Online spending accounts for 41%! Americans over 50 love online shopping and technology the most

Recently, according to Ad Age , since the outbreak of the pandemic, the finances of American households of all ages have been hit , but consumers aged 50 and over continue to maintain their relatively strong financial strength . Only 7% of this group said that their income has decreased since the beginning of the pandemic, and one in ten people received financial assistance from family and friends.

Therefore, the consumption of this age group is still very important for businesses and the entire US economy. Research shows that the characteristics of the consumer group over 50 years old are as follows.

1. Have a good income

Workers aged 50 and older earn $65K per year compared to full-time workers aged 18 to 49 , who earn a median of $55K . Higher income and less debt provide opportunities for investment, which is why this group owns 62% of all portfolio value and has an average net worth 52% higher than the average net worth of adults aged 18 to 49.

2. More expenses

The average head of household is now 51.6 years old. In contrast, there are approximately 61 million households with individuals aged 18 to 49, and more than 71 million households with consumers aged 50 and over , who account for 53% of all consumer spending , including more than 70% of spending on prescription drugs and medical supplies , 61% of spending on household goods, and 51% of spending on food.

3. Like online shopping

This group was already active online shoppers before the pandemic . 75% of the online population over 50 go online to research and shop , and this group accounts for 41% of all e-commerce spending , and their online shopping has been growing since the pandemic began.

4. Like technology

The love of technology products or smartphones is not limited by age . Among adults aged 50 and above, 98% own a mobile phone, and 91% of them own a smartphone. They also spend more than half of their total spending on audio-visual equipment, large and small appliances, and entertainment .

5. Spend more on cars

Consumers aged 50 and older account for more than half (56%) of all new vehicle spending , and their spending exceeds that of the rest of the population in other car-related areas, such as car insurance and car repairs .

6. Use a variety of media channels

Among this group, 95% watch TV, 90% surf the Internet , 81% read magazines , and 76% listen to the radio.

In summary, in the United States, people over 50 are a consumer group that cannot be ignored. Retailers and businesses should seize the characteristics of this group and carry out targeted promotions and product sales.

USA

50 and above

Consumer Group

Online spending

E-commerce