Did you hear the one about the 54-year-old who stopped snacking and eating candy? Yeah, neither have I. In fact, on any given day, if you look into my pantry, you’ll find a variety of these items — crackers, nuts, snack bars and a bar or two (or three) of dark chocolate. And I buy these EVERY TIME I GO TO THE STORE.
Apparently, I am not alone. According to IRI Worldwide, Boomers like myself are spending twice as much as Millennials on these items – in fact, it’s a whopping $24.5 billion vs. $12.3 billion for snacks and confections combined. What’s more, this well-heeled target market, numbering 109 million Americans according to AARP, is on the receiving end of the largest intergenerational transfer of wealth in history. They represent about 50 percent of the $6.4 trillion spent by U.S. households annually (Consumer Expenditure Survey, US Bureau of Labor Statistics, Sept. 2013).
So if you’re in the business of marketing food, don’t forget about me and my 50+ counterparts, or you’ll miss an important business opportunity. Oh, and are you going to eat that last piece of licorice?
For more information on how to market to 50+, contact firstname.lastname@example.org.