Furniture Today Staff -- Casual Living, October 1, 2007
As Baby Boomers, the long-time target market for outdoor products, age and turn their attention to health care and other needs, savvy marketers will be looking for promising new targets. Boomers themselves have spawned a good one. Their kids, the Echo Boomers (also called Gen Y) are expected to have an even larger spending impact than Baby Boomers.
According to Casual Living's Exclusive 2007 Consumer Buying Trends Survey, affluent Gen Yers (those with household incomes of $75,000 or more) spent a median of $400 on an outdoor dining set and a median of $250 on a grill in 2006.
A recent Visa USA study predicts Gen Y will account for $2.45 trillion in spending by the year 2015.
No doubt about it — Echo Boomers are a growing, affluent market segment worth catering to.
Source: Casual Living's Exclusive Consumer Buying Trends, 2007; Visa USA, May 2007
|r = revised; p = preliminary
Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.
Nonrevolving credit includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers or vacations. These loans may be secured or unsecured.
Source: Federal Reserve
July '07 numbers are preliminary
Source: Bureau of the Census and National Assn. of Realtors
|Change from July '06||-22.6%||-12.5%||-22.2%||-25.6%||-20.7%|
|Change from July '06||-20.9%||6.1%||-17.5%||-26.3%||-21.5%|
|New home sales|
|Change from July '06||-10.2%||-11.7%||-18.2%||-3.0%||-19.6%|
|Existing home sales|
|Change from July '06||-9.0%||-2.9%||-5.6%||-10.7%||-15.2%|
|Source: Data Network, Huntington, N.Y.
Information and data herein, though believed accurate, is not guaranteed. Data Network is not liable for any inaccuracies.