Retirement Gifts Are a Growing Market as the Number of Retirees Increases

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Retirement Gifts Are a Growing Market as the Number of Retirees Increases

July 25
19:00 2022
Retirement Gifts Are a Growing Market as the Number of Retirees Increases
The Upturn in People Retiring Has Created a Boom in the Retirement Gifts Market
The Upturn in People Retiring Has Created a Boom in the Retirement Gifts Market.

Sydney, Australia – 25th July, 2022 – Retirement is one of the major milestone events in a person’s life.  The transition from regularly working, often for decades, to having free time and leisure is hugely significant, so it is unsurprising that a gift often marks the event.  It is a natural desire to show appreciation for a worker’s endeavours and to let the retiree know that they will be missed.

One of the key factors in the increase in people retiring is the so-called ‘Baby Boomer’ generation.  The term refers to the group born after World War 2 when the population markedly increased.  The baby boomer generation makes up a substantial portion of the world’s population, especially in developed nations.  The U.S. Census Board reported that there were over seventy million ‘Baby Boomers’ in the United States as of July 202.  Analysis by the Statista Research Department determined that the ‘Baby Boomer’ generation made up 21.45% of the U.S. population on 21st June 2020.  A simple calculation shows that the members of this generation are now 58 to 76 years old, and the majority of them are retiring.  So, it is logical that the market for retirement gifts for men is also increasing.

Google search trends confirm this, with the number of searches for retirement gifts increasing over the last five years.  Magdalena Kusyk, owner and founder of 4Retirees, agrees with this data, saying, “We have over 11,000 members worldwide, which helps us to have a unique insight into issues and trends affecting retirees.  More and more people are looking for retirement gifts for friends and co-workers.  I have observed this over some time, so I decided to add a shop for retirement gifts to our community.  It seems to have been a popular addition.”

Choosing the perfect retirement gift is a tricky task.  Research by Jeff Galak, Associate Professor of Marketing at Carnegie Mellon University’s Tepper School of Business, shows that if you want to get someone the perfect gift, the best way to do so is to ask them what they actually want or need.  However, Jeff Galak’s research also shows that “our culture has developed a norm where asking a loved one what he or she wants as a gift is considered taboo.  Somehow doing so is thought to be unromantic and uninspired.”

“Find out what the retiree is planning to do with their retirement,” advises Magdalena Kusyk.  “If they have a hobby or sport, they have longed to spend more time on then it is easy to give them a present connected with that interest.  The majority of those retiring are looking forward to travelling and spending more time with family and friends so gifts to facilitate this are welcome.  Giving them something that encourages them to unwind and relax after working hard are also a great idea.  A reminder of your time together as co-workers will also make them feel valued.”

Men are traditionally viewed as being harder to buy gifts for than women.  There are a number of different reasons for this.  A common cause is that men are more likely than women to buy things for themselves if there is something they desire.  While women like to have a variety of interests, men usually focus on fewer and narrower pastimes.

An interesting theory proposed by Avrum Weiss, PhD in Psychology Today on 12th December 2021, is that men are socialized to find their self-worth in taking care of women and children.  This makes it “easier for men to accept gifts that are meant to help them be more productive in their role of taking care of the family.  For example, men may be gifted lawn equipment or tools to help them take care of the home.  On the other hand, men are rarely given gifts that are designed just to give them pleasure or help them play but have no productive value.”

A retirement gift is a perfect opportunity to buck this trend in gift-giving.  Avrum Weiss suggests “gifting the opportunity to expand his capacity for pleasure and play, and enlarge his capacity to take in the caring represented in your gift.  Consider getting him something silly that’s just pure fun, like tickets with his friends to a comedy club or an Escape Room.”  Retirement gifts are often humorous, with the emphasis on relaxation.  “The most popular gift for men on 4Retirees is Man Retirement Rules Coffee Mug,” Ms Kusyk says. “Also attracting a lot of interest are colossal personalized beer mug and bucket hat.”

Whether the retiree you are buying a gift for is male or female, with a bit of thought, you can find the ideal present for them.

Media Contact
Company Name: 4Retirees
Contact Person: Magdalena Kusyk
Email: Send Email
Phone: +61 424 343 411
Address:Level 2 11 York St
City: Sidney
State: New South Wales
Country: Australia

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