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NEW YORK — An openness to new ideas is the trait that most Baby Boomers say describes them.
This is good news for apparel marketers who traditionally have faced consumers increasingly set in their attitudes — and fashion sensibilities — beginning in their mid-50s.
In fact, openness was a characteristic named by 99 percent of respondents to the Merrill Lynch New Retirement Survey, conducted by Harris Interactive and Ken Dychtwald, president and chief executive officer of San Francisco-based consultant Age Wave. It was followed by an inclination to put others first, cited by 98 percent; family orientation, 97 percent; self confidence, 95 percent, and optimism, 91 percent.
“Historically, when people have retired they’ve tended to become more set in their ways and more frugal as they become more anxious,” Dychtwald said while presenting the study’s results this month.
Boomers are evolving into a fusion mind-set marked by a youthful openness and vitality, balanced by their experience and perspective. Consequently, much of the generation plans to work till around age 70, for reasons that stretch beyond economic need, a concern described as very important by 37 percent.
The reasons include staying mentally active, cited by about 70 percent of women and 67 percent of Boomers overall, and remaining physically active, named by about 60 percent of women and 57 percent of the broader group of 40- to 58-year-olds studied by Merrill Lynch. Women in that age range are approximately seven times more likely to share control of household finances as their counterparts in previous generations, with 33 percent doing so in 2004, compared with 5 percent in 1962, according to the Gallup Poll.
Further, females in their middle years are seen placing a greater priority than men on work and self-worth between the ages 50 and 70, while their male contemporaries are anticipated to focus more on their relationship with their life partner, marking a reversal of traditional gender roles, the Merrill Lynch research revealed.
Activities Boomers are looking forward to a great deal include having more fun, noted by 46 percent; traveling, 41 percent and simplifying life, 34 percent.
As for what the generation most fears, financial and health issues lead the way: 36 percent said it was not being able to afford health care coverage; 33 percent, going to a nursing home, and 32 percent, Social Security cutbacks or elimination.
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In contrast, 5 percent voiced a great deal of concern about becoming less connected with modern culture.