The “traditional” model of consumer lifestage spending decrees that as you get older, you spend less on your home. But that’s not what’s happening today. Empty nesters – particularly Baby Boomers – are creating highly customized living spaces designed to cater to all their needs and wants in ways that were impossible when they were raising their families.
Even if the square footage goes down (and in a surprisingly high number of cases, it goes up), the dollar spending doesn’t. Boomers at last have the chance to pack their homes with the most lifestyle-enhancing bells and whistles…and they’re doing it. “Boomer caves,” wine-tasting alcoves, movie rooms, in-home spas, home offices… the list is long and so is the list of products that can fill it.
As a result, the Zoomer age group represents by far the largest market, compared to any other age group, for products that would, in the past, have been associated with younger consumers in the “family formation” stage of life. PMB 2012 confirms this market dominance.
For marketers, these numbers send one message very clearly: don’t assume that empty nesters have nothing left to buy for their homes. Leaving them out of the advertising mix means ignoring literally half the entire market.
Number of Zoomers investors who have personally traded online over the past 6 months. That's more than all other age groups combined. In fact, Zoomers account for almost 60% (59.5%) of all Canadians who have traded or managed investments online over the past 6 months. Source: Vividata Spring 2018.