- Seniors, the world's fastest-growing age group, have a rising share of income compared with other demographics and increasing spending power, and should be targeted by food and beverage manufacturers according to a recent report from Tetra Pak.
- This 60-and-older demographic prefers higher-quality products (92%) and members are more willing to pay more for them, but are also more loyal to brands they trust and are less likely to experiment once they find those brands (30%).
- Nearly one-third of seniors (32%) actively search for products that contribute to a healthier lifestyle.
By 2050, nearly one-quarter (22%) of the global population will be over the age of 60, compared to just 8% today, according to a report from the United Nations. Millennials may make up the largest demographic at that point in history, but the older generation will still play a crucial role in driving product development, marketing and sales.
Manufacturers shouldn't create products or marketing materials that focus on age. Instead, they can more subtly hint at this demographic while innovating with products and packaging that appears ageless. In other words, they should avoid marketing messages "for seniors".
Seniors will also have particular health needs that millennials and other generations may not. Manufacturers are already embracing medical foods, including those made by Nestle and Hormel, to promote healthy lifestyles and aid older consumers with a variety of conditions.
However, because the category is largely unregulated, medical foods remain murky territory for manufacturers and consumers alike. By the time the senior population hits critical mass, perhaps regulators — particularly the FDA — will have remedied this challenge.