Strength in Numbers

Every 7 seconds, someone is turning 50 years old.

More than 77 million people in the United States — or approximately 27% of the estimated 290 million general population, and roughly 37% of the adult population — are 50 years of age or older. This group spends an estimated $1.6 trillion annually and controls almost 80% of all personal wealth, representing about 60% of all discretionary income and accounting for 80% of the money in U.S. Savings accounts. What’s more, 80% of those over 50 own their own homes, earn twice the income of those under 36, and own 65% of all luxury cars.

The U.S. Census Bureau projects that by the year 2010, close to 100 million Americans will be 55 years old, representing one-third of the general population. That number is expected to grow to at least 114 million by 2020.

When asked their most favorite activity, a whopping 93% of those surveyed responded traveling and sightseeing, according to U.S. Chamber of Commerce data. In fact, the Travel Industry Association of America (TIA) reports that people aged 55 and over have increased their travel by over 40%. That number is expected to grow as this group matures and retires.

“We’re going to see a big boost in travel-related industries within the next several years as Baby Boomers shift their focus from business and career to travel and recreation,” says Cheryl Russel, former editor of American Demographics. “When they’re asked what is the one thing they’ve been waiting to do until retirement, their main response is travel.”

So, are you thinking what I’m thinking?

If you haven’t tapped into the mature market, or marketed your products to the mature traveler, you are missing the boat, the plane and the automobile. Statistics show that the mature market is enormous – and growing even more so! And, from what we can tell, it’s virtually untapped and has the potential to change the travel goods industry forever. See our story, “The Mature Market: The 50+ Traveler” beginning on page 44, and our accompanying photo feature beginning on page 48.

The numbers speak for themselves.