A study came out this past week that analyzed buying trends among senior citizens and found that older people are really starting to pick up new tools. The NPD Group report, which went through March 2011, showed that consumers aged 65 or over bought 30% more power tools than the prior year. They also bought 16% more outdoor power equipment. Tool purchases seemed to shift upward across the board as well. Consumers aged 45 and up purchased 11% more in hand tools over last year and several segments really stood out:
- Snow throwers/blowers – up 6% since 2010
- Electric staplers and brad nailers – up 7% since 2010
- Wrenches – up 7% since 2010
So where are these older consumers buying these tools? Well, a full 19% were purchased in the mass and warehouse club channels. Specialty stores like lumber/building supply, outdoor power equipment stores, Agway, Bed Bath & Beyond and Amazon.com grew by 7% during the same time frame. Most impressive was that 9% of all power tools were purchased online, and outdoor power equipment sold 7% online.
NPD attributes the increase in tool buying to more DIY projects being taken on by fixed income seniors who have no choice but to take on repairs themselves rather than paying out to have work done. This is a consequence of the economic times we live in ad ti actually makes sense when you think about it.
What are your parents and grandparents purchasing these days? And if you’re over 60 years old, what have been your purchase trends of late? Let us know in our forums!