Sie sind auf Seite 1von 23

ExecutiveSummary

Collectively, Americas grandparents are one of the most powerful and underestimated drivers of the U.S. economy. This study provides a comprehensive description of the size, spending behavior and economic strength of this robust and growing market segment. There are approximately 70 million grandparents in the United States, and their number is increasing at more than double the rate of the overall population. With their average realincome rising faster than any other consumer segment, grandparents are not shy about spending. In aggregate, they buy $2 trillion worth of goods and services annually.i In setting out to measure the grandparent economy and its impact on consumer markets, we focused on 3 key objectives: 1. Quantifying the number of individual grandparents in the U.S. as well as the number of grandparent households, and then determining their age distribution 2. Calculating how much money grandparents spend each year on goods and services, with a special focus on how much they spend on their grandchildren 3. Projecting the grandparent population in 2010 and 2015, and then forecasting total spending, spending on grandchildren and their overall economic impact This study is the first in a series of reports that will provide a close-up view of this expanding segment of consumers as well as an in-depth look at their impact on the U.S. economy. To our knowledge, and surprise, no prior study has fully explored the grandparent consumer segment. This seems an amazing oversight on the part of market researchers, given that grandparents control the majority of financial assets in the United States today.ii

The Grandparent Economy

KeyFindings
Generally speaking, todays grandparents are younger and more financially secure than those in generations past. Many own their homes outright (or have very small mortgages), and work well beyond the once-typical retirement ages of 62 to 65. A good number have college degrees and earn income by working in office, professional and managerial jobs. Their net worth is high relative to other consumer segments, and their income potential is strong because of deferred retirement. Finally, grandparentconsumers spend substantial amounts on goods and services for themselves, as well as for their grandchildren. Thegrandparentpopulationislargeandgrowingiii Three in every ten adults are grandparents an all-time high. By the end of 2009, there will be more than 70 million grandparents in the United States. By comparison, people ages 13 to 19 years, a frequently targeted consumer segment, number fewer than 30 million. Grandparents lead 37% of U.S. households, or 44 million households nationwide. The grandparent population is larger than either the African American or Hispanic population segments (which together total 80 million).

Grandparentsareyoungerthaneverbefore Parents first become grandparents at the median age of 50 for women and 54 for men.iv 54% of grandparents, almost 38 million, are younger than 65 years old. By 2010, more than half of the grandparent population (51%) will be Baby Boomers (those born between 1946 and 1964) nearly 60% by 2015.v

Incomeandassetsofgrandparenthouseholdsaresubstantial Households led by 55- to 64-year-olds, 66% of which are grandparent-led, have the highest average net worth of any age group at $254,000.vi During the past 10 years, the median family income for those 55 to 64 has risen by 12%, after adjusting for inflation. The only age group coming close to that is 65- to 74-year-olds, whose income rose an inflation-adjusted 11%.vii By 2010, households headed by 55- to 64-year-olds will earn the highest average income, surpassing that of families headed by 45- to 54-year-olds for the first time. Households led by 45- to 54-year-olds (30% of which are grandparent
3 The Grandparent Economy

households) will still wield tremendous buying power. A majority of grandparent-homeowners (55%) do not carry a mortgage, a cost that typically accounts for a hefty proportion of younger homeowners expenses.viii With smaller mortgage obligations, a relatively healthy employment outlook (see page 13) and higher assets, grandparent households overall have fared better during the current economic downturn than younger families. As such, they are in a relatively better position to spend than younger cohorts. When the economic history of this recession is written, it will likely show increased spending by grandparents on grandchildren to compensate for reduced incomes of their adult children.

Grandparentsspendalotmoreandmoreeveryyearix We estimate that in 2009, grandparents will spend $2 trillion. Of this, approximately $52 billion will go toward goods and services for their grandchildren. Grandparent spending on grandchildren has grown an average 7.6% per year since 2000. Thats nearly double the average annual growth rate for consumers overall. Grandparents are generous: They make 45% of the nations cash contributions to nonprofit organizations and account for 42% of all consumer spending on gifts.

