3.   Buying Habits of Baby Boomers and Their Parents
This report presents key findings from two national surveys conducted by the center for Mature Consumer Studies. It examines and compares the buying behavior of baby boomers and older age groups with respect to food products,apparel and footwear, drugs and cosmetics, housing, technology products and telecommunication services, health care, long-term care, travel and leisure, financial and insurance services, and entertainment and informatin services. It focuses on preferences for specific brands and service providers and for payment methods and reasons for buying direct. Analyses of responses by specific demographic and lifestyle characteristic and media use habits are included. Copyright 1999. Length 550 pages. $200.00
     


TABLE OF CONTENTS

1. OVERVIEW
The Maturing Marketplace
The Buying Habits of Baby Boomers and Seniors
Older Consumers Are Very Heterogeneous
Older Consumers’ Habits
The Habits of Upscale Older Consumers
Mature Consumer Segments
About the Findings of our Surveys

2. FOOD AND BEVERAGES, FOOD STORES, AND RESTAURANTS Present vs. Past Tastes and Preferences for Food
Reasons for Choosing Brands of Foods and Alcoholic Beverages
Reasons for Patronizing Food and Grocery Stores
Reasons for Patronizing Restaurants
Preferences for Methods of Payment
Media Use
Summary and Recommendations for Marketing Strategy

3. APPAREL AND FOOTWEAR
Purchase of New Apparel and Footwear
Information Sources for New Apparel
Preferences for Methods of Purchasing Apparel and Footwear
Reasons for Patronizing Department Stores
Reasons Considered Before Buying Apparel by Phone or Mail
Reasons for Choosing Brands of Apparel and Footwear
Media Use Profiles

4. PHARMACEUTICAL PRODUCTS
Use of Drugs and Cosmetic Products
Preferences for Sources of Information for New Drugs and Cosmetics
Preferences for Methods of Purchasing Prescription Drugs
Preferences for Methods of Purchasing Cosmetics and Health Aids
Reasons for Patronizing Specific Drug Stores/Pharmacies
Reasons for Choosing Brands of Drugs and Health Aids
Reasons Considered Before Buying Direct
Payment Methods
Media Use Profiles

5. HOUSING
Housing Preferences
Reasons for Moving Into an Apartment, Townhouse, or Condominium
Reasons for Moving Into a Retirement Community
Reasons for Moving Into a Nursing Home
Reasons for Choosing an Apartment, Townhouse, or Condominium
Reasons for Choosing a Retirement Community
Reasons for Choosing a Nursing Home
Profile of Potential Resident Retirement Communities
Profile of Potential Residents of Nursing Homes
Preferences for Methods of Getting Cash from Home Equity
Use of Home-Equity to Pay for Post-Retirement Expenses

6. TECHNOLOGY PRODUCTS AND TELECOMMUNICATION SERVICES
Preferences for High-Tech Products and Telecommunication Services
Automobiles
Preferences for Sources of Information Regarding New Electronic Products
Sources of Information for Telecommunication Services
Preferences for Methods of Purchasing Electronic Products
Reasons Considered Before Buying Direct
Payment Methods for Burglar or Fire-Alarm System
Payment Methods for Home-Appliance Services
Media Use

7. HEALTH CARE
Demand for Health-Related Services Preferences for
Nontraditional Health-Care Services
Preferences for Health-Related Products
Preferences for Sources of Information
Reasons for Patronizing Specific Hospitals
Reasons for Choosing Specific Physicians and Surgeons
Payment Methods for Health-Related Services
Payment Methods for Eye Glasses
Media Use

8. TRAVEL AND LEISURE
Preferences for Travel and Leisure Services
Sources of Information for Vacation/Travel Packages
Preferences for Methods of Purchasing Vacation Packages
Reasons for Patronizing Airlines and Cruise Lines
Reasons for Patronizing Hotels/Motels
Preferences for Payment of Airline Tickets
Preferences for Payment of Hotel/Motel Accommodations

9. FINANCIAL SERVICES
Preferences for Financial Services
Preferences for Sources of Information
Preferences for Methods of Purchasing Financial Services
Patronage Preferences for Checking or Savings Accounts
Patronage Preferences for Certificate of Deposit
Patronage Preferences for Stocks
Patronage Preferences for Government Bonds and U.S. Treasury Bills
Patronage Preferences for Money Market Funds
Patronage Preferences for IRA/Keogh Accounts
Patronage Preferences for Asset-Management Services
Patronage Preferences for Financial Planning Services
Patronage Preferences for Tax Advice
Patronage Preferences for Insurance Policies
Reasons for Patronizing Financial Institutions
Use of Credit Cards
Asset Ownership and Composition
Preferences for Using IRA/Keogh, Pension to Pay Post-Retirement Expenses
Preferences for Using Other Investments to Pay Post-Retirement Expenses
Preferences for Methods of Getting Cash from Home Equity
Use of Home Equity to Pay for Post-Retirement Expenses

