News

New study focuses on aging consumers in foodservice

Research and Markets has announced the addition of Canadean Ltd's new report "How to differentiate Marketing between Aging Consumers and Other Audiences in Food markets" to its database of research.

March 17, 2015

Research and Markets has announced the addition of Canadean Ltd's new report "How to differentiate Marketing between Aging Consumers and Other Audiences in Food markets" to its database of research.

"How to differentiate Marketing between Aging Consumers and Other Audiences in Food markets" intends to show marketers how they can target emerging opportunities "among an important, under-targeted, and misunderstood consumer group: older consumers," the announcement said. Those aged 55 and over are growing as the population ages catering to them means understanding their motivations, the company reported. The report highlights new product development and strategic recommendations to capitalize on the evolving motivations driving their consumption in both developed and developing economies.

Key Trends

• Senior consumers are often considered as being overly concentrated on health, however, it is a far less important motivator than price, superior taste and convenience.
• Consumption motivators among those aged 55 and over are similar to other adult groups. Disruptive NPD based solely on age will fail to connect with an older audience.
• The older generation does not see their age as a burden and don't want to be seen as fragile. They want inclusive products, as opposed to specifically targeting their age
• When the older generation does have age-aligned health problems, they seek products that are aimed at the condition rather than age bracket.
• The demand for food products providing insperiences, experiences at home, will grow, as it not only saves the effort of going out, but also offers better value for money, which is important for this group.
• Culture and traditions define consumption patterns, especially for the older generation; rather than trying to change them, manufacturers and retailers should launch products that fit into consumers current lifestyles.

Key Topics Covered:

1. Introduction
2. Targeting consumers aged 55 and over will be crucial to food brands' profitability
3. Debunking the myth associated with an aging population
4. Disruptive NPD and age specific products are becoming increasingly unnecessary as differences between age groups become increasingly blurred and age stereotypes outdated
5. The aging population of developed economies seeks convenient and indulgent options at justified prices
6. Indulgence is important for senior consumers
7. A new found sense of freedom means seniors want to free up time spent on chores
8. Health is important to senior consumers - but it is more around making small changes than wholesale changes
9. Value for money is everything for more discerning older consumers
10. The older generation of the developing economies can be targeted with value for money offering that enhance their traditional values
11. Value for money and means of support are among the factors that need to be taken into account when analysing the attitudes of senior consumers
12. Senior consumers are finding themselves at a tipping point between traditional and modern values
13. Disease and health maintenance should be a core focus of product positioning
14. Improved safety and convenience should also be positioned around helping facilitate the senior consumers' lifestyles in their older age
15. Appendix

Companies Mentioned

• Atkins
• Brand's Health Supplements
• Burger King
• Dunkin Donuts
• Emerald
• Empresas Polar
• Fonterra
• Gamma-A
• Heinz
• Konditerskie Traditsii
• McDonalds
• Metro CandC
• Nestle
• Pizza Express
• Russkiy Produkt
• Starbucks
• Schwan's
• Tesco
• Lifebuoy