Only one in 10 boomers truly affluent

As portrayed by the media and in advertising, virtually all members of the Boomer generation are wealthy. However, only a few Boomers are truly affluent, and of these "elites" only one third relies on outside advice when making financial decisions according to a research study from Focalyst, a market research and consulting firm focused exclusively on Baby Boomers (those born between 1946 and 1964) and older consumers. In this study of more than 30,000 adults over the age of 42 in the continental U.S., only 1 in 10 (9%) Baby Boomers can be classified as Boomer Elites, defined as having an annual household pre-tax income of 150,000 or 100,000 if retired. Almost all Boomer Elites are married; college educated; and live in a residence valued at almost twice that of the average Boomer.

Boomer Elites feel that they are on top of their finances and that they have prepared well for retirement. 95% have some sort of savings or investments versus 75% for the total Boomer population.

Despite characterizing themselves as savers rather than spenders, Boomer Elites have plans to invest in big ticket items such as technology products, furniture and appliances at a rate of almost twice the spending of the average Boomer. And they are willing to pay a premium for quality goods and place brand names in high regard. This is particularly true for spending on their homes which they see as an investment as well as an extension of their own image.

How can this attractive group of consumers be reached? Boomer Elites are avid consumers of media, more so than Boomers in general: on a daily basis, 91% watch TV ; 87% read a newspaper or magazine; 76% listen to the radio; and 75% use the internet. Print is particularly effective with this group as they spend an average of 30 minutes a day each on newspapers and magazines, with 4 in 10 saying that they read the ads in the magazines they subscribe to.

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