10. INSURANCE
Preferences for Insurance Services
Preferences for Sources of Information Regarding New Insurance Services
Reasons for Patronizing Insurance Companies
Patronage Preferences for Nontraditional Insurance Service Providers
Preferences for Methods of Purchasing Insurance Services
Reasons for Buying or Not Buying Insurance by Phone or Mail
Media Use Profiles of Those Likely to Buy LTC Insurance

11. SUMMARY AND IMPLICATIONS FOR MARKETING STRATEGY
Food and Beverages, Food Stores, and Restaurants
Apparel and Footwear
Pharmaceutical Products
Housing
Technology Products and Telecommunication Services
Health Care
Travel and Leisure
Financial Services
Insurance

12. APPENDIX

LIST OF TABLES  

Table 2.1 Tastes and Preferences for Food Today in Comparison to Tastes 15-20 Years Ago Among Baby Boomers and Seniors (65 )
Table 2.2 Reasons for Choosing Specific Brands of Foods and Alcoholic Beverages Among Baby Boomers and Seniors (65 )
Table 2.3 Reasons for Patronizing Specific Food and Grocery Stores Among Baby Boomers and Seniors (65 )
Table 2.4 Reasons for Patronizing Specific Restaurants Among Baby Boomers and Seniors (65 )
Table 3.1 Reasons for Patronizing Department Stores Among Baby Boomers and Seniors (65 )
Table 3.2 Reasons Considered Before Buying Clothes and Shoes by Phone or Through The Mail Among Baby Boomers and Seniors (65 )
Table 4.1 Reasons for Patronizing Specific Drug Stores/Pharmacies Among Baby Boomers and Seniors (65 )
Table 4.2 Reasons for Choosing Specific Brands of Drugs and Health Aids Among Baby Boomers and Seniors (65 )
Table 4.3 Reasons Considered Before Buying Health Aids and Drugs by Phone or Thorugh the Mail Among Baby Boomers and Seniors (65 )
Table 5.1 Future Housing Plans of Baby Boomers and Seniors (65 )
Table 5.2 Reasons for Moving Into an Apartment, Townhouse or Condominium Among Baby Boomers and Seniors (65 )
Table 5.3 Reasons for Moving Into a Retirement Community Among Baby Boomers and Seniors (65 )
Table 5.4 Reasons for Moving Into a Nursing Home Among Baby Boomers and Seniors (65 )
Table 5.5 Reasons for Choosing a Single Family House Among Baby Boomers and Seniors(65 )
Table 5.6 Reasons for Choosing a Retirement Community Among Baby Boomers and Seniors (65 )
Table 6.1 Preferences for Selected Products and Telecommunication Services Among Baby Boomers and Seniors (65 )
Table 6.2 Reasons Considered Before Buying Electronic Products by Phone or Through the Mail Among Baby Boomers and Seniors (65 )
Table 7.1 Reasons for Patronizing Specific Hospitals Among Baby Boomers and Seniors (55 )
Table 7.2 Reasons for Patronizing Specific Physicians and Surgeons Among Baby Boomers and Seniors (65 )
Table 8.1 Willingness to Pay for Long-Term Care Benefits for Self Among Baby Boomers and Seniors (65 )
Table 9.1 Reasons for Patronizing Airline/Cruise Lines Among Baby Boomers and Seniors (65 )
Table 9.2 Reasons for Patronizing Hotels/Motels Among Baby Boomers and Seniors (65 )
Table 10.1 Preferences for Financial Services Among Baby Boomers and Seniors (65 )
Table 10.2 Reasons for Patronizing Financial Institutions Among Baby Boomers and Seniors (65 )
Table 10.3 Use of Credit Cards by Baby Boomers and Seniors (65 )
Table 10.4 Asset Composition Among Baby Boomers and Seniors (65 )
Table 10.5 Preferences for Methods of Getting Cash from Home Equity Among Baby Boomers and Seniors (65 )
Table 11.1 Reasons for Patronizing Insurance Companies Among Baby Boomers and Seniors (65 )
Table 11.2 Reasons Considered Before Buying Various Types of Insurance by Phone or Through the Mail Among Baby Boomers and Seniors (65 )
Table 12.1 Media Use Among Baby Boomers vs.Seniors
Table 12.2 Magazine Readership Among Baby Boomers vs.Seniors (65 )