What do Jim Carey, Dr. Phil and Brett Favre all have in common? They all became grandparents for the first time in 2010. Surprised? In reality, the average age of first-time grandparents in the United States is 48 years old and more than 50% of all grandparents are younger than 65.
Get out of the way Sonny!
Just say the word “grandparent” and it usually conjures up images of kindly old people, rocking chairs, canes and orthopedic shoes. Certainly Jim, Brett and Phil don’t fit that description! And neither do these proud grandparents:
• Sir Paul McCartney
• Donald Trump
• Sarah Palin
• Whoopi Goldberg
• Nancy Pelosi
• Ron Howard
• Duane “Dog the Bounty Hunter” Chapman
Actually three in every ten adults in the United States is a grandparent. This new version of grandparent is healthier, more involved and better educated than their predecessors. These folks are not whiling away the hours on the front porch. They are out there and relevant!
Show me the money
Today’s grandparents are also financially relevant. The highest average net worth belongs to the 55 to 64 year olds of which 2 out of 3 are grandparents. That’s a lot of buying power concentrated among a group that tends to spread its wealth around.
According to a study called The Grandparent Economy by Peter Francese and commissioned by Grandparents.com, today’s grandparents are active spenders, more so than previous generations. It is estimated that grandparents account for one-third of all consumer spending … about 2 trillion dollars a year! They’re spending it on education, toys, clothing and other essentials for grandchildren, but also eating out, travel, entertainment, and clothing for themselves.
Hard to believe, but there are still many marketers who choose to ignore this group. Will you be one of them?