How Baby
Baby--Boomers in the UnitedStates Anticipate their Aging
Future: Implications for the Silver
MarketMerril Silverstein, Ph.D.

DISCLAIMER
No portion of these materials is tobe used or disseminated by any
method without the expressed
written consent of the presenter(s)and the German Institute forJapanese Studies (DIJ).

University of Southern California
Davis School of Gerontology, Los Angeles, CA&
Alexis Abramson
Abramson, PhPh.D.
D
Retirement Living Television, Columbia, MD

American BabyBaby-Boomersz

The cohort of 76 million
Americans born between 1946and 1964.

zOn January 1, 2008, the first U.S.
Baby-boomer collected his/her
Babyfirst Social Security check.

z

A cascade of individuals will enter
their retirement years & by 2025,
Babyy-Boomers will be over 60.
all Baby-z

Graying of America has broughtwith it an array of images that areshaping personal expectations
about what it means to grow old.

New Images
gof AgingResearch Questionsz

What set of concerns do BabyBaby-Boomers have about
their future aging? Do their worries cohere around aconsistent set of themes?

z

How do Baby
Baby--Boomers perceive the realities of aging?
To what degree are their perceptions accurate?

z

How do public perceptions of aging relate to personalanxieties about aging?

zWhat implications do these questions have for olderconsumers and what lessons do they provide to thoseconsumers,
catering to the Silver Market?

2004 Images Of Aging
Surveyhttp://www.aarp.org/research/reference/publicopinions/aresearch-import-926.html• ConsistedC
i t d off ttelephonel hiinterviewst iwith
ith 1
1,202
202
randomly selected U.S. adults.
• We analyzed 473 BabyBaby-Boomers age 4040-58 in 2004.

Anxiety Over Aging….but you look so lifelikeKafer Aging Anxiety Scalez 13 statements rated from strongly disagree tostrongly
g y agree.
gz Dependence worries,worries, reflecting fear over losing autonomy

and resource depletionz “I worry
y others will have to make decisions for me when I'm older.”z “I worry that I will have to rely on my children when I am old.”z Physical worries,worries, reflecting fear of declining health,g of aging
g g
outward signsz “The older I become, the more I worry about my health.”z “I always worried about the day when I would find gray hairs.”

z Optimism
pabout aging,aging
g g,g, reflecting
g an affinity
y for olderpeople, growing contentment and continuity with aging
z “I have become more content with the years.”z “I enjoy talking to older people.”

Aging Anxiety/Optimism Means
Strongly
Agree 4

3.32
3Meean

2.65
2 30
2.30
2

Strongly
Disagree1
Dependence Worries

Physical Worries

Aging Optimism

Perceptions of Aging: Palmore’s Facts onAging Quizz 25 true/false statements about aging and older adultsz Negative stereotypes reflecting inaccurate negative

perceptions of the aged.
z “TheThe majority of older people…arepeople are senile,senile have some form ofdisability, don’t have enough money to live on, are lonely.”z Negative realism reflecting accurate negative perceptions of

the aged.
gz “All five senses tend to decline in old age.”z “Older people tend to take longer to learn something new.”z Positive realism reflecting
g accurate ppositive p
perceptions
pof

the aged.
z “The majority of older people say they are seldom bored.”z “Older workers have fewer accidents than younger workers.”

Perceptions of Aging: Percentage ofItems Endorsed in Each Dimension
100%%

Perceentage

80%

72%

60%

40%

52%

34%

20%

0%
Negative Stereotype

Negative Realism

Positive Realism

Results from Multiple Regression
Analysis with Demographic andResource Variables Controlled

Aging Anx
xiety (0=avverage)

Inaccurate negative perception of aging
iincreases
anxietyi t aboutb t aging.
i
1.2
10.8
0.6
0.4
0.2
0-0.2
-0.4
-0.6
0.6

Negativeegat eStereotyping Error

Dependence Anxiety
Physical Anxiety

0 1 2 3 4 5 6 7 8 9 10 11
Number of Inaccurate NegativePerceptions
pAging Optimism
m (0=averaage)

Accurate negative perception of aging
reducesdoptimism
ti i
about
b t aging.
i

0.4
0.3
0.2
0.1
0-0.1
01

01

2

3

4-0.2
Number of Accurate Negative Perceptions5

Accurate positive perception of agingiincreases
optimism
ti i
about
b t aging.
iAgging Optim
mism (0=avverage)

03
0.3
0.2
0.1
001

2

345-0.1-0.2-0.3
Number of Accurate Positive Perceptions

6

What does the research suggest?
z Anxiety about aging is based on bothstereotypical and realistic perceptions of what itmeans to grow old.
z Aging anxiety and aging optimism coco-exist in

American BabyBaby-Boomers, suggesting that they
are ambivalent about growing olderolder.
z Perceptions and misperceptions of the realities

of aging are related to personal anxieties aboutaging.

What are the implications formaturet
consumers?
?
zBaby-Boomers will be motivated by their fears and theiroptimism about their future aging.
aging
z Fears of physical change: Products and services thatchange the course or appearance of aging, such as
cosmetics, cosmetic surgery, web
web-healthhealth information, antianti
aging diets, preventive health regimens & fitness programs.
z Fears ofcognitive,
cognitive socialsocial, and financial dependence:
Products and services that foster independence such as
long-term care insurance, assisted living facilities, home
modifications,, financial services that help
p build,, pprotect,, andtransfer assets.

z Optimism: Products and services that cater to “third-age”
third age

lifestyles such as senior retirement complexes for the active,engaged, and younger retiree, senior cruises. on-line dating
for single seniors & multigenerational activities.

Active Consumers in the Mature
MarketEngaged Consumers in the Mature
M kMarket

What are the implications formarketers and advertisers?
z Challenge of addressing aging consumer markets

about death,, illness,, chronic care,, and stressful lifetransitions without triggering excess anxiety.
z LongLong--term care insurance and estate planning services thattap into the elderly’s
elderly s desire to avoid burdening children.
z A drug that helps with urinary problems that focuses lesson the embarrassment of the problem and more onpresentingp
gp
positive consequences
qfrom using
g the pproduct.
z Moisturizers and cosmetics that reduce signs of aging
showing the benefit to women in their true "skin".
z Avoid identifying consumers as “old” or “sick”, andoffer a more nuanced message of continued
youthfulness and functionality with use of the productproduct.