This week, Tetra Pak released a report on how best to market new products at the over-60s. According to the company, the demographic is the fastest-growing consumer age group and is seeing its spending power increase. The packaging firm issued a list of guidelines for beverage companies on what they should be doing to appeal to this important market.
Senior trends
- 32% of seniors actively look for products and services that help them live a healthy lifestyle
- They prefer traditional tastes to ‘experimental’ ones. This extends beyond the product to the packaging, which they want to look and feel traditional, rather than appear overly radical or be ‘different for different sake’
- Seniors are loyal shoppers. Once they find a brand that satisfies them, 30% usually don’t experiment with new ones. They also tend to shop closer to home, and in smaller stores
- Seniors demand greater quality, with 92% finding product quality very important, and they are willing to pay more for it
- Generally, they dislike being made to feel “old” by marketers. They prefer products and packaging that are subtle: ones that are ageless but appeal indirectly to their demographic, rather than those that appear directly targeted at them because of their age. For example, they find “For Seniors!” branding unappealing.
What this means for the beverage industry
- Seniors have more time on their hands and greater spending power compared with other demographics. This has led to the emergence of significant opportunities for producers who can respond to the habits of the fastest growing consumer age group around the world
- Offer products with healthy ingredients – seniors value a healthy, active lifestyle, and use food and/or drinks to improve their health. They are willing to pay a premium for products that meet those needs
- Fortify drinks with additional minerals and vitamins. Seniors are heavy consumers of vitamins and supplements. Drinks that are fortified with additional minerals and vitamins aimed at promoting stronger bones, or better digestive or cardiovascular health are of significant interest
- There is a particular opportunity for foods and products which meet these needs in developed markets, where there are higher incomes and a greater awareness of senior-specific health issues
- Packages have to be easy to handle, easy to open and easy to read. Getting older brings its own challenges which means that seniors look for packages and products which are more focused on their particular needs. For instance, they look for easy to open packages to overcome reduced wrist strength.
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