Are FMCG Companies Finally Waking Up To The Boomer Opportunity?

Two consumer marketing giants today announced plans to tap into the ageing demographic.JPEG

P&G together with Singapore Polytechnic has come up with a new research centre to help companies revolutionise product design and development for consumers in Asia aged 50 and above as reported here in Marketing-Interactive. Led by Singapore Polytechnic in close collaboration with the University of Cincinnati, LWC-S will conduct early phase product research with a particular focus on design for member companies looking to target the over-50 consumer.

JPEGMeanwhile, on the other side of the world, WARC reports that Nestlé is aiming to “pioneer” a new industry falling “between food and pharma” and exploiting a rising demand for nutritional products around the world.

The company has announced the creation of Nestlé Health Science, a standalone unit which will start operating in January 2011, and be run at “arm’s length” from the organisation’s food and beverage brands. Alongside ageing populations, increasing healthcare costs and rapid advances in associated technology were cited as the main impetus behind Nestlé’s latest initiative.

As companies wake up to the opportinity to develop new products and services, they also need to consider their entire relationship with an older market which will impact not only product but distribution, pricing and communications to ensure that the entire consumer journey is age-friendly.

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