And you thought it was teens buying Taylor Swift concert and movie tickets (I’m not knocking them. Those kids are dropping some serious cash).
Here’s a quick rundown of the numbers. Boomers over age 65 make up 18% of the population. But we’re holding half of the country’s total net worth of $75 trillion. But that’s not all!! We were responsible for 22% of all spending in 2022.
It’s enough to make you hum the Mighty Mouse theme song. “Here I come, to save the day!
Baby Boomers are on the way!”
Boomers have less consumer debt and some sizable nest eggs. Where is all that money? $18 trillion in real estate. $15 trillion in pensions. $20 trillion in stocks.
Are we sitting on it? NO! Spending by older households has increased over 34% since 1982. Economists believe that boomers who grew up with the “live-for-today” attitude are the best hope of this country ducking a big recession. We’ve got the time and we’ve got the money. That makes us a generational economic engine. We can travel to far away places, stay in fine hotels, buy a new electric car (maybe two!), eat in the best restaurants, drink the best wines, buy a second home. Come on people! We’ve got an economy to save!
What happens if we don’t spend it all (a very likely scenario according to economists, by the way)? It gets left to Gen Xers and Millennials, who might want to cut boomers some slack considering the windfall that will be coming their way.
If you’re sitting on the sidelines (and sitting on the nest egg), it’s time to get cracking. America’s economy is counting on you. We’ll see you at the airport!
Jay Harrison is a writer and creative consultant for DesignConcept. You can also visit his author page here. His newest mystery novel, Rio Puerco Demise is available on Amazon. His first mystery novel, Head Above Water, is also available on Amazon. But that’s not all. You can also purchase the Best of BoomSpeak on Amazon.