Age is just a number: prove your value to unlock savvy seniors
$2,995 (Excl.Tax)
Description
Part five of a six-part series on over-55s focuses on their attitude towards value, how brands can prove their worth and how to entice affluent elders to trade up.
Jonny Forsyth, Director of Mintel Food & Drink
Table of Contents
-
executive summary: what brands need to know
- Three ways brands can unlock savvy seniors
- Implication 1: prove your value
- Implication 2: appeal to their practicality
- Implication 3: encourage affluent elders to trade up
-
introduction: why brands must stop ignoring older consumers
- Play the numbers game
- The size of the senior prize
- Companies should target the Top 20 Twilight markets
- Segmentation is critical when targeting 55+
- Understand the events that have shaped older generations
-
implication 1: Prove your value
- Value for money is about necessity and attitude
- Latin Americans worry most about having enough money in old age
- Graph 1: over-55s' worries about ageing and finances, by market, 2024*
- Affordability can unlock over half a billion ageing Asian consumers
- Even in more-affluent markets, older shoppers are financially constrained
- Quality matters as much as price when proving value
- Legacy brands should emphasise their quality and trustworthiness
- Graph 2: purchase intent and perception of food and drink product launches from big heritage brands* and private labels among over-55s, 2023-24
- Big brands benefit from increased loyalty and less impulsivity
- Target older shoppers before they enter the store
- Graph 3: grocery shopping behaviours, by age, 2023
- Older people rely on sales and private label to navigate the cost-of-living crisis
- Graph 4: top five strategies consumers use to save money on food and drink, by age*, 2023**
- Older shoppers are more likely to seek nutritional value
-
implication 2: Appeal to their practicality
- Older adults pride themselves on their practicality
- Focus on practicality in food and drink packaging
- Graph 5: average food and drink priorities, by age*, 2023**
- Go back to basics to appeal to older shoppers
- To tempt 55+ year old Westerners, stick to smaller pack sizes
- The case for simple, muted pack designs
- In older age, simplicity sells
- Accentuate the versality of ingredients
- Lurpak showcases its versatility in the kitchen
-
implication 3: Entice affluent agers to trade up
- Prioritise 'old gold' in North America, Europe and 'Advanced Asia'
- Premium brands have the most opportunity in Northern Europe and Northern America
- Graph 6: those who define their current financial situation as 'healthy – I have money left at the end of the month for a few luxuries or to add to my savings', by market and age, 2024*
- Legacy matters when tempting mature consumers to trade up
- Graph 7: purchase intent towards premium* food and drink launches (excl baby food), 2023-24
- Focus on heritage, quality ingredients and superior taste
- Natural ingredient lists can dial up everyday luxury
- Affluent elders are more likely to pay more for premium, local ingredients
- Magnum ice cream accentuates the positive and the classic
- Help over-55s treat themselves, not show off
- Make marketing about the things that matter
- Be inclusive, yet flattering, to court affluent elders
-
coming next in the series: Age is just a number
- Six reports will publish in the following order
About the report
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
The consumer
What They Want. Why They Want It.
The Competitors
Who’s Winning. How To Stay Ahead.
The Market
Size, Segments, Shares And Forecasts: How It All Adds Up.
The Innovations
New Ideas. New Products. New Potential.
The Opportunities
Where The White Space Is. How To Make It Yours.
The Trends
What’s Shaping Demand – Today And Tomorrow.
Below is a sample report, understand what you are buying.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.
Trusted by companies. Big and small.
