WHO ARE WE?
With a median age of 72.3 years, this is Tapestry Segmentation’s oldest market. The Elders residents favor communities designed for senior or assisted living, primarily in warmer climates with seasonal populations. Most of these householders are homeowners, although their housing varies from mobile homes to single-family residences to high-rise apartments. These seniors are informed, independent, and involved.
• Suburban periphery of metropolitan areas, primarily in the warmer climates of Florida or Arizona.
• 45% married couples without children; 44% single households; average household size, 1.68.
• Owner-occupied housing units; median home value of $180,000 (Index 87).
• Housing mix of single-family homes (44%), town homes, and high-density apartment buildings in neighborhoods built from 1970 through 1989.
• Vacancy rates higher at 24%, due to the number of seasonal or vacation homes.
• Almost 60% of the population in group quarters on nursing home facilities.
• Predominantly retirees, The Elders has a low labor force participation rate of 22.4%.
• Those who are still in the labor force tend to be self-employed or part-timers, commonly in real estate, retail or the arts.
• Their income derives primarily from Social Security (80% of the households), retirement, or investments (almost half of the households). Less than 30% of the households draw wage/salary income.
• Median household income is lower than the US (Index 76), but median net worth is much higher (Index 269).
• These consumers have definite opinions about their spending, focusing on price, but not at the expense of quality. They prefer to use coupons and buy American and environmentally safe products.
• Cell phones are common but primarily used to make/receive calls.