The Market and Future
BOOMERS, GEN X, MILLENNIAL RETIREES:
NUMBERS AND PROJECTIONS
U.S. Census Bureau
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The 76.2 million "Baby Boomers", born between 1945-1964, minus deaths, plus immigrants of that age = 76.4 million persons now in some stage of retiring.
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The U.S. Population Reference Bureau projects U.S. entire age 65+ population to be 71.4 million by 2029, 20% of the U.S. population.
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U.S. Census Bureau projects those aged 65-84 will increase by 38.8% and those over 85 by 18% by 2020.
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Boomers now represent more than 70% of the U.S. financial assets and over half of all discretionary spending.
Retirees and Their Pets: Perceived Value and Financial Investment
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Forbes, May 26, 2016: "Baby Boomers love their pets to the tune of $60 billion annually.
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One of the phenomena that has accompanied the aging Boomers is the explosion of pet ownership in the U.S. This is the first generation for whom pets are common; Boomers made pets part of the family and brought them into their homes."
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These generations are having fewer children, and parents are younger and still vitally active as their nests empty. Many are filling them with furry family members, who beg for rescue and nurturing.
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A financial planner interviewed in the NY Times story (May 14, 2015) says he now includes pet budget lines in his financial plan for retirees. That same article, “Senior Boomer Demand Dog-Friendly America” by J. Peder Zane, concludes with: “In other words, what Boomers want, boomers get. And increasingly what they want is to enjoy their sunset years to the fullest with their companion animal by their side or on their laps.”
Other Statistics
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81% of Americans consider their dogs as family members. Three out of five workers go home at lunch break and walk their dogs. (USA Today, July 3, 2017) or hire dog walkers.
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Forbes April 27, 2015: "Pet ownership is at 54% of Gen X and Millennial households, while Boomers emerge as most essential consumer segment: 61 million 2010, 64 million in 2014."
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U.S. Pet Market Outlook 2016-2017: Pet food and pet care markets have exploded. Pet industry sales will increase noticeably through 2020 and beyond."
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USA TODAY, July 23, 2017, announced on page 1: "Americans will spend an estimated $69.4 billion on their pets in 2017 (ee.usatoday.com/olive/c).
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A financial planner interviewed in the NY Times story (May 14, 2015) says he now includes pet budget lines in his financial plan for retirees. That same article, “Senior Boomer Demand Dog-Friendly America” by J. Peder Zane, concludes with: “In other words, what Boomers want, boomers get. And increasingly what they want is to enjoy their sunset years to the fullest with their companion animal by their side or on their laps.”