APortraitoftheAmericanGrandparent
The very nature of what it means to be a grandparent has changed in ways that are just now becoming apparent. The grandparent population today is larger, faster growing, better educated, more affluent and more economically active than any previous generation of grandparents. The number of grandparents in the U.S. has been steadily increasing since the mid-1990s, when the children of Baby Boomers started having kids of their own (Figure 1).

Source: U.S. Census Bureau estimates & projections and 2004 Survey of Income & Program Participation.

In 1990, the oldest Baby Boomer was just 44 years old and Boomer grandparents were few in number. However, by 2015 more than half of U.S. grandparents (59%) will be
4 The Grandparent Economy

members of the Boomer generation, or those born between 1946 and 1964 (Figure 2).

Source: Computed using U.S. Census Bureaus annual population estimates for persons born from 1946 to 1964.

Couple the relative youth of todays grandparents with the intent of most Baby Boomers to continue working beyond age 65, and one begins to appreciate the vast earning potential of this consumer group. Further, men 55 to 64 make up the highest percentage (41%) of men with college degrees and 36% of women in that same-age cohort hold college degrees. The average income of college-degree holders is higher than that of less-educated groups. Grandparentsareyoungandgrowinginnumber Grandparents today are younger than ever before. In 1985, most grandparents were age 65 and older. In contrast, by 2010, those ages 45 to 64 are expected to make up the majority of the grandparent population.x Of the more than 18 million consumers ages 55 to 59, over half are grandparents. Of 65to 74-year-old consumers (the most rapidly growing age cohort over the next decade), 75% are grandparents (Figure 3).

Source: U.S. Census Bureau SIPP data (2004) combined with Census Bureau annual population estimates by age and gender for 2004.

Grandparenthouseholdsaregrowingfasterthananyotherhouseholdsegment
5 The Grandparent Economy

Remarkably, grandparents lead 1 in every 3 households today. Their number is increasing at twice the average annual rate of U.S. households overall. By 2015, more than 50 million U.S. households (approximately 38%) are likely to be headed by a grandparent.

Source: Computed using U.S. Census Bureaus Current Population Survey of households by age of householder.

Today, approximately two of every three households headed by 55- to 64-year-olds are grandparent households (Figure 5).

Source: Computed using U.S. Census Bureaus 2007 Current Population Survey of households.

Manygrandchildrenandgrandparentsliveinthesamehousehold According to the Census Bureaus American Community Survey, there were 6.2 million grandparents living with one or more of their grandchildren in 2007. Contrary to stereotypes of a grandparent moving in with their adult children, only a small percentage of grandparents are living with grandchildren in a home other than their own.xi Notably, there is a grandchild living in about 1 in every 10 grandparent-headed households.

HowMuchGrandparentsSpendandWhatTheyPurchase

Highrelativeincomeandassetssupportheftyspendingbygrandparents
Substantial consumer spending among grandparents is being driven by a combination of rising income, a relatively healthy employment outlook compared to younger cohorts and the relative net worth of grandparent households. Income is increasing most rapidly among grandparent-age households (Figure 6). Those same households also have the highest net worth.

The Grandparent Economy

Source: Computed using U.S. Census Bureaus Current Population Survey for 1997 and 2007.

According to the U.S. Census Bureau, from 1997 to 2007 the median real income of families overall rose 7%, adjusted for inflation. Only those ages 55 to 64 and 65 to 74 saw their median family income increase more, up 12% and 11% respectively (Figure 6). Median income peaks at ages 45 to 54 (when the majority of men and women first become grandparents); families headed by 55- to 64-year-olds have the second highest median income. But, given current population trends and income growth rates, by 2010 we expect the highest median income will be that of families led by 55- to 64-year-olds. Families led by 55- to 64-year-olds already have the highest net worth of any age group (Figure 7). Even with the recent economic events that decreased net worth, those 45 to 54 and 55 to 64 are still better off than younger families, many of whom are burdened with expensive mortgages and high credit card or other debt.

Source: U.S. Census Bureau 2007 Current Population Survey and 2007 Federal Reserve Bank Survey of Consumer Finances.

