- In the key baby boomer segment, ages 55
to 64, retail registrations of the Ford Escape are up 81 percent
since 2009 – higher than overall industry growth
- Small utility vehicles are most popular
with buyers in this age group; more than 46 percent of premium Ford
Escape Titanium buyers are 56 or older, indicating trendsetting
boomers are opting for high-series models loaded with technology
and amenities
- Baby boomers who purchase homes from
Del Webb, which caters to the 55-plus market, prefer more
efficient, one-story homes; premium options these buyers specify
add about 20 percent to the price of the home
The baby boomer preference for everything bigger over the last
35 years is shrinking, but this generation’s desire for comfort and
amenities is still very much at the forefront in the choices they
make as consumers.
“Those baby boomers who worked hard for and embraced the
affluent lifestyle of the 1970s through the middle of the last
decade – owning large homes and spacious vehicles – have reached a
turning point,” says Sheryl Connelly, global consumer trends and
futurist for Ford. “This generation is now trending toward a
simpler way of living, one that doesn’t eliminate the lavish
comforts they’ve come to enjoy.
“The boomer population has always set the trends,” Connelly
adds, “and now they’ve set a course for a more streamlined life
that doesn’t sacrifice style and comfort.”
Industry data supplied by Ford Motor Company and Del Webb, part
of the multi-brand homebuilder PulteGroup, show that boomers who
comprised the growing market for large homes and made minivans and
big SUVs vogue are now shifting to still lavish, but smaller homes
and utility vehicles.
As the oldest of this generation – those born between 1946 and
1964 – marked their 60th birthdays in 2006, the population was
estimated at about 78.2 million. Industry data suggest the baby
boomer instinct for knowing what is chic continues to influence
popular lifestyle choices.
The trend in homes increasing in size was a constant from the
1950s on, with average home sizes going from 860 square feet in
1960 to 2,505 square feet in 2012.
While baby boomers helped fuel that trend, evidence shows they
are now breaking away, seeking cozier homes with top-of-the-line
amenities and features, according to Del Webb, which found 28
percent of people between the ages of 55 and 59 prefer to downsize
with their next home purchase.
Homes built by Del Webb, the pioneer and largest builder of
55-plus communities, average approximately 2,200 square feet with
plenty of demand for additional living space, such as lofts and
sunrooms. These premium-style homes typically include two bedrooms
and two bathrooms, a den and a 2.5-car garage.
Data from Ford show boomers are making the same decision with
regard to what they put in their garage, moving away from the SUV
and minivan segments they dominated in the 1980s and 1990s to
smaller, car-based utility vehicles that come with premium packages
and styling.
The 2014 Ford Escape compact utility vehicle features 98.1 cubic
feet of passenger volume – about a 21.4 percent difference from the
2014 Ford Explorer’s 151.7 cubic feet. Between Ford Escape and Ford
Expedition, there is an estimated 31 percent difference in
passenger volume.
Baby boomers and the housing trend
Baby boomers who purchase a Del Webb home are typically
downsizing to a single-story, ranch-style house.
The average price of a Del Webb home in 2013 was $302,000, with
buyer-selected options and upgrades representing approximately 20
percent of that price.
“Baby boomers are the housing market’s fastest-growing
category,” says Steve Burch, vice president of strategic marketing
for Del Webb. “After talking with Ford and digging into the data,
we realize baby boomers are driving two of the largest, most
important purchases an individual can make in a lifetime – a
vehicle and a home.
“Boomers may be downsizing,” Burch adds, “but they have worked
for a long time, and they don’t want to compromise on high-end
features.”
Some baby boomers looking for premium home sites purchase lots
with golf course or water views. For those wishing to add premium
features inside the home, the top five options include granite
countertops, hardwood floors, upgraded kitchen appliances, sunrooms
and fireplaces.
Baby boomers and small utility vehicles
The kind of premium content baby boomers are specifying as they
downsize can also be found in the type of vehicle they now want to
drive – smaller utility vehicles loaded with amenities and
features.
An uptick in small utility vehicle sales started in 2004 and has
continued a steady climb, according to retail sales data from Polk,
which was recently acquired by IHS. Correlating with the number of
adults considered to be baby boomers is the number of smaller,
car-based utility vehicles being sold to that demographic.
“Trendy baby boomers want to downsize their homes and their
vehicles, but they’re not willing to give up premium content in
either case,” says Amy Marentic, marketing manager for the global
car and crossover group, Ford Motor Company. “Personally, I felt
the need to downsize. My children are in college and I have no need
for the larger utility any more, but I still want to feel like I’m
driving something special.”
The largest demographic buying small utility vehicles such as
the Ford Escape are people between the ages of 55 and 64, according
to Polk. The second-largest demographic are those between 45 and
54. The number of 65- to 74-year-olds purchasing small utility
vehicles has more than doubled since 2009 – growing at more than
twice the rate of new retail vehicle sales overall in the
demographic, according to the same data.
“While Escape is a compact utility built for everyone and we’re
seeing strong sales across the board, sales are really being driven
by these active adults in the 55- to 64-year-old range,” says Erich
Merkle, U.S. sales analyst for Ford. “It’s no secret baby boomers
are playing a large role in the compact utility vehicle segment,
and will continue to do so well into the foreseeable future.”
Ford Escape is outpacing the industry in key population
segments, including every age demographic above 55 years old.
In year-over-year retail sales, Escape is experiencing 24
percent growth – outpacing the national compact utility vehicle
average increase of 18 percent. Escape is over-indexing in four
cities particularly attractive to baby boomers – Miami, up 53
percent; Orlando, up 34 percent; Phoenix, up 27 percent; and
Charlotte, N.C., up 26 percent.
“Some of the strongest growth we’re seeing for Ford Escape is in
those places where boomers are buying homes – the Carolinas,
Florida and the Southwest,” says Merkle.
About Ford Motor Company
Ford Motor Company, a global automotive industry leader based in
Dearborn, Mich., manufactures or distributes automobiles across six
continents. With about 181,000 employees and 65 plants worldwide,
the company’s automotive brands include Ford and Lincoln. The
company provides financial services through Ford Motor Credit
Company. For more information regarding Ford and its products
worldwide, please visit corporate.ford.com.
About Del Webb
Del Webb is a national brand of PulteGroup, Inc. (NYSE: PHM).
Del Webb is the pioneer in active adult communities and America’s
leading builder of new homes targeted to pre-retirement and
retiring boomers. Del Webb builds consumer inspired homes and
communities for active adults ages 55+ who want to continue to
explore, grow and learn, socially, physically and intellectually as
they look forward to retirement. For more information on Del Webb,
visit www.delwebb.com.
For news releases, related materials and
high-resolution photos and video, visit www.media.ford.com.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140319005382/en/
Ford Motor CompanyWilliam A.
Mattiace313.815.5449wmattiac@ford.comorFord Motor CompanyErich
Merkle313.206.9164emerkle2@ford.comorPulteGroupValerie
Dolenga847.230.5266valerie.dolenga@pultegroup.com
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