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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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.
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.
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.
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.
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.