Grey Dollar
"If anyone is going to ensure that seniors are taken seriously
in this society, it will be the Baby-Boomers. Their entry into retirement
might mark the moment when Australian society begins to venerate
old age."
Hugh Mackay
Social Researcher
Older Australians are fast becoming the dominant consumer group.
On average, 50,000 Australians are retiring each year, taking with
them $5.5 billion in lump sum payments. Significantly, of all Australians
who receive the age pension, only 7% have no other form of income,
making seniors the fastest growing market segment.
Mature consumers are the largest retail growth market in the nation.
Their spending over the next ten years will, even after allowance
for inflation, grow by a marked 61% - double the national average
of 32%. Since nearly 80% of seniors own their own home and only
4.9% of seniors have dependent children at home, a greater proportion
of their disposable income is discretionary. Seniors spend $895
million annually on domestic travel alone. They are the highest
consumers of travel services in the market.
Within this spending, the over 65's stand out as voracious consumers
of books, magazines and newspapers. Their relative spending on food
and housewares is also high, as are their outlays on health and
holidays.
A similar pattern is evident among households headed by those over
55. They account for 20.8% of national income and 25.1% of disposable
income. They account for a high proportion of spending, some 21.4%
of the national total, and own a remarkable 39.9% of the nation's
assets.
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