Platinum Privileges

The age of the Baby Boomer has arrived!

The Baby Boom Generation – those Americans born between 1946 and 1964 – now numbers more than 77 million.  The net worth of the leading edge Boomers has been estimated to be double that of their parents at the same age.  They are more self-reliant, healthier, wealthier, and better educated than previous generations.

During the 1990’s, the percentage of mature Americans with incomes of $100,000 or more, tripled. They spend heavily on travel, leisure, and health care. As a group, they have dominated American culture for five decades, influencing everything from fashion to food, and policy to politics.

They have had an enormous impact on the economic and social fabric of America and they will continue to do so as they become an integral part of the senior market. 

Most Baby Boomers, even those over 50, have no interest in being regarded as “Seniors” or “Retired” in the traditional sense of the word, but they do see themselves as having earned the privileges previously available only to older Americans. By offering access to appropriate products and services, Platinum Privileges will not only appeal to these individuals now, but will create a bridge for providing continued service as they transition to senior status.

The seniors market – those age 50 and over – currently includes approximately 75 million people. They are more active and live longer than their predecessors, control a major portion of America’s wealth, and are also a powerful force in the economy. 

An analysis of the seniors market reveals the following:

·       Total annual income - $2 trillion

·       Control 77 percent of all U.S. personal wealth in institutions - $9 trillion in senior assets

·       Own 80 percent of all money in Savings and Loans

·       Represent 66 percent of all stockholders

·       Spend $525 billion annually on health care

·       Buy 74 percent of all pharmaceuticals

·       79 percent own their homes

·       Spend $512 billion annually on housing

        Purchase 48 percent of all luxury cars

These findings clearly illustrate the potential this market represents in terms of financial products and services, health related products and services, insurance and consumer goods. The following statistics demonstrate their potential with regards to travel related services.

·       Contribute more than $60 billion annually to the travel industry.

·       Account for more than 50% of all vacation and pleasure travel.

·       Travel more often and for longer periods of time than younger adults.

Clearly, Baby Boomers and Americans who have already achieved Senior status represent the most influential and affluent segments of the American population. For this reason Platinum Privileges’ initial target market will consist of American homeowners, age 35 and over, with an annual household income of $50,000 plus.