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| Consumer Trends |
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| Primed to Buy |
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Elderly consumers represent one of the fastest-growing population segments in the world. By the year 2020, the number of people age 60+ will exceed one billion globally and will represent 25% of the population in the U.S. A full 50% of Japan's population will be over 50 by the year 2025.
Tomorrow's seniors are today's Baby Boomers. Since Baby Boomers have always acted in ways that are contrary to the behavior of the generation that preceded them, we can predict that tomorrow's elderly will be a whole new breed. We call this group of active, educated consumers, who will control a significant amount of discretionary income in years to come, “Prime Timers”. We can predict what Prime Timers will be looking for in foods and beverages tomorrow by studying aging baby boomers today.
So what is it that Baby Boomers and Prime Timers look for in food? First and foremost, they want great taste, which to them means fresh foods with authentic flavor (“the way food USED to taste”). However, they also want the convenience and portion-control advantages that today's processed foods can deliver. Their concerns about their appearance (weight) can also strongly influence their food choices.
When developing food and beverage products for aging consumers, it's important to note that aging affects the ability to taste. It also significantly affects the sense of smell, both the ability to detect an odor and the ability to identify it. Age-related loss of taste sensitivity is not uniform across all basic tastes, and it is extremely gradual. Most seniors are not even aware of the loss. Elderly consumers may prefer higher levels of flavor in their food to compensate for sensory losses, and increasing flavor impact might be a viable means for increasing food enjoyment among the elderly. Developing food and beverage products designed to appeal to the unique needs and taste preferences of Prime Timers represents a major marketing opportunity in the future.
Sources: IFF research; American Demographics; Food Processing; Food Technology; Wall Street Journal; Monell Chemical Senses Center
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