T E S T I N G OLDER CONSUMERS… MORE OPPORTUNITY With a world population aging at unprecedented 42 SEPTEMBER 2017 rates, savvy food and beverage manufacturers and technologists have huge opportunities ahead of them, a global trend analysis provider says. In its latest report TrendSights Analysis: Aging Populations, GlobalData says the number of people aged more than 60 will increase by 56% - from 900 million in 2015 to more than 1.4 billion by 2030. Food providers will have to adapt to cater for this age group…addressing the specific health issues of older consumers whilst building trust without making them feel bad about their age. GlobalData innovation insights director Tom Vierhile says countries with the most elderly consumers are Japan (26% older than 65), Germany (21%), Italy (21%) and Greece (20%), but those numbers will soar – China alone will see a 14% increase to more than 60 million people. With high levels of disposable income, this demographic will have a clear impact on brands particularly in food, non-alcoholic and alcoholic drinks…and nearly half of the 65+ population say technology will have a positive impact on their lives. ‘‘The proportion of older people is rising in nearly every country and, as a group, older people value simplicity and tend to place greater emphasis on health and wellness than younger age groups. They also tend to be less experimental and more loyal, so brands with a reputation for quality stand to gain from this demographic shift,” Vierhile says. “Regardless of market position, all brands need to reassess how well they know older consumers and how prepared they are to cater to them with appealing new product propositions. Older consumers spending their time quietly sitting around is another misconception, when in reality 58% of consumers over the age of 65 exercise at least once a week, presenting an opportunity for nutritional / supplement brands.” Vierhile says food brands can employ a number of strategies to cater to older consumers. “This age group tends to seek products that are trustworthy, reliable and risk-free. Along those lines, FMCG brands can simplify products by cutting ingredient lists, reducing the use of chemicals and boosting the use of natural ingredients in both food and non-food products.” Four thousand of the world’s largest companies - including more than 70% of FTSE 100 and 60% of Fortune 100 companies – use London-based GlobalData’s data, expert analysis and solutions each year. SPRING SALE 1/2 PRICE MACHINERY LISTINGS .co.nz The online marketplace for new and used machinery REN009 List your new or used food processing equipment on the Machineryseller website between now and November 30th for only $19.95+gst
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