Over-45 crowd less willing to cut spending on movies, concerts
Call it the geezer booster.
Show business may be obsessed with the youth market, but older patrons may be more willing to spend on its wares, according to a new survey of retirees and pre-retirees commissioned by insurance and financial-services firm the Hartford.
Based on almost 2,000 telephone interviews of adults 45 and older, the survey determined that only 9% of pre-retirees and 7% of post-retirees would forgo entertainment (defined as including movies, concerts and theater) if they had to give up one thing to make ends meet in retirement.
For people already in retirement, that was the lowest percentage scored by any category. For pre-retirees, giving up movies, concerts and theater tied with eliminating dining out or recreation (such as playing golf or tennis) as the last category to be willingly abandoned.
Post-retirees said they would be most likely to give up vacations and travel (19%) and shopping to buy nice things for themselves (17%). Pre-retirees are most willing to move to a more modest home (21%) and trade down to a less expensive car (18%).