No market segment is larger, or wealthier, or growing faster than grandparents. In the United States, 74% of all adults over 65 are grandparents, and they spend $50 billion a year on their grandchildren. By 2025, 1-of-every-4 Americans will be a grandparent.
Even better, it's a love that never diminishes. Studies show grandparents spend about the same amount of money on their grandkids regardless of the grandchild's age.They buy baby clothes, then teenage backpacks, then college educations, then first house down payments. And they live more years being active grandparents, than being parents.
Grandparents purchase 1-of-every-4 toys, 4-of-every-10 books, and 1-of-every-5 video games.
Last year, one-of-every-3 grandparents bought jewelry or electronics for their grandkids, and over 60% bought clothing. However, grandparents consider education the most important aspect of their grandchildren's lives....second only to their grandkid's health.
A whopping 54% of grandparents contribute to the costs of their grandchildren's education, with 20% paying for at least 75% of college tuition.
Probably the most startling statistic is this one : The average age of first-time grandparenthood is a remarkably young 48.
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1 comment:
This is great insight!
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