
Pharmaceutical Products
Housing
Technology Products and Telecommunication Services
Health Care
Travel and Leisure
Financial Services
Insurance

12. APPENDIX

List of Tables

Table 2.1 Tastes and Preferences for Food Today in Comparison to Tastes 15-20 Years Ago Among Baby Boomers and Seniors (65)
Table 2.2 Reasons for Choosing Specific Brands of Foods and Alcoholic Beverages Among Baby Boomers and Seniors (65)
Table 2.3 Reasons for Patronizing Specific Food and Grocery Stores Among Baby Boomers and Seniors (65)
Table 2.4 Reasons for Patronizing Specific Restaurants Among Baby Boomers and Seniors (65)
Table 3.1 Reasons for Patronizing Department Stores Among Baby Boomers and Seniors (65)
Table 3.2 Reasons Considered Before Buying Clothes and Shoes by Phone or Through The Mail Among Baby Boomers and Seniors (65)
Table 4.1 Reasons for Patronizing Specific Drug Stores/Pharmacies Among Baby Boomers and Seniors (65)
Table 4.2 Reasons for Choosing Specific Brands of Drugs and Health Aids Among Baby Boomers and Seniors (65)
Table 4.3 Reasons Considered Before Buying Health Aids and Drugs by Phone or Thorugh the Mail Among Baby Boomers and Seniors (65)
Table 5.1 Future Housing Plans of Baby Boomers and Seniors (65)
Table 5.2 Reasons for Moving Into an Apartment, Townhouse or Condominium Among Baby Boomers and Seniors (65)
Table 5.3 Reasons for Moving Into a Retirement Community Among Baby Boomers and Seniors (65)
Table 5.4 Reasons for Moving Into a Nursing Home Among Baby Boomers and Seniors (65)
Table 5.5 Reasons for Choosing a Single Family House Among Baby Boomers and Seniors(65)
Table 5.6 Reasons for Choosing a Retirement Community Among Baby Boomers and Seniors (65)
Table 6.1 Preferences for Selected Products and Telecommunication Services Among Baby Boomers and Seniors (65)
Table 6.2 Reasons Considered Before Buying Electronic Products by Phone or Through the Mail Among Baby Boomers and Seniors (65)
Table 7.1 Reasons for Patronizing Specific Hospitals Among Baby Boomers and Seniors (55)
Table 7.2 Reasons for Patronizing Specific Physicians and Surgeons Among Baby Boomers and Seniors (65)
Table 8.1 Willingness to Pay for Long-Term Care Benefits for Self Among Baby Boomers and Seniors (65)
Table 9.1 Reasons for Patronizing Airline/Cruise Lines Among Baby Boomers and Seniors (65)
Table 9.2 Reasons for Patronizing Hotels/Motels Among Baby Boomers and Seniors (65)
Table 10.1 Preferences for Financial Services Among Baby Boomers and Seniors (65)
Table 10.2 Reasons for Patronizing Financial Institutions Among Baby Boomers and Seniors (65)
Table 10.3 Use of Credit Cards by Baby Boomers and Seniors (65)
Table 10.4 Asset Composition Among Baby Boomers and Seniors (65)
Table 10.5 Preferences for Methods of Getting Cash from Home Equity Among Baby Boomers and Seniors (65)
Table 11.1 Reasons for Patronizing Insurance Companies Among Baby Boomers and Seniors (65)
Table 11.2 Reasons Considered Before Buying Various Types of Insurance by Phone or Through the Mail Among Baby Boomers and Seniors (65)
Table 12.1 Media Use Among Baby Boomers vs.Seniors
Table 12.2 Magazine Readership Among Baby Boomers vs.Seniors (65)

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The manuscript contains information about a wide variety of topics relevant to baby boomers and older adults. This information should be of interest of millions of people in these two generations that face a wide variety of circumstances specific to their stage in life, such as concerns about aging and old age, health problems, finances, retirement, and care-giving responsibilities. The information helps them compare and validate their own circumstances to those at similar life stages, giving these individuals a better understanding of issues they face and their well-being relative to others.

