SymphonyIRI: Retailers, manufacturers should tap baby boomer market

CHICAGO According to research released Thursday from the SymphonyIRI Group — “Healthcare III: Understanding the Age-Driven Health & Wellness Needs of Baby Boomers” — retailers and manufacturers that understand which ailments will be driving growth among baby boomers, and know how to link new and existing products to the treatment of these ailments, will be in a position to capitalize on this opportunity.

“Americans aged 55 and older represent more than one-third of the U.S. population,” stated KK Davey, managing partner, SymphonyIRI. “This number alone is quite staggering, and when you couple it with the fact that they control 50% of discretionary income and fill 30% more prescriptions than the average person, you have a golden opportunity. Retailers and manufacturers need to build shopper loyalty and a new competitive advantage around increased variety and in-store messaging that support categories, segments, and products with specific benefits that link to aged-driven health and wellness needs.”

“More and more aging consumers are searching for food and beverage solutions to help them maintain a quality of life in managing what are often multiple chronic disease states,” added Sean Seitzinger, partner, SymphonyIRI. “In fact, two-thirds of disease-state shopper spending is earned by the grocery channel, which indicates grocery retailers have the largest disease-state management dollar opportunity during the next decade.”

Surveyed shoppers across all ailments rank whole grains, reduced fat and reduced sodium as attributes they look for to manage their conditions, SymphonyIRI reported.

Other “top of mind” factors ailment shoppers take into consideration include:

• High Blood Pressure — 87% of chronic sufferers depend heavily on prescriptions to treat their condition, but nearly 50% also focus on a healthy diet to manage and control their weight. They need to avoid high-sodium products, eat plenty of fiber and minimize high-fat, high-calorie products. Sugar-free diet candy, ground decaf coffee and sugar substitutes are popular products for these consumers;
• Diabetes — These consumers manage and treat their serious health condition with a regular regimen of medication and a well-managed diet. They look to foods that are naturally high in fiber, protein and nutritional ingredients and avoid sugar-added foods and beverages and high-fat foods to control weight. Sugar-free chocolate candy, sugar substitutes, low-calorie soft drinks and single-serve dinner entrees that offer reduced calories and high protein appeal to these consumers;
• High Cholesterol: 102 million chronic sufferers recognize that prescriptions can help reduce cholesterol levels but only in combination with a healthy diet. Since many high cholesterol sufferers have high blood pressure as well, there are frequent overlaps in how they treat their condition. Eating reduced-fat and low-cholesterol products are at the top of their list;
• Heartburn/Acid Reflux: 77 million chronic sufferers rely on prescription and recent prescription-to-OTC products to manage their ailment. Proper diet plays a smaller role, so antacid tablets, antacid liquid/powder and laxative tablets are sought-after products.