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Millennials may have claimed the mantle as the largest age group in America, but the 73 million member-strong boomer generation brings a feast of opportunities to the table for food and beverage brands and manufacturers.
According to Porch Group Media, boomers still outspend younger consumers annually and wield the most spending power. And yet, when it comes to spending on food and dining out, they lag behind younger generations, which means opportunity is booming for brands that can tap into their tastes and preferences.
One in five Americans will be over 65 in 2030, according to the Population Reference Bureau. Seniors are living longer and with greater financial and physical vitality, redefining what it means to age.
“With so much attention focused on younger demos, it can be easy to lose sight of baby boomers,” said Pam Bevilacque, SVP of client services for The Food Group. “But understanding the transformative impact of this numerically large and financially powerful generation is essential for growing any food and beverage business.”
Dishing on the Data Driving Boomer Behavior
In its 2024 Food Trends Report, Datassential served up insights into boomer lifestyles. They’re staying independent and in the workforce longer. Sixty-seven percent are determined to remain in their homes as long as possible rather than live in a retirement community or senior living facility. As a result, Datassential advises considering “convenience-driven items such as gourmet heat-and-eat meals, family meals and adaptive kitchen tools and equipment.”
But the report also notes that senior living communities can appeal to more boomers by capitalizing on the craving today’s seniors have for premium ingredients and experiences.
Offering premium options that meet dietary restrictions without compromising on satisfying flavor experiences can also help brands and manufacturers connect more strongly with boomers. Of all age groups, boomers are the least likely to say they’re watching their budgets and the most likely to associate high-end ingredients with luxurious or indulgent food and beverages.
And with seniors imbibing more regularly than millennials and Gen Zers, adding alcohol to the mix is not a bad idea.
Boomers ‘Dew It’ More
- Seniors drink alcoholic beverages more regularly than younger demos2
- Hard Mountain Dew capitalized with a retirement village rager in Florida
- Contest for a chance to attend the event spiked social buzz
Delivery also continues to drive sales, and boomers have joined the bandwagon, with 44% of them having ordered delivery online.2 That said, over a quarter of boomers would prefer an option to live chat or talk to a real person when ordering. A personal touch to the online ordering experience could fuel higher delivery sales among seniors.
The 2023 Boomer Bites report from McCormick revealed four key trends:
Boomers gravitate to foods that bring back fond memories, and 88% favor old family recipes. While 62% enjoy trying new foods, they prefer them as part of familiar favorites. (See our post on how brands are balancing novelty and nostalgia.)
The vast majority of boomers (85%) prefer to dine with other people rather than alone and favor sit-down meals with something everyone at the table can enjoy.
Eighty-one percent of boomers make at least 4 out of 5 meals at home, opening up opportunities to maximize sales of ready-to-eat meals and speed-scratch options.
Boomers equate health benefits (their top priority for new food products) with fresh ingredients from local sources. Seventy-four percent prefer items with locally sourced ingredients, and 70% are willing to pay more for them.
The Generation Gap
Interestingly, though it may be tempting to view boomers and Gen Zers as polarized, a nationwide survey by Y-Pulse found close parallels. Common ground includes the importance of shared food experiences (85% baby boomers, 86% Gen Z), a fondness for old family recipes (88% baby boomers, 84% Gen Z) and the appeal of locally sourced ingredients (74% baby boomers, 72% Gen Z).
“So often we see significant differences in the dining habits and preferences among consumers in different generations, yet the findings in this recent study confirm that food really does bring people together,” explained Y-Pulse Executive Director Sharon Olson.
(Dig into our post on Gen Zers for more insights into the tastes, trends and technology defining their generation.)
No matter which generation is at the plate, there’s one area of agreement that extends across all of them: Knowing the sweet spots is a must for maximizing profits. Be sure to contact us for custom solutions to reach your target demographics and realize more revenue.
- Baby Boomer Bites: 2023 Consumer Insight, McCormick Flavor Solutions, August 14, 2023
- 2024 Food Trends Report, Datassential