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.”
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.
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.
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.