Older consumers say that health and wellness influences their product purchases.
In fact, according to a report from GlobalData, 62% of consumers aged over 55 say that the way a product impacts their health and wellness often or always influences their product choice in food.
Clearly, mortality is a powerful motivator to change behaviour. It’s a pity that many FMCG companies don’t think the same way.
Consumer brands can profit from adapting products that better cater to the needs of older consumers. With high levels of disposable income and often the least amount of financial pressures, this demographic could have the most impact on almost every conceivable product or service category for the foreseeable decades.
Packaged goods and so much more
In packaged goods alone, imagine the opportunities for personal care products, health foods, non-alcoholic and alcoholic drinks!
Interesting findings from this study include:
- 68% of consumers aged over 55 who buy personal care products say that how familiar/trustworthy/risk-free a product is often or always influences their product choice in personal care.
- 62% of consumers aged over 55 say that how a product impacts their health and wellness often or always influences their product choice in food.
- 87% of consumers aged over 55 find on-pack information that allows you to see where it was made somewhat or very appealing.
- 58% of consumers over the age of 65 exercise at least once a week.
The business world is full of uncertainty yet population ageing is already happening in a dramatic way.
Opportunities and challenges
We contend that the physical impacts of ageing present the greatest opportunities for new products and services while significant challenges lurk in the way they are marketed.
Our book explains 25 effects of ageing. Each one has the potential to become a barrier to purchase as the older consumer ventures along the customer journey. Starting from communications, online, retail the product/service itself and the service component that envelops the entire experience.