Bank of America: Older Americans have taken on a bigger economic role

Senior consumers are no longer a niche market — they’ve become a central force in the U.S. economy. According to a new report from the Bank of America Institute, the share of the U.S. population ages 60 and older increased by almost 10 percentage points between 1995 and 2025, reaching 25%. And the U.S. Census Bureau projects that share will rise another 5 percentage points by 2055, to nearly 30% of the population. Data shared in the report shows that people ages 65 and older spend around two and a half fewer hours per day working than the 15-and-older population. They devote roughly two additional hours per day to leisure and sports — with television viewing accounting for the largest share of that relaxation time. Bank of America internal card-spending data reveals how these time differences translate into purchasing patterns. Households headed by someone 61 to 75, as well as those older than 75, allocate a greater share of their card spending to groceries, while the 61-75 group also spends relatively more on travel, including airlines and lodging. Meanwhile, restaurants and bars, gasoline, general merchandise and clothing account for smaller shares of older households’ spending, ...