Older Consumers Pay for PremiumOlder Consumers Pay for Premium
March 28, 2011
NEW YORKGetting older means getting better to those who are aging, giving brands the opportunity to provide quality products to Baby Boomers as they happily enter their 50s and 60s, according to "Healthy 50+ Americans: Trends and Opportunities in the Emerging Wellness Market" by Packaged Facts. Data from Packaged Facts consumer survey indicate that Healthy 50+ Consumers are far more willing to pay a premium when purchasing better-for-you" grocery products compared to their peers.
The market analyst noted financial and physical wellness have become mainstays of Baby Boomers, as they and other influential older American adults continually discover that some things in life truly do get better with ageincluding themselves.
Many look at aging simply as another life stage filled with opportunities for reinventing themselves and experiencing new possibilities for personal growth rather than as a signal to wind down their lives," said Don Montuori, publisher of Packaged Facts.
The report defines Healthy 50+ Consumers" as the 26 million Americans 50 years and over who are pursing a wellness regime that includes healthy eating and regular exercise activities such as fitness walking or swimming. Healthy 50+ Consumers have an aggregate household income of $1 trillion, and comprise 25 percent of adults in their age group and 12 percent of all adult consumers.
Packaged Facts projects the aggregate household income of Healthy 50+ Consumers will total $1.3 trillion in 2015, representing cumulative growth of 29 percent between 2010 and 2015. The financial strength of Healthy 50+ Consumers makes them a formidable force regarding the nations big picture economic stability and recovery. Nearly one in four (24 percent) Healthy 50+ Consumers has a household income of $100,000 or more, compared to 17 percent of other consumers in this age group. They are also more confident about the overall economy and their own financial futures. In addition, Healthy 50+ Consumers shop more often, dine out more regularly and travel more frequently.
Marketers of consumer goods and services have made Healthy 50+ Consumers prime targets. And because healthy eating is a key aspect of a wellness program for those in the 50+ age group, food companies have begun to aggressively target the cohort, especially since Healthy 50+ Consumers are a critical segment for supermarkets and specialty food stores focusing on organic and natural foods. The respondents to Packaged Facts February 2011 Online Consumer Survey included 50 or older consumers who are concerned with wellness," meaning they agree with the statement My daily routine is significantly affected by wellness goals and concerns."
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