POST Online Media Lite Edition


Upscale Baby Boomers plan luxury purchases

Staff writer |
More than half (52%) of "upscale" U.S. Baby Boomers plan to buy one or more luxury product or service over the next 12 months, a new report has shown.

Article continues below

According to the Shullman Research Center, this demographic is defined as people with a personal net worth of more than $1 million or who live in households with at least $250k annual income, Marketing Charts reported. Representing roughly 9 million of the total U.S. population, upscale Baby Boomers account for about 12% of all 75 million Baby Boomers in the country, the study said.

It revealed 30% of them intend to take a luxury holida.y over the coming year, compared to 8% of "mass market" Baby Boomers and 12% of all U.S adults.

Other significant differences of purchase intention between upscale Baby Boomers and the rest of the adult population include buying premium beers (15% versus 9% of all adults) and buying premium cosmetics (18% versus 8% of all adults).

Elsewhere, 27% of upscale Boomers plan to buy premium wines (versus 7% of all adults), 10% intend to buy a premium liquor (versus 6%) and 9% plan to buy designer collection clothing or accessories (versus 3% of all adults).

With these upscale Baby Boomers accounting for nearly a quarter (23%) of total estimated net worth, marketers have been advised not to neglect them by concentrating only on millennials, who account for 21% of total net worth.

What to read next

Millennial 401(k) savers have better financial habits than baby boomers
Millennials are greatest risk to corporate data
Millennials feeling burnout, they are not motivated