LOS ANGELES: The power of the “grey dollar” is one of the major factors that will influence the future price of property, a report by commercial property company RCG claims.
RCG has produced a report for property investors which attempts to forecast the implications of everything from the power of baby boomers’ “grey dollars” to the future impact of increased overseas investment and growing international visitor numbers.
Its report said the “grey dollar” would determine the shape of all sectors.
Baby boomers control a big share of national income and wealth with many seeking ways to spend their retirement or leisure time.
“Their effect will be most influential to travel, leisure, healthcare, retirement, hospitality, fashion, and residential facilities,” the report said.
Baby boomers, who are usually defined as being born between 1946 and 1965, earn $40 billion, or 35 per cent of the country’s income, and control close to 45 per cent of national wealth.
They make up 25 per cent of the population and more than 71 per cent own their home.
“On top of this, they’re major property investors and landlords,” RCG director John Lenihan said…