They have become the financial backbone of their families
New York, NY (PRWEB) April 23, 2009
New York, NY April 22 - Grandparents.com announced the release of the "Grandparent Economy," a new study which finds that grandparents are one of the most powerful, yet undervalued, drivers of the U.S. economy. According to this new study, conducted by noted Demographer Peter Francese of American Demographics, grandparents have the highest net worth of any other consumer segment - and their current earning potential is the strongest - even and especially in this economic downturn where their employment rate has actually increased in the past year while all other age groups have declined.
The study also finds that grandparent households - there are 44 million of them -- have fared better during this economic downturn than their younger cohorts because they are better positioned to weather this storm. More than half no longer have a mortgage and their assets, as a consumer segment, have taken a smaller hit.
"They have become the financial backbone of their families," said Grandparents.com CEO Jerry Shereshewsky, "paying for everything from college to clothing to $1 billion in diapers - not for themselves - but for their grandkids!"
In 2009, they will buy $2 trillion dollars in goods and services - that's one-third of consumer spending overall. They will spend $52 billion directly on their grandchildren and they will account for 42 percent of all consumer spending on gifts."When the history of the recession is written, it is likely to show even a sharper increase in spending by grandparents on grandchildren," said Francese.
Statistically, grandparents are nearly 70 million strong and younger than ever before (54 percent are younger than 65). The average age of first-time grandparents in the U.S. is 48.
About Grandparents.com Grandparents.com is the premier community for today's new generation of active, involved grandparents to foster connections with their grandchildren and their adult children. The site offers content to inspire such connections, including child- and grandparent friendly activities, travel ideas, compelling lifestyle features, expert advice, gift ideas and much more. To facilitate communication among grandparents, children and their parents, visitors have access to a range of online tools including groups, discussions, blogs, photo-sharing and video-chat applications. The company is headquartered in New York City and staffed by some of the foremost experts. Click here for the full Grandparent Economy study.