WHO ARE WE?
Social Security Set is an older market located in metropolitan cities across the country. One-fourth of householders here are aged 65 or older and dependent on low, fixed incomes, primarily Social Security. In the aftermath of the Great Recession, early retirement is now a dream for many approaching the retirement age; wages and salary income in this market are still earned. Residents live alone in low-rent, high-rise buildings, located in or close to business districts that attract heavy daytime traffic. But they enjoy the hustle and bustle of life in the heart of the city, with the added benefit of access to hospitals, community centers, and public transportation.
• Most residents live alone in this older market; 13% of householders are aged 75 and older; another 13%
are 65 to 74 years old.
• Multiunit rental properties with affordable rents are predominant (Index 63).
• Located in higher-density, high-traffic areas of metropolitan cities with good access to public transportation, vehicle ownership is low.
• These aging consumers rely mostly on
Social Security income but also depend on Supplemental Security Income and public assistance.
• Wages and salary income are still earned by almost half of all households.
• With fixed incomes, consumers remain price sensitive.
• A trusted source of information, TV is an important part of their lives.
• An aging population that is often limited by medical conditions, they are willing to try advanced medication but rely on their physicians for recommendations.
• Rather than eat out, Social Security Set residents prefer to have their meals at home, whether they order takeout or warm up a frozen dinner. To save money, many frequently cook their own meals.