Households headed by those under age 35, where most young children reside, have substantially more debt in relation to their income than grandparent households, likely due to college loans, home ownership or credit-card purchases of goods and services to support their families.xii Today more than ever before, young families may need help with the expenses that come with raising children. Fortunately, many grandparents have the resources (and seemingly
7 The Grandparent Economy

the desire) to help with those expenses. Directandindirectspendingbygrandparenthouseholdsissignificant Grandparent households spend an estimated $2 trillion on all goods and services annually thats one third of consumer spending overall. Since 2000, spending by grandparent households rose at a compound annual growth rate of 8.3%, well above the rate of overall consumer spending. This growth is likely due to the rapid increase in the number of grandparent households and their higher relative income growth, as noted previously. The estimates presented in Figures 8 through 16 below were calculated using 2007 Bureau of Labor Statistics per household spending by age group multiplied by the authors projection of 2009 grandparent households shown in Table 2. All together, we estimate that grandparents will spend approximately $52 billion on direct (purchases made for a grandchild, but not considered a gift by the purchaser) and indirect (purchases made specifically as gifts) goods and services for their grandchildren in 2009 (Figures 8 and 9).

Source: Estimated spending by 2009 grandparent households on selected items calculated from the U.S. Bureau of Labor Statistics annual Consumer Expenditure Surveys (2007). See Table 2 for description of what is included in each major spending category.

But this is only a fraction of grandparents total spending. While they will purchase an
8 The Grandparent Economy

estimated $23 billion worth of gifts for their grandchildren, their total spending on all gifts will top $64 billion.xiii Thus, part of the $41 billion difference may go toward items that in some way benefit their grandchildren, such as furniture or cars for their adult children.

EstimatedGrandparentSpendingbyCategoryfor2009
Food Grandparent households spend money on many of the same things that other U.S. households do. We estimate, for example, that grandparents spend $140 billion a year on food at home (Figure 10).

Source: Spending by grandparent households on selected items calculated using the Bureau of Labor Statistics Consumer Expenditure Surveys 2007 data with 2009 projected number of grandparent households.

Grandparents also like to go out to eat, spending more than $97 billion annually at restaurants (Figure 11). During any given weekend, it is not uncommon to see grandparents sharing a meal out with one or more of their grandchildren.

Source: Spending by grandparent households on selected items calculated using the Bureau of Labor Statistics Consumer Expenditure Surveys 2007 data with 2009 projected number of grandparent households.

Apparel
9 The Grandparent Economy

Grandparents buy a lot of apparel for themselves as well as for their grandchildren (Figure 12A). We estimate total grandparent spending on apparel at $76 billion. Moreover, for anyone who is a parent or grandparent, it comes as no surprise that grandparents spend over $3 billion annually on infant apparel alone (Figure 12B).

Source: Spending by grandparent households on selected items calculated using the Bureau of Labor Statistics Consumer Expenditure Surveys 2007 data with 2009 projected number of grandparent households.

Travel If travel spending is any indication, todays grandparents are no couch potatoes. They spend over $77 billion a year on travel-related expenses (Figure 13). These include: airline and train tickets, lodging, meals while traveling and spending on vacation or their second homes.

10

The Grandparent Economy

Source: Spending by grandparent households on selected items calculated using the Bureau of Labor Statistics Consumer Expenditure Surveys 2007 data with 2009 projected number of grandparent households.

Grandparents travel frequently, potentially with their grandchildren or to visit them, spending an estimated $251 billion annually on motor vehicles, fuel and maintenance (Figure 14). We estimate that about a third of their automotive spending, or $56 billion, goes to purchase new or used vehicles. But given the deep decline in all auto sales over the past two years this estimate reduces the spending from the 2007 figure by 50 percent.

Source: Spending by grandparent households on selected items calculated using the Bureau of Labor Statistics Consumer Expenditure Surveys 2007 data with 2009 projected number of grandparent households.

Entertainment Grandparents spend over $100 billion a year on entertainment (Figure 15). This covers a wide range of goods and services, including: cameras, camping gear, bicycles and boats, as well as admission fees to sporting events or concerts.

