Baby Boomer population adapts to accommodate boomerang children

Every year, a new wave of college graduates is poised to enter the?work force. However, these days, before launching what they hope are meaningful careers, a large percentage might be knocking on the front door of their parents? homes looking for a place to live. Welcome to the land of Boomers and Boomerangs: a 21st century family segment containing Baby Boomers who moved into their homes more than 15 years ago and watched their children grow up and leave the nest, only to have them return. What they thought was going to be converted into a home office or an exercise room is once again a messy bedroom.

Compared to U.S. households overall, Boomers and Boomerangs are more than four times more likely to contain young adults living with their parents. However, not all of these young adults are necessarily recent college graduates. Many have previously started out on their own but are now seeking the sanctuary of living with mom and dad while attempting to gain the traction necessary for making ends meet.

What impact does this trend have on boomer-aged parents who have been making preparations to begin a new phase of life, possibly dependent-free, as empty nesters? Here are some key findings that will help marketers connect and communicate with this growing market segment:

• The vast majority (85%) of the Boomers and Boomerang parents are between the ages of 51 and 65.
• These are very busy households. They are 3.3 times more likely than U.S. households overall to have five or more people living at home. The increased demand of maintaining a larger household puts added strain on the family finances.
• Boomers and Boomerangs have reached their peak earning years and have an average household income that is slightly less than $100,000.
• They tend to be price-sensitive shoppers who buy economy cars and off- the-rack clothes from discount retail stores.
• Boomers and Boomerangs are voracious media consumers. They like to read newspapers, especially poring over the sports and entertainment sections.

• They are very well-educated and are 1.7 times more likely to have earned a graduate-level degree compared to the general population.
• They are very likely to be employed in professional, technical or sales- related occupations.
• More than half of these householders have lived in their homes for 15 or more years. Many may be considering home renovation or remodeling projects to better accommodate their adult-age children.
• There are solid credit ratings among Boomers and Boomerangs, making them an attractive target for automotive, home-equity and education loans.

The wide age gap of members found in Boomer and Boomerang households translates into divergent Internet activities. They go online for banking, retrieving financial information and travel planning, as well as to search for jobs, for instant messaging and for gaming. Popular Websites for this segment include an astonishing variety, such as CNN, ESPN, Facebook, WebMD and Craigslist. Both age groups appreciate the convenience of shopping online. With their varied backgrounds, members of this segment access the Internet at home, school and work through wireless and mobile devices. Still, there are some age-specific activities evident in Boomers?and Boomerangs: while the parents are still shy about surfing the Internet through their cell phones, there?s no such reticence among the younger people in the household.

Source: Experian 2012 Digital Marketers Report

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Source: http://newmediaandmarketing.com/baby-boomer-population-adapts-to-accommodate-boomerang-children/consumers-consumer-behavior/

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