Abstract
The purpose of this study is to examine the characteristics of baby boomers’ consumption patterns among retirees and the effect of their consumption patterns on depression. This study used the 5th data of Korea Retirement and Income Study(KReIS) of Korea National Pension Research Institute. Of those who were born in Korea from 1955 to 1963, total 2,034 retirees were included in this study. The Latent Profile Analysis(LPA) structured the empirical patterns of consumption and then multiple regressions analyzed the relationship between consumption patterns and depression. In general, retirees spent more on private households and health care expenses. Overall the five consumption patterns were classified: (1) Basic life-oriented type(26.9%), (2) Balanced consumption life style(29.3%), (3) Social life-oriented type(18.3%), (4) Leisure-oriented type(18.5%), and (5) Education-oriented type(7.0%). The level of retirees’ depression was associated with higher dissatisfaction with leisure activities, higher education, having no spouse, lower subjective health, higher limitations in physical functions, having any diagnosed disability, having fewer children, and more negative self-perceived economic status. Regarding their consumption patterns, the education-oriented type showed significantly lower depression than the basic life-oriented type. These results suggest meaningful implications for better understanding of the baby-boomers’ economic burden and life styles. In light of a key generation of silver industry and market, gerontological research on baby-boomers should expand its scope towards more inclusive measures of consumption in later life.