I was reading recently that consumer spending accounts for 56% of Canada’s economy. How much of that is represented by the Boomers I don’t know. But we Boomers are all becoming old folks (both men and women) so if we are typical in our spending patterns it doesn’t look that good for future growth.
So what are some of the things consumers spend on and how do we personally fit into the pattern?
- Shelter and Real Estate – this is a biggie but not for us. We have owned a house for many years, no mortgage and we have most of the stuff like landscaping taken care of. We might need some major repairs in the years to come like roofing and heating but that isn’t an ongoing thing.
- Autos and Transportation – We have 2 cars right now (both older models.) We still can’t get down to one – not while we are in the sandwich generation. However we don’t put a lot of Km on either car. We don’t have to commute anywhere daily at least.
- Food and Restaurant Fare – Nothing fancy. Maria is a demon bargain hunter when it comes to groceries and as far as eating out goes, we can have lunch in a local family restaurant or take the grandkids to McDonald’s once in a while. That’s it.
- Clothing – we can get our “foundation garments” at Walmart and other things at the Hub – our thrift shop in Almonte. I suppose I bought some slacks a few years ago at Mark’s Work Warehouse. Don’t need fancy duds when you aren’t working.
- Travel and Entertainment – We have had some cruise holidays over the years but those are mostly outside Canada. We didn’t travel at all in 2017 – not even to Syracuse NY. I guess we are getting into our “Go Slow” phase.
- Health Care – some paid by our government health care but we have to ante up for dental, hearing aids and of course vet care for Mr. Oates. So far we can cope with that. I have some cataract surgery coming up but that shouldn’t break the bank. We have to plan for the future though.
- Gifts – we can afford to be generous and we are. That sort of cash gift often gets saved or at the very least someone else spends it so we aren’t responsible for boosting the economy directly.
- Electronics – our TVs and computers are old (the newest TV is from 2009.) I can fix a lot of stuff like old PCs anyway. No need to buy new, and with Linux a 10-12 year computer lifespan is normal. We have one smartphone which mostly gets used for talk and text.
- Taxes and Pensions – Well can’t get away from that although we take advantage of the seniors tax breaks – certainly we pay less than we used to. We are receiving pensions, not paying into them.
- Furniture and other stuff – we collected our art years ago. Our household furniture is still going strong and we can pick up the odd knick-knack at the Hub. Like most old folks we have more crap than we will ever need. Well, I did buy a new pillow the other day.
- End of Life – got that taken are of, hopefully won’t need it soon. My grandfather bought our “final resting place” back in the 1930s and still lots of room there.
Sorry all you sales and service entrepreneurs out there. Unless you are selling geriatric stuff you’ll have to rely on someone else to keep you in business. Canada appears to have no economy for old folks, and there will be a lot of us in the years ahead. Maybe we could learn to gamble.