Older Adults as Consumers: An Examination of Differences by Birth Cohort

The U.S. and much of the developed world are currently undergoing a demographic transition marked by fundamental changes in the age structure of the population. These changes pose a number of challenges for society such as understanding the consumption patterns of middle aged and older people. In this chapter, the authors use data from the Health and Retirement Study to explore consumption patterns among five cohorts of adults age 50 and older. They found that older, compared to younger, birth cohorts of older adults reported less spending on food, transportation, trips and vacations, and durable goods; they spent more on donations and gifts; all cohorts reported similar levels of spending on health-related expenses. Results also identified a critical middle age group (i.e. ages 70 to 80), in which the greatest differences in consumption patterns were evident. Such findings may be useful for industry and organizations allowing them to be responsive and competitive by helping them target goods and products that meet the changing needs of an aging society

Health and Retirement Study/Consumer behavior/Older adults/neuropsychology

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