How to differentiate Marketing between Aging Consumers and Other Audiences in Food markets

How to differentiate Marketing between Aging Consumers and Other Audiences in Food markets

Category : Food & Beverages
March  2015  Pages : 88



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Summary

How to differentiate Marketing between Aging Consumers and Other Audiences in Food markets shows marketers how they can target the emerging opportunities among an important, under-targeted, and misunderstood consumer group: older consumers. An aging population means the consumption of those aged 55 and over will only grow, and to successfully cater to them, it is important for manufacturers to understand their motivations. To do this, the report highlights new product development for effectively targeting this group’s motivations, and offers strategic recommendations to capitalize on the evolving motivations driving their consumption in both developed and developing economies.

Key Findings

  • 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

Synopsis

How to differentiate Marketing between Ageing Consumers and Other Audiences in Food markets helps you to understand the motivations of the older generations and how to target them. This will help food manufacturers and retailers to launch products that are successful among this crucial target audience. This includes a wider understanding of the role factors, such as convenience, indulgence and health, play and how packaging design and positioning can play a role in meeting these needs. It also shows how culture and traditions influence consumers’ preferences and priorities.

In particular, this report:

  • Identifies the key consumption motivators of those aged 55 and over and how they influence this group’s consumption
  • Debunks the myths associated with an aging population
  • Explains how to communicate the health-related properties of a product without being intrusive
  • Shows how to add value to products by providing older consumers with important for them benefits, such as convenience and superior taste

Reasons To Buy

  • This report provides actionable insight into new opportunities emerging in Food markets due to the growing proportion of the older generation and identifies motivators that actually drive consumption behavior among those aged 55 and over
  • This report shows how to align products with the key need states of older consumers, and how to avoid disruptive NPD that targets the wrong needs and fails to connect with their audience
  • This report features product examples that will help to future proof NPD and marketing strategy to cater to an age group that will account for 25% of the global population by 2025
  • Cross-category analysis highlights proven product strategies you can adapt to your category before your competitors

Introduction

Targeting consumers aged 55 and over will be crucial to food brands' profitability

Debunking the myth associated with an aging population

Disruptive NPD and age specific products are becoming increasingly unnecessary as differences between age groups become increasingly blurred and age stereotypes outdated

The aging population of developed economies seeks convenient and indulgent options at justified prices

Indulgence is important for senior consumers

A new found sense of freedom means seniors want to free up time spent on chores

Health is important to senior consumers - but it is more around making small changes than wholesale changes

Value for money is everything for more discerning older consumers

The older generation of the developing economies can be targeted with value for money offering that enhance their traditional values

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

Senior consumers are finding themselves at a tipping point between traditional and modern values

Disease and health maintenance should be a core focus of product positioning

Improved safety and convenience should also be positioned around helping facilitate the senior consumers' lifestyles in their older age

Appendix


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