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Defining the Market
The World War II generation & The Baby Boomers
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| Who are they? |
The older population (persons
65 years or older) numbered 34.4 million in 1998. They represented
12.7% of the U.S. population, about one in every eight Americans.
The number of older Americans increased by 3.2 million or 10.1%
since 1990, compared to an increase of 8.1% for the under-65
population. |
| What is the sex ratio? |
In 1998, there were 20.2 million
older women and 14.2 million older men, or a sex ratio of 143
women for every 100 men. The sex ratio increased with age, ranging
from 118 for the 65-69 group to a high of 241 for persons 85
and over. |
How fast is this group growing?
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Since 1900, the percentage of Americans 65+ has
more than tripled (4.1% in 1900 to 12.7% in 1998), and the number
has increased eleven times (from 3.1 million to 34.4 million).The
older population itself is getting older. In 1998 the 65-74
age group (18.4 million) was eight times larger than in 1900,
but the 75-84 group (12.0 million) was 16 times larger and the
85+ group (4.0 million) was 33 times larger. |
| What is their life expectancy? |
In 1997, persons reaching age
65 had an average life expectancy of an additional 17.6 years
(19.0 years for females and 15.8 years for males).Almost 1.9
million persons celebrated their 65th birthday in 1998 (5, 190
per day). In the same year, about 1.75 million persons 65 or
older died, resulting in a net increase of 145,000 (396 per
day). |
| (Data was compiled
from the internet releases of the US Bureau of the Census and
the National Center for Health Statistics.) |
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The Future Growth of the Older Population
The older population will continue to grow significantly in the
future.
This growth slowed somewhat during the 1990's because of the relatively
small number of babies born during the Great Depression of the 1930's.
But the older population will burgeon between the years 2010 and
2030 when the "baby boom" generation reaches age 65.
By 2030, there will be about 70 million older persons, more than
twice their number in 1998. People 65+ are projected to represent
13% of the population in the year 2000 but will be 20% by 2030.
Minority populations are projected to represent 25% of the elderly
population in 2030, up from 16% in 1998. Between 1998 and 2030,
the Caucasian population 65+ is projected to increase by 79% compared
with 226% for older minorities, including Hispanics (341%), African-Americans
(130%), American Indians, Eskimos and Aleuts (150%) and Asians and
Pacific Islanders (323%).
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