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Baby Boomers
The largest and most affluent generation in history is buying seasonal homes and globalizing retirement. Of those that own vacation homes, 13% own two or more. Boomers have a higher rate of homeownership than the national average and 25% own more than one property. They lead the population in second home ownership and own more than five times as many homes in Central America than the rest of the U.S. population combined.
Vital Stats
- There are 65 million U.S. baby boomers
- 70% of boomers have "no kids" households increasing by 3% annually
- No-kids boomers trade down primary home to buy vacation home
- 25% of boomers own multiple homes
- 13% of boomers owning vacation homes own more than one
- Boomers own five times more Central American property than all other Americans
Every seven seconds another boomer turns 50 and hits peak earning capacity, generating $2 trillion in spending each year. Their numbers and buying power are undeniable. Savvy companies and investors are positioning themselves in front of the wave.
Our Sub-Segment of the Boomer Market
Our primary market is the upper middle-class "empty nest" baby boomer in the U.S., Canada, and England who desires one or more vacation homes where they will spend two to four months each year. They loan their vacation home to their children or rent it out when not in use. They are 50-65 years old, many of whom are "trading down" their home as their children have moved out in the past five years and using the proceeds to buy seasonal property. They see a second home as both a vacation destination and an investment.
The overriding factor for boomer consumer segments is the presence of children in the home. This is particularly true of consumer real estate and even more so of foreign real estate. The shift towards "no kids" households continues as boomers age; in 2007, 70% of households have no children. There is a strong tendency for these boomers to trade down to smaller primary residences and purchase vacation homes.
As boomers look for vacation homes they tend toward waterfront locations with tropical climates. In response to this demand, coastal property prices in U.S. and Europe have skyrocketed. Coastal land in North Carolina, California, and Florida are now well-beyond the means of most boomers. Europe has seen the same trend in England, Spain, and Greece.
Belize’s English-speaking population, British heritage and U.S. dollar backed currency have created opportunities for marketing in England and across Europe. Given the current strength of the euro and the pound these opportunities are particularly strong today.
Boomers are looking abroad for beautiful coastal living where they intend to spend two to four months each year. They seek homes in beautiful coastal destinations that can be shared with friends and children, and rented out when not in use. They desire locations with relatively easy access that can be reached on a three to six hour flight for $300-$600 per seat. Boomers search for locations with familiar laws and access to healthcare facilities, which Belize can provide.