How Boomers Could Reshape the US Economy in Coming Years
Summary
Baby boomers hold more than half of the total household wealth in the U.S. and own a large share of real estate. As they get older, their spending will shift toward health care, housing services, luxury goods, and financial services, changing the U.S. economy.Key Facts
- Baby boomers were born between 1946 and 1964 and control about 52% of all U.S. household wealth.
- They own around 41% of U.S. real estate, worth nearly $19 trillion.
- The richest 10% of boomers hold about 71% of their generation’s total wealth.
- Boomers aged 65 and older have a median household wealth of $372,000, more than the previous Silent Generation.
- As boomers age, demand will grow for health care, luxury travel, premium food, and digital services like telehealth and online financial advice.
- Middle-market businesses such as casual dining and standard consumer products may see weaker growth because older adults tend to spend less on these.
- About 75% of Americans over 50 plan to stay in their current homes, boosting home maintenance and modification services.
- Health care spending rises significantly with age, making it a major sector benefiting from boomers’ wealth.
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