Grandparents.com, a site which is dispelling the myth about grandparents and computers, recently commissioned a study that it coined the Grandparent Economy. Here is what it found:
3 out of 10 adults are grandparents - an all-time high.
Grandparents spend $100 billion a year on entertainment and $77 billion a year on travel-related expenses.
The average net worth of households by 55- to 64-year olds (66% of which are grandparent led) is $254,000. This is the highest of any age group.
Grandparent spending has grown 7.6% per year since 2000 - nearly double the annual rate for other consumers.
Grandparents spend $2 trillion on goods and services each year, roughly 1/3 of all spending.
The grandparent population is larger then either the African-American or Hispanic population segments.
A recent article by Deliver Magazine urged marketers to get away from traditional advertising that showed grandparents sitting docile, staring off into the horizon and appeal more to the active lifestyle of today's early Baby Boomers. "Be authentic and honest," says David Martino, president of Martino and Binzer, a Connecticut-based agency that caters to direct mail clients. "Showcase a product's benefits and try an ageless marketing approach combined with hyper-tartgeting."
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