The estimated annual spending power of the baby boomers is more than $2 trillion.
Younger boomers (born 1956-64) spend most of their money on their children and the mortgage. Older boomers (born 1946-55), many of whom are empty nesters, put their money into upgrading their homes and on clothing, spending 13% and 11% more than average on women and men’s apparel, respectively. The poverty rate for boomers was 7.3% in 2000, lower than any other segment of the population and a significant decrease from 1993 when 9.6% of boomers were below the poverty line.
These are the findings of the recently updated Demographic Profile of American Baby Boomers produced by the MetLife Mature Market Institute. The publication also reports that the average annual household after-tax income of boomers is $58,275 for those 35-44, $64,080 for those 45-54 and $55,844 for those 55-64.
Other key data includes the following:
— Boomers are 49% male and 51% female.
— Most boomer households have more than one person working.
— Boomer households spend upwards of $45,000 per year.
— Baby boomers have a higher divorce rate than prior generations; 14.2% are divorced.
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;About the author : John Agno coaches executives and business owners on how to build their leadership capability. As a certified executive and business coach, he works with men and women who are disappointed with leadership development, who struggle with energizing, exciting and coaching their employees, who are worried about increasing productivity and frustrated with the complexity of doing business in today’s global economy. http://www.sobabyboomer.com/
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