Those parents who have seen their children mature and establish residences of their own are called empty nesters. Sociologists have noted a number of changes related to empty nesters stage of the family life cycle. In the United States and some other advanced country cultures, empty nest syndrome was common. But now the new reality of a cluttered nest or "crowded nest", capturing the phenomenon of young adults returning to live with their parents or choosing to remain at home past the customary age for leaving home.
Movement to smaller homes can be responsible for the phenomenon of increasing number of empty nesters. Women are returning to paid work forcing the creation of empty nests. Changes in attitudes and changes in relations to children are pushing parents to become empty nesters.
With globalization the world will see a greater number of empty nesters. Even in a country like India where joint family has been the norm, the number of empty nesters has increased dramatically.
By 2009 there will be 181 million consumers in Europe and the US classified as Empty Nesters. This report looks at the attitudinal and behavioral habits of Empty Nesters in the US and Europe, giving financial services providers valuable insights into an important market to target.
One of the major changes which occurs to most Empty Nesters is the increase in socializing. Empty Nesters engage in 51 million Entertaining At-home occasions per year in Europe and 26 million per year in the US. This high level of socializing leads to new consumer culture.
Age affects Empty Nesters' habits and their needs, motivations and attitudes change with time. Empty Nesters develop new purchasing habits as they adjust to their new freedom.
There are a number of changes related to empty nest stage of the family life cycle: movement to smaller homes, changes in attitudes and women returning to paid work.
Nesters and Financial Services
Abstract - Global Information, Inc.
In-depth analysis of data covering empty nesters consumption attitudes and behavior, broken down by region and age
Data and analysis from secondary research on empty nesters populations, income and expenditure in the US and Europe
Focussed research into industry strategies highlighting existing approaches and future opportunities for financial services providers
Although the total number of Empty Nesters in both Europe and the US is forecasted to grow, it is Early Empty Nesters who are mostly driving this groups growth.
Datamonitors survey shows that Empty Nesters across Europe and the US are more inclined to borrow than their senior counterparts. European Empty Nesters are the most inclined towards borrowing.
Communicating with Empty Nesters is important since they resent being ignored by marketers who focus on younger consumers. When communicating with Empty Nesters, companies need to avoid being patronizing and applying common stereotype.
Understand the size and scope of opportunities to target Empty Nesters in both the US and Europe
Improve acquisition and retention rates by gaining a detailed understanding of the consumption attitudes and behaviours of Empty Nesters
Design innovative products by learning of gaps in the market where existing strategies are not meeting the needs and wants of Empty Nesters.