BABY BOOMERS CARE MORE ABOUT CONVENIENCE THAN MONEY
By Adnews Staff
Aging baby boomers care more about convenience than saving money, according to economist/demographer David Foot, who was speaking at Grocery Showcase Canada '97 earlier this fall. Teenagers and young adults are more likely to compare prices and shop around for bargains than those in their 30s and 40s who have young families, careers and greater demands on their time. Foot claims that big box retailers alienate these customers by making them wait in long lines to purchase their products. The richest people in Canada today are those in their late 50s and early 60s. "By offering these seniors discounts, retailers are alienating those customers under 35." Foot suggested that retailers should move the age of eligibility for seniors discounts to 75 in order to target senior women, who are among the country's poorest consumers. Older customers tend to go to restaurants a lot, giving more competition to grocery stores. To combat this trend, grocery retailers need to focus more on take-out and home meal replacement programs. Natural foods and clear labeling are becoming more important for an aging population. In their early 30s, people eat more beef. By their late 30s and early 40s, they eat more chicken, and by their late 40s and early 50s, they eat more fish. Retailers should tailor their meat selection to target the demographic age group of their customers, Foot said.