- The ageing population and its opportunities for FMCG brands.
- What older consumers are looking for from FMCG brands.
- Strategies for the industry to connect with this group.
The ageing population.
3 opportunities for manufacturers, retailers and brands.
1. High disposable income.
2. Tech savvy.
This group of consumers is also much more tech savvy than we think. Relevant, personalised messages via email marketing and social media (which inspire and educate rather than patronise) can be very effective.
For the consumers who aren't as confident with technology, brands can go far by helping to educate. In the banking space, Barclays set up an online training initiative to get older consumers up to speed with online banking. This involves a team of 'Digital Eagles' offering 'Tea and Teach' sessions.
Older consumers are often let down by the approach many brands take in communicating with them - they don't want to be made to feel bad about ageing! This presents the opportunity for brands to do things differently.
People are living longer; they are physically active and travelling the world for many more years than was previously possible. Brands should aim to help people do this healthfully and with more fun.
What are older consumers looking for from FMCGs?
“Because many baby boomers are caring for elderly family members they often feel younger than they are... overall they believe age is a state of mind and are determined to live life to the full. They feel positive about ageing and are focused on how to maintain quality of life as they age, with good health as a priority."
Strategies to connect.
So, how can FMCGs tap into this growing segment of the market?
1. Simplified products, messaging and packaging.
- Less ingredients.
- Less promotional 'hype' with more focus on quality.
- Clear, simple labels.
- Tailor to changing dietary needs.
- Health benefits.
- Less chemicals or potential toxins (this applies to beauty products, household products, etc.).
- Focus on service experience.
- Functioning equipment (such as trolleys and baskets in supermarkets).
- Appropriate product placement (preventing overreaching).
- Avoid extensive queuing.
- Options for home delivery.
Over to you.
How is your business adapting to the ageing population?