11

The Grandparent Economy

Source: Spending by grandparent households on selected items calculated using the Bureau of Labor Statistics Consumer Expenditure Surveys 2007 data with 2009 projected number of grandparent households

Education There is evidence that grandparents are actively stewarding their grandchildrens education (Figure 16). They spend $32 billion on tuition and other expenses annually. Anecdotal evidence supports this: A young woman wrote recently in a letter to the editor of the Boston Globe, As a college student, I know all about the difficulty of finding a job, yet I am able to go to school because my grandfather works to support me.xiv

Source: Spending by grandparent households on selected items calculated using the Bureau of Labor Statistics Consumer Expenditure Surveys 2007 data with 2009 projected number of grandparent households.

Beyond spending on education, grandparents are giving their grandchildren over $5.5 billion each year in gifts of stocks, bonds and mutual funds (Table 2).

12

The Grandparent Economy

AMassiveOpportunityforU.S.Business
Grandparents may be the future apple of the eye of U.S. businesses. Spending trillions of dollars annually, Americas grandparents are a consumer force to be reckoned with or at least finally recognized. Grandparents are rapidly growing in number. They are living and working longer, thereby strengthening their earning potential. Their income and net worth are substantial. This is especially true of grandparents aged 45 to 64, who have maintained income by working and also amassed significantly more savings than consumers under 45. Their potential impact on the U.S. economy is huge. Despite media reports of slowed spending in 2008, the U.S. Bureau of Economic Analysis Personal Consumptions Expenditures data shows that, while spending on durable goods declined 5.5%, spending on non-durable goods and services rose 4.7% from 2007 to 2008. And, several economists have suggested the current recession may end sometime in 2009 as current spending is flat compared to 2008 levels. Since this report uses 2007 consumer spending data in its calculations, future spending projections may be conservative. We may be underestimating grandparent spending in a number of non-durable or service sector categories (e.g., education, infant apparel and food), where spending has increased despite the recession. Moreover, recent employment data from the Bureau of Labor Statistics shows that nationwide job losses have fallen almost entirely on younger workers. The data comparing 2007 and 2008 employment levels shows a decline of 2% among workers ages 35 to 44 but an increase of 4% among those ages 55 to 64. The increase is even greater for people 65 and older. In terms of unemployment, this recession has likely burdened parents far more than grandparents. Stock market declines have diminished the invested assets of older Americans, including grandparents. However, the majority of grandparents under age 65 remain in the workforce. Thus, they are not as dependent as retirees on drawing income from invested assets. Even grandparents 65 and older receive only a small fraction of their income from 401(k) or similar assets, according to a 2008 Census Bureau survey. Rather, they derive the majority of their income from pensions, Social Security or interest from savings accounts and bonds. It is worth repeating, too, that most homeowners aged 65 or older do not carry mortgages on their homes. Finally, consider this: The Centers for Disease Control recently reported a record number of births in 2007: 4.3 million. Of those births, 40% were first children. Will this set off an explosion of spending by both parents and grandparents? The newest baby boom may be the fuel that propels grandparent spending to levels we have never seen before, nor ever imagined until now.

