Who controls today’s grocery spend, and will buy the most in the foreseeable future? Boomers. 76 million of them, between 48 and 65 years old. By the year 2015, America’s 50+ population will drive 52% of the projected $706 billion spent on grocery, says the McKinsey U.S. Aging Consumer Initiative.
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Who controls today’s grocery spend, and will buy the most in the foreseeable future?
Boomers. 76 million of them, between 48 and 65 years old. By the year 2015, America’s 50+ population will drive 52% of the projected $706 billion spent on grocery, says the McKinsey U.S. Aging Consumer Initiative. Moreover, they own 80% of the nation’s financial assets and half of the discretionary income, adds A.T. Kearney.
This generation doesn’t compromise. It reshaped the nation as it grew up, and it has the most economic clout today. Boomers will be as demanding as always of brand marketers and retailers – and reward those delivering the health and wellness, food pleasures, new tastes, convenience, value, and easy-to-shop environments they want.
To succeed, brands and retailers need to satisfy them – and the many they support. Boomers buy increasingly for multiple generations living under one roof – their elderly parents and their young post-college adult children. Indeed, 14.2% of young adults live with their parents, up from 11.8% in 2007, says the U.S. Census Bureau. In an economy of haves and have-nots, the under-35 group is in a steep slide, with 68% less median net worth than they had a quarter-century ago, says the Pew Research Center. Millennials may be sexier, but Boomers deserve the most attention from marketers.
Serving Boomers is a complex task because of their own active lifestyles and their full and busy households.
Marketers that mine our exclusive Boomer National Consumer Panel with custom surveys gain proprietary insights that can give their category leadership, product development, packaging, retail merchandising and promotion strategies an edge. This is the same panel that helps keep National Grocers Association members ahead of trends, and which has been sourced by media from USA Today to Supermarket News, and informs our own articles and opinion pieces about the fast-changing food world and its consumers.
Please contact Phil Lempert at email@example.com to explore how our Boomer National Consumer Panel and research capabilities can enhance your success.