In 25 years, American consumers have endured a succession of social and economic events that have changed how we live and shop – and those changes differ among generations. So we delved into our latest “How America Shops® in Chaos” report to learn specifically how older shoppers are responding. Not surprisingly, we found several challenges, but they also present opportunities for brands and retailers (as we’ve noted time and time again).

Age Is Not Just a Number When it Comes to Chaos

Retailers and brands, one of your most lucrative opportunities in times of chaos accounts for at least 25% of the entire population, and it is right under your nose. Do you see it?

Don’t overlook them: The tens of millions of 60-plus shoppers worth trillions of dollars who have adapted faster to economic and social upheaval than companies might recognize. These shoppers, who’ve been through the rodeo of uncertainty before, can represent a mainstay of growth for brands and retailers themselves struggling with uncertainty right now.

This is not a revelation. WSL Strategic Retail has been emphasizing the importance of older shoppers for years, and their significance as consumers is not waning.

Our latest report, “How America Shops® in Chaos: What’s It Worth Now?” backs this up. Since the turn of the century, a seemingly unrelenting series of events knocked the ground out from under shoppers, resulting in long-lasting caution and uncertainty. Meanwhile, technology continued to evolve and transform everyday life and shopping methods.

All of which, in time, is eating away consumer trust in retailers and brands. Older shoppers, however, might be less susceptible to this erosion of trust, because it’s not new – they have weathered hard times before.

Or listen to our Future Shop podcast for highlights about the report, below:

Measuring the Generational Divide in Times of Chaos

Today, older shoppers are in fact adapting to economic chaos faster than retailers might predict, and they are challenging companies to deliver value. Let’s not forget how lucrative this market segment is: Boomers (ages 61 to 79) spend $5 trillion to $6 trillion annually, more than any other generation.

What Our Latest “Chaos” Report Reveals…

Here are a few statistics that show why retailers and brands should follow older shoppers now, through times of unpredictability, pulled from our latest “How America Shops® in Chaos” findings.

1. Boomers are less likely to have financial strains.

Only about one in 10 of Boomers struggle to pay their bills and are cutting back on essentials. This compares with 19%, 22% and 23% of Gen Z, Millennials and Gen X, respectively.

2. But Boomers are conditionally cautious.

However, more Boomers – 50% – recognize the fragile state of their financial stability and tend to be cautious about spending overall, while roughly 42% of other generations are. This likely owes to their past dealings with to chaos.

3. Boomers are more likely to be optimistic.

A significant share of Boomers, 28%, say they feel “OK” in the face of rising prices and economic uncertainty and haven’t changed their spending habits. That’s 11 percentage points higher than the overall population.

4. Boomers stick to stores and channels they trust.

In the three months before our survey, Boomers purchased from fewer outlets (including online) than other generations, averaging 9.74. That compares with 12.36 outlets for Gen X, and roughly 14.54 for Millennials and for Gen Z.

5. But Boomers are avoiding certain outlets.

While Boomers try to keep their spending consistent with 2024, they are spending less at certain types of retailers, including Target, specialty beauty, and natural/specialty foods.

Deep Dive Bonus: Niched Boomer Opportunities

Also from our “How America Shops® in Chaos” report:

• Boomers are less likely than any other age group to choose free vs. paid activities (41% vs. 46% to 53% of younger shoppers). An indication of where they are willing spend.
• Just three in 10 Boomers are spending less for beauty services, compared with nearly 4.5 in 10 of younger generations.
• Across nearly all product categories, Boomers are most likely to buy new vs. reused products, compared with younger generations – especially Gen Z.

National Data Reveals a Lucrative Market, as Well

Our survey results give form to a market that needs attention: Every day, 10,000 consumers turn 65.

At that rate, by 2035, older adults are expected to outnumber children younger than 18 for the first time ever. And by 2040, the number of consumers 65 and older is expected to reach 81 million – 22% of the total population.

Retailers and brands that follow these older shoppers now, through times of chaos, should be better able to predict their own 2035 and 2040. Here are three simple steps to following the older shoppers’ paths:

• Show you see, and hear, them. Represent older shoppers in marketing, visually and through messaging. This includes on social media outlets (they do use them) as well as on packaging, and in the store and online.
• Prioritize their data. Use loyalty program data as well as social media, online searches, and third-party sources to gauge what older consumers value and if their paths are changing.
• Make your store is Boomer friendly. Shopping environments should be seen through young and old eyes. Ensure good lighting, signage that is easy to read and incorporate seating to encourage shoppers to stay. For many Boomers – and older, retailers are part of their community. Not only places to buy something.
• Remember that Boomers and older shoppers are not “old”. They too have adapted to the changes that younger shoppers have: from using digital tools to expecting (demanding) new innovative products in many categories.

How to Reach Your Most Important Shopper Base, those you know and those you are missing.

WSL Strategic Retail doesn’t limit demographics to age groups. We cross-analyze our consumer surveys by socioeconomic, income, family size, location, category shoppers, outlet/channel shoppers and many other factors. We can help you identify your underserved markets, and how to reach them. Learn more about what we do here.