TrendSights Analysis: Aging Populations - How brands can accommodate the growing proportion of older consumers
Summary World’s population is aging at unprecedented rates. In nearly every country in the world, but especially in developed countries, the proportion of older people is not only rising but accelerating. This aging population has a growing impact on society but will also have a clear impact on FMCGs. FMCG brands will have to adapt to cater to this group - addressing the specific the health concerns of older consumers while building consumer trust, all without making older consumers feel bad about their age.
FMCG firms must recognize the importance of this growing demographic which is important both for its size and its disposable income. Older people will come to represent an increasingly large proportion of the population as lifespans extend and as younger age groups shrink due to declining fertility rates. Product offerings should shift to meet the needs of this group, whether that be in form of healthier products, products designed to create nostalgia, or products that help older generations indulge.
Broadly speaking, declining fertility rates and lengthening lifespans are the two key drivers of the growing proportion of older people. More specifically, following post-war population booms, as nations have developed their fertility rates have dropped.
The proportion of older people is rising in nearly every country in the world but they represent a diverse group with variations in health, wealth, and lifestyle. Broadly speaking, however, they tend to live simpler lives and seek reliability and trustworthiness in the products they buy.
Older consumers tend to seek products that are trustworthy, reliable, risk-free as well as those that provide health and wellness benefits. FMCG brands should simplify their products and leverage natural ingredients in order to improve the shopping process for older consumers and convince them of the trustworthy and healthy values the products. This can be done across categories - reducing chemicals and incorporating natural ingredients in household care products, for example.
The report "TrendSights Analysis: Aging Populations" examines the impact of global population aging on FMCGs. It examines why this trend is increasingly important, who the target market is and their preferences, and how FMCG brands can best capitalize on the trend. Finally the report looks at what the future of the trend will be.
Companies mentioned in this report: Morinaga & Co, Epigamia, Bru Bone Broths, Unidiet, Eucerin, La Roche Posay, Heliocare, Mumm Cuvee Reserve, Evolve, Saphir.
Scope - 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.
Reasons to buy - Understand the needs and desires of the growing population of older consumers - Understand the main opportunities within this trend and how the trend is affecting a variety of industries - Understand how other brands are designing products to cater to this trend.
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