13

The Grandparent Economy

Methodology
EstimatingandprojectingthenumberofAmericangrandparents This study of the grandparent economy calculates the total number of U.S. grandmothers and grandfathers as well as the number of grandparent households using a special 2004 U.S. Census Bureau survey as its base. Although the U.S. Census Bureau takes a nearly complete count of U.S. residents every 10 years and conducts extremely large surveys every year, it had never tabulated or estimated the total number of grandparents in the nation until its 2001 Survey of Income and Program Participation (SIPP), which used a national probability sample of 37,000 households. The 2004 edition of SIPP provided the base numbers of grandparents from which we launched this study. We compared the 2004 SIPP data against the official 2004 Census Bureau estimates of the total population of men and women by age. From this, we were able to calculate the percentage of people in each age cohort who are grandparents. We used those percentages to estimate the number of grandparents for years other than the survey year of 2004. This was accomplished by calculating the percentage of each five-year age cohort on the 2004 SIPP that were grandmothers and grandfathers and then applying these percentages to the Census Bureau five-year estimates by gender for both past and future years. In the absence of any Census Bureau survey data counting grandparents after 2004, we had no alternative but to hold the age-specific percentages constant for each year reported in this study. These estimates may somewhat underestimate the total number of grandparents, in part because the 2004 survey mentioned above only contacted people who were living in a household. Thus, any grandparent living in a life-care community, an assisted-living facility or a nursing home would have been excluded from the survey and subsequent estimates derived from the survey data. We believe that the underestimate is small, except for those ages 75 or older. For that age group, we adjusted the percent of total population slightly (by approximately 4%) to account for that exclusion. Nevertheless, all estimates of U.S. grandparents in this report should be considered as only those grandparents who are living in households. At the time of the 2001 survey, the Census Bureau made preparations to ask the same grandparent question in the 2004 and subsequent surveys because: The aging of the Baby Boom group will continue to increase the relative size of the population at older ages, and subsequently the number of grandparents. That hypothesis seems to have held true. In 2001, Baby Boomers were only about 25% of grandparents. But by 2010, Baby Boomers are projected to make up just over half of all grandparents. That 2004 Census Bureau survey found an estimated 60.5 million grandparents 8%
14 The Grandparent Economy

more than just three years prior. In 2004, most grandparent-respondents were younger than 65 years old. Grandmothers outnumbered grandfathers by about 4 to 3. We estimated the number of grandparent households by using the age-specific number of people per household reported in the Census Bureaus annual Current Population Survey. Since that survey is taken every year in March we were able to build into our household estimates the slight variations in household size by age for each year of our estimates. Estimatingandprojectingspendingbygrandparenthouseholds We combined the number of grandparent households from above with data from the Bureau of Labor Statistics household-based consumer expenditures surveys to determine how much grandparent households spend each year in total, and also specifically on their grandchildren. These survey numbers were used to project estimated total economic impact of grandparent households, as well as their future spend specifically on behalf of their grandchildren. From those Bureau of Labor Statistics surveys, we were able to extract average household spending on a wide array of goods and services for households headed by people ages 45 and older by 10-year age cohorts. Since we had already estimated the number of grandparent households in each age category based on the methodology above, we could multiply the average spending to obtain total grandparent spending on any item. So, for example, we can calculate that households in the age category 55 to 64 years old spent an average of $55.40 per year on infants (children younger than age 2) apparel. Plus they spent an average of another $49.00 on gifts of apparel for those infant grandchildren. Multiplied by the number of grandparent households we have estimated are in that age group (12.9 million), those figures mean grandparents in that age group spent $3 billion on clothing for infants, who were almost certainly their grandchildren. Table 1 below shows our estimates and projections for the number of grandparents in each age group from age 45 and older from 1980 to 2015. Table 2 shows our estimate of current annual spending by grandparent households on goods and services purchased for the benefit of their grandchildren. It is derived by multiplying the rate of spending of grandparent households in 2007 by the estimated number of grandparent households in 2009.

15

The Grandparent Economy

Table 1: Estimates and Projections for the Number of U.S. Grandparents and GrandparentHouseholds
Age Cohort by Year 1980 45-54 55-64 65-74 75+ 1985 45-54 55-64 65-74 75+ 1990 45-54 55-64 65-74 75+ 1995 45-54 55-64 65-74 75+ 2000 45-54 55-64 65-74 75+ 2005 45-54 55-64 65-74 75+ 2010 45-54 55-64 65-74 75+ 2015 45-54 55-64 65-74 75+ #Grandfathers (millions) #Grandmothers (millions) #Grandparents (millions) #Grandparent Households (millions)

2.87 5.87 5.19 2.78 3.00 5.86 5.65 3.21 3.13 5.84 6.11 3.63 3.93 6.27 6.25 4.21 4.73 6.69 6.39 4.79 5.35 8.35 6.56 5.38 5.70 10.10 7.64 5.77 5.60 11.31 9.65 6.26

