There is too much conjecture and generally accepted truths out there. Here is an article, Are Older Americans Willing to Spend? by Demo Memo blogger Cheryl Russell about spending habits of 65+ consumers. The evidence is now in, belying the myth, that older consumers spend as much or more than younger consumers…but wait a minute….
The older consumers about whom the generally accepted truths were formed are much older now, many of them even dead….so maybe this data is showing that the folks who were free spenders just a few years ago are still free spenders…leaving the unknown about the next generation- those currently entering the job market.
And remember another thing..once you’ve met one…( fill in the blank…older person, hip hop lover, boomer, gen xer, cyclist) you’ve met just that…. ONE!
But the point of the article is clear to those planning products and services. Consumers 65 and older have money and they are spending it.
Louis Tenenbaum, one of the nation's leading authorities on aging in place, is the founder of HomesRenewed, a coalition of business, consumers and nonprofits, driving policy and investment to increase the number of age-friendly homes.