In addition, because of the increasingly large number of years people are spending at late stages of life(as a result of recent dramatic increase4 in life expectancy), the manuscript emphasizes the need for people of nay age to plan for longevity.

By presenting information from our research, as well as from other studies, this project makes people aware of many factors that promote longevity and enhance a person's well being in later life. Based on this information, we suggest actions that should be taken today to help one live a longer and happier life. ($500.00, 200 pages)

Table of Contents

ACKNOWLEDGEMENTS

CHAPTER 1. OVERVIEW 1
  1. The Aging Of The Population 3
  2. Why We Should Be Concerned 5
  3. About Our Studies Of Baby Boomers And Their Parents 7
  4. Some Surprising Findings 7
    • Physical and emotional well-being
    • How they feel about old age and aging
    • Financial well-being
    • Millionaires are not what you think
    • Lifestyles
    • Buying habits
    • What they have, what they want
    • Their main concerns
CHAPTER 2. WHAT'S ON THEIR MIND AS THEY AGE 26
  1. Feeling, Thinking and Acting Younger 27
  2. Defying Aging 31
  3. Concerns and Desires 35
    • Health
    • Money
    • Old age
    • Day-to-day living
    • Work and retirement
    • Relationships
    • Personal safety
    • Having fun
    • Staying healthy
    • Caring and giving
CHAPTER 3. PHYSICAL AND EMOTIONAL WELL-BEING 58
  1. Physical Health 60
    • Chronic conditions
    • Recent health problems
    • Medications
    • The role of heredity
    • Patterns of disease development
    • Health-related lifestyles
  2. Emotional Health 74
    • Stress
    • Depression
  3. It Matters What And How We Think 80
CHAPTER 4. LIFESTYLES 91
  1. Living Arrangements 92
  2. Work After Retirement 94
  3. Lifelong Learning 97
  4. Leisure 100
    • Travel
    • At-home leisure activities
    • Attendance of events
    • Other leisure activities
  5. Volunteering 106
  6. Religiosity 107
  7. Caregiving 108
  8. Preparing for Old Age 110
    • Awareness of older adults' needs
    • Preparation for old age
CHAPTER 5. FINANCIAL AFFAIRS 114
  1. Spending Habits 115
    • Use of Credit
  2. Saving Habits 118
  3. Financing Retirement 122
  4. The Affluent 124
    • Differences between the two generations
    • Millionaires vs. non-millionaires
    • Self-made vs. old money
CHAPTER 6. WHAT THEY HAVE, WHAT THEY USE 139
  1. What They Own 140
    • The older folks have more
    • The American dream
    • Appliances and home furnishings
    • Other possessions
  2. What Kinds of Services They Prefer 147
    • Financial services
    • Travel & leisure
    • Insurance services
    • Health care
CHAPTER 7. BUYING HABITS 153
  1. Reasons for Patronage 155
    • Restaurants
    • Grocery/food stores
    • Department stores
    • Lodging
    • Airlines/Cruise lines
    • Financial institutions
    • Insurance companies
    • Hospitals
    • Physicians & surgeons
  2. Buying Products 162
    • Choosing specific brands
    • At home buying
    • Reasons for direct buying
    • Information sources
    • The influence of relatives
    • Loyal customers
    • Preferences for methods of payment
  3. Dis/Satisfaction and Complaining 180
  4. Excessive Buying 182
CHAPTER 8. PLANNING FOR LONGEVITY 186
  1. Determinants of Longevity and Life Satisfaction 187
    • Physical and emotional health
    • Positive attitude
    • Active lifestyle
    • Financial assets
  2. Strategies for Longevity and Well-being 191
    • Adding Years to Your Life
    • Improving Quality of Life

REFERENCES

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