3.88 7.49 7.12 5.17 4.01 7.39 7.66 6.01 4.13 7.29 8.20 6.85 5.15 7.73 8.17 7.65 6.18 8.16 8.14 8.45 6.97 10.13 8.16 9.05 7.41 12.19 9.30 9.19 7.23 13.62 11.63 9.57

6.76 13.36 12.31 7.95 7.01 13.25 13.31 9.22 7.25 13.13 14.31 10.48 9.08 13.99 14.42 11.86 10.91 14.86 14.53 13.24 12.32 18.48 14.72 14.43 13.11 22.29 16.94 14.96 12.83 24.93 21.28 15.83

4.13 8.36 8.16 5.85 4.28 8.29 8.83 6.78 4.37 8.20 9.49 7.65 5.47 8.71 9.52 8.86 6.56 9.15 9.46 9.47 7.31 11.70 9.53 10.23 7.86 14.29 11.04 10.64 7.69 15.98 13.86 11.26

16

The Grandparent Economy

Table2:GrandparentHHEstimatedAnnualSpendingonGrandchildren($MM)

Direct Spending by Grandparent Households1


Baby & child food, care, furniture & equipment Baby food Food/board at school School lunches Babysitting and child care Infant furniture and equipment Children's apparel & footwear Boys apparel, ages 2-15 Girls apparel, ages 2-15 Apparel for children under age 2 Footwear for boys & girls Toys, games, bicycles, etc. Toys, games, arts and crafts, and tricycles Playground equipment Bicycles Education College tuition Elementary and high school tuition Vocational & technical school tuition Other schools tuition Other school expenses School books, supplies, equipment: for college :for elementary and high school :for day care, nursery, preschool, other :for other schools and unspecified Cash support for college students Gifts of Stocks, Bonds and/or Mutual funds $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2,144.91 597.80 23.00 252.70 933.20 338.21 6,175.90 1,287.30 2,044.90 1,671.00 1,172.70 4,293.50 3,662.60 113.60 517.30 10,920.40 3,299.40 2,444.30 149.30 773.30 1,181.80 179.40 123.60 132.80 1,709.10 927.40 5,555.80

3 4

Total Direct Spending

$ 23,534.71

17

The Grandparent Economy

Table 2: Grandparent HH Estimated Annual Spending on Grandchildren ($ MM) (cont)

Indirect Spending (gifts of goods & services)


Food or board at school Food on out-of-town trips Housing on out-of-town trips Tuition for day care centers, nursery & preschools Infants furniture and equipment Computers and software Boys apparel, ages 2 to 15 Girls apparel, ages 2 to 15 Apparel for children under age 2 Footwear for boys & girls Airline and ship fares and school bus fares Healthcare Toys, games, arts and crafts, and tricycles Other entertainment Education Out-of-town trip expenses $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 633.50 110.70 295.00 447.20 184.40 317.80 850.40 1,301.00 1,506.20 440.00 579.90 1,494.90 1,520.00 3,135.80 6,003.50 4,040.70

Total Indirect Spending Total Est. Grandparent Household Spending in 2009

$ 22,861.00 $ 51,951.51

18

The Grandparent Economy

NotesonTable2 1. Derived by multiplying the rate of spending of grandparent households in 2007 by the estimated number of grandparent households in 2009.

2. Direct spending on school lunches includes only 50% of spend for the 55- to 64-age cohort as part of this cohorts spending might be attributable to spending on high school age children.

3. Direct spending on boys apparel, ages 2 to 15, includes only 50% of total spend in this category for the 45- to 54-age cohort as part of this spending might be attributable to spending on older children. 4. Direct spending on girls apparel, ages 2 to 15, includes only 50% of total spend for the 45- to 54-age cohort as part of this spending might be attributable to spending on older children. 5. Indirect spending on airline, ship fares and school bus fares includes only 50% of total spend for all age cohorts as part of this spending might be attributable to spending on adult children rather than grandchildren. 6. Indirect spending on education does not include college tuition spending of the 45- to 64-age cohort as this age cohort is not likely to have any college-age grandchildren.

