Royce Shook en Lifestyle, beBee in English, Healthy Living Workshop Facilitator • Cosco Health and Wellness Institute Hace 6 d · 2 min de lectura · +200

Entrepreneurs are you ready?

According to a study boomers who retire fit into five spending types of spenders. Entrepreneurs who are ready and understand this shifting pattern will be able to start to cater to these consumer groups and should be very successful. Those who don’t pay attention will not do as well.

Group 1: Just Getting By

Consumers in this group spend more than 45% of their total expenditure on housing and bills.

Socio-demographic characteristics:

• Median age 70

• More likely to be headed by a non-white, single, widowed or divorced person

• More likely to be a renter, either private or social, than an outright homeowner

• More likely to be on low income and not receiving income from investments

• Furthermore, consumers in this group are disproportionately more likely to live in urban areas

Issues/risks:

Older consumers belonging to this group are less likely to have a family safety net, are more likely to be renters and tend to be concentrated in cities. As a result, as the group name suggests, individuals may struggle to afford day to day essential spending and cannot afford non-essential spending on recreation and holidays. Some individuals in this group are at particular risk in the event of rising rental costs or energy prices.

Group 2: Frugal Foodies

Consumers in this group spend more than 27.5% of their total expenditure on food and non-alcoholic drinks, and over 13% on furnishings and other household equipment (nearly twice the average).

Socio-demographic characteristics:

• Median age 70

• More likely to be a woman