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Manufacturers miss over-55s marketing opportunity

Demand and disposable income meet in the over-55s demographic, yet only 1% of recent launches cater to these consumers, Mintel insights show.

Globally, consumers aged 55 years old and over seek food and drink products that respond to their overall health needs, with these shoppers calling for nutrition-focused products.

Manufacturers can capitalise on the spending power and engagement of this demographic by developing diverse products geared towards their specific health and nutrition requirements, market intelligence provider Mintel finds.

However, brands are failing to respond to this audience’s nutritional needs and increased interest in health and wellbeing post-Covid, with marketing messages and packaging claims catering to the needs and concerns of the over-55s untapped.

Health, post-Covid-19

As the Covid-19 pandemic has intensified these consumers’ focus on health and wellbeing, manufacturers can invest in learning more about the 55-plus consumer group to tailor and roll out appealing new product developments (NPD).

“Post-Covid, your health is your wealth, and this is particularly evident in this age group,” Vhari Russell, founder of The Food Marketing Experts, told Ingredients Network.

In China, almost half of consumers (46%) aged between 50 and 59 agree that health-focused products play a part in maintaining a healthy lifestyle, Mintel’s annual APAC Food and Drink Landscape research reveals.

Age-influencing habits

Ageing affects our dietary needs. There is more evidence and information about what we need in our diets at different chapters of our lives. For example, collagen is often recommended as we age, along with calcium, to help with skin and bone health. There has been much discussion about the length of life when you stick to the Mediterranean diet, which is said to improve health.

“It is important to ensure you are eating for your body and avoid being too prescriptive,” said Russell. Eating for health is key in the over-55 population’s food-based habits. For instance, some consumers believe avoiding dairy during menopause can help relieve symptoms, Russell explained, while an increasing number of people within this age group are opting to drink low- or no-alcohol drinks.

Many consumers opt for smaller portions, convenience, and eco-friendly packaging solutions. They like to cook from scratch and prefer looking through cookbooks rather than online. “They need to opt for foods high in vitamins, such as calcium and iron; low in calories/fat; portion of fruit or vegetables; [and] high in fibre [for] heart health,” Russell added.

Embracing market opportunity

Research indicates that only 1% of global food, drink, and vitamins, minerals, and supplements (VMS) launches between October 2017 and September 2022 held an over-55s claim.

The largest survey of its kind, in 2017, by over-50s insurance company SunLife, looked into the behaviours and buying patterns of this demographic. Collecting responses from 50,000 survey participants, the results revealed that these consumers feel younger than their age, are enjoying life more, are busier, and care less about what others think of them.

However, 89% of participants said they believed brands weren’t interested in them, 74% felt they were unrepresented in mainstream advertisements, and 72% thought when they were, it reflected an outdated stereotype.

In a later 2020 report called Retiring Ageism, which was based on a survey with 2,000 participants, the insurer found that 35% of British respondents began to feel neglected or invisible in society at 50 years old. Further, 29% said this feeling of neglect made them less inclined to try new things.

“The spending power of over-55s has never been greater,” said Russell. In the UK, the 55-plus demographic makes up a third of the population but holds 80% of the wealth, Campaign research indicates. Their consumer spending has grown on average 4.4% annually for the past decade, compared with 1.2% for under-50s. “So no, it is not a surprise,” Russell said.

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Claims and clicks to purchase

“Claims are here to support consumers' choices and selling to them based on the concerns they have about their bodies,” added Russell. The 55-plus market tends to start having ailments and health concerns and wants to combat those, so they will spend money on solutions they believe will help.

Over-55s are invested in their holistic health, encompassing nutrition and wellbeing. Including popular and effective botanical ingredients and nutrients like lutein and folic acid are key strategies to attract the demographic to purchase products. Claims citing specific benefits such as circulatory health, urinary tract health, and beauty also create opportunities for manufacturers looking to reach this largely undeveloped marketing opportunity.