19

The Grandparent Economy

AboutPeterFrancese
Peter Francese is a widely recognized demographics and consumer markets expert. He started American Demographics magazine and speaks and writes frequently on demographic and consumer trends. He is the author of three books focused on better targeting of consumers: Marketing Insights to Help Your Business Grow (2002), Capturing Customers and Marketing Know-How (1998) and Health Care Consumers: A Handbook of Trends Techniques and Information Sources for Healthcare Executives (1986). His most recent book, Communities & Consequences, written with co-author Lorraine Stuart Merrill, analyzed the long-term implications of demographic trends for New Hampshire. Francese was the creator and author of a weekly newspaper column called People Patterns, which reported on demographic trends for a business audience. People Patterns was syndicated in about 50 newspapers and later appeared monthly in the six regional editions of The Wall Street Journal. Francese founded and became publisher of American Demographics magazine, which quickly became the nations most authoritative source on consumer trends for business leaders and was nominated three times for a National Magazine Award. American Demographics is now part of Advertising Age. He is the recipient of the Silver Bell Award from the Advertising Council for distinguished public service. Francese holds a graduate degree from Cornell University and has served two terms on the University Presidents Council. Among his other work, Francese is demographic trends analyst for Ogilvy & Mather. The New England Economic Partnership has also appointed him to be their director of demographic forecasts. peter@francese.com Phone: 603-778-1779 Fax: 603-778-1728

20

The Grandparent Economy

AboutGrandparents.com
Grandparents.com is the premier community for todays new generation of active, involved grandparents to foster connections with their grandchildren and their adult children. The site offers content to inspire such connections, including child- and grandparentfriendly activities, travel ideas, compelling lifestyle features, expert advice, gift ideas and much more. To facilitate communication among grandparents, children and their parents, visitors have access to a range of online tools including groups, discussions, blogs, photo-sharing and video-chat applications. Grandparents.com 24 Union Square East 5th floor New York, New York 10003 646-839-8800 grandparenteconomy@grandparents.com Media Inquiries: 646-839-8836 or press@grandparents.com Sales: 646-839-8820 or sales@grandparents.com

21

The Grandparent Economy

TheGenesisofTheGrandparentEconomy
The July 7, 2008 issue of Advertising Age contained an article entitled The Changing Face of the U.S. Consumer that caught the attention of Jerry Shereshewsky, CEO of Grandparents.com. The article noted that there really should be a separate category in the national GDP figures for competitive grandparenting by baby boomers. They can be seen in any Hanna Andersson outlet buying armloads of pricey kids clothes. The Grandparent Economy is a product of a conversation between the author of that article, Peter Francese, and Grandparents.com. Franceses deep curiosity about grandparent spending combined with the fact that no similar measurement had been done gave Grandparents.com the ideal opportunity to step in and commission this project.

22

The Grandparent Economy

Based on 2007 Bureau of Labor Statistics Consumer Expenditure Surveys Based on 2007 Bureau of Labor Statistics Consumer Expenditure Surveys iii Based on 2004 U.S. Census Bureau Survey of Income & Program Participation (SIPP) and data from the Census Bureaus population estimates and projections program iv 2004 U.S. Census Bureau Survey of Income & Program Participation (SIPP) v Based on data from the U.S. Census Bureaus population estimates and projections program vi Calculated based on 2007.Federal Reserve Bank Survey of Consumer Finances vii Based on data from the Census Bureaus annual Current Population Survey viii 2007 U.S. Census Bureau American Community Survey ix Based on the Bureau of Labor Statistics annual Consumer Expenditure Surveys x Based on 2004 U.S. Census Bureau Survey of Income & Program Participation (SIPP), and Census Bureau population estimates and projections program xi Grandparents.com Survey: The Impact of Multigenerational Households in America (January 2009) xii Bureau of Labor Statistics Surveys xiii Based on 2007 Bureau of Labor Statistics Consumer Expenditure Surveys xiv The Boston Globe, March 3, 2009
ii

2009 Grandparents.com, LLC. All Rights Reserved. (April, 2009)

23

The Grandparent Economy

Das könnte Ihnen auch gefallen