Market research firm IGD has pinpointed mature consumers as the next big opportunity for grocery retailers.
According to IGD, over a billion of the world's population will be over the age of 65 by 2030. “The number of over 65s is growing rapidly in many major markets, with the fastest growth in emerging markets like China and India,” explains Michael Freedman, senior consumer analyst, IGD. “Sixty-somethings have a high acceptance of technology, long-standing exposure to marketing and serious purchasing power, so they will form perhaps the most important consumer segment of the future.”
Manufacturers that produce products that fit into the health and well-being category will most likely benefit from the growing spending power of this demographic. Older consumers are also concerned about packaging and portion sizes.
“Older generations want to retain their influence as they age. Food and grocery companies should think of 60 year olds as the new forty-somethings, only with greater purchasing power and higher expectations,” explains Freedman.