Baby Boomers: Old is Gold in Home and Garden

Strategy Briefing

About This Report

Aug 2018

Baby boomers are homeowners with DIY-knowledge, cooking skills and higher average incomes, making this generation attractive to home and garden players. Baby boomers are also transitioning into a new stage in their lives through retirement, triggering new home and garden purchases. This report explores the opportunities that home and garden retailers and manufacturers can tap into to win the hearts and wallets of this financially-able and brand loyal consumer segment.

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Baby Boomers: Old is Gold in Home and Garden

Baby boomers more prevalent in developed regions

In 2018 baby boomers are aged between 54-72 years old and account for roughly 18% of the global population. Baby boomers are more prevalent in developed regions, namely Western Europe and North America, when compared with millennials. Developing regions tend to exhibit younger populations, resulting in millennials being more prevalent.

Three types of baby boomer household

Typically, there are three main types of baby boomer households: married with children, single-person households, and empty nesters. The latter two households may be downsizing, while baby boomers in a married with children setup are likely to be living in a multigenerational home, sometimes with their “boomerang” children.

Higher average incomes drive demand for quality

Baby boomers exhibit higher average incomes than other consumer segments, therefore, they are not only willing to but are also able to spend on high-value items. Baby boomers seek out quality over quantity and are looking for products that will stand the test of time.

Homeowners with the power to renovate

Baby boomers are more likely to own their own homes, as opposed to millennials, who face housing affordability issues. Baby boomers therefore appeal to home improvement and gardening players because they have the ability to make structural changes to their home, e.g. painting, re-tiling or major renovations.

Brand-loyal influencers

Unlike other consumer industries (e.g. consumer electronics and beauty), brand-loyal baby boomers tend to influence their millennial children in the home and garden space, due to their DIY knowledge and cooking skills. 

Introduction

Scope
Key findings

Baby Boomer Households

Baby boomers in the world
Why baby boomers instead of other generations?
Developed economies drive the world’s ageing population
Three types of baby boomer household
Rise of the multigenerational home

Baby Boomer Traits

Defining baby boomers
Active but not forever young: navigating the ageing process
Old but not old-fashioned: adapting to technology
Retired but not bored: time on their hands
Traditional but not stale: brand-loyal baby boomers
Wealthy but not rich: seeking out quality

Targeting Baby Boomers in Home and Garden

Omnichannel strategies: blending online and offline channels
Smart home applications for baby boomers
Old is gold: baby boomers as influencers
Home improvement and gardening: catering to DIFM-boomers
Homewares: baby boomers cooking for health and wellness
Home furnishings: baby boomer singletons looking to downsize

Case Studies

La-Z-Boy
Cooks Innovations
Kent & Stowe

Key Takeaways

Selling home and garden products to baby boomers