Baby boomers represent a potential $43 billion opportunity as well as a challenge for today’s retailers, according to a new study, The IRI Baby Boomers Report: Understanding the Emerging Trends in Baby Boomer Spending from Information Resources, Inc. (IRI). At approximately 78 million people, baby boomers are one of the largest buying groups in America. The new report analyzes this consumer segment and uncovers new insights that empower retail and manufacturing executives to understand, benchmark and predict baby boomer shopping trends.
A few of the findings from the report that were driven by consumer panel data and analysis from IRI include: in some key categories, baby boomer shoppers are more likely to buy branded products than younger shoppers. Americans older than age 60 are leading the spending shift toward supercenters and as boomer segments age, their spending across food, beverage, and non-food categories can have significant differences, highlighting the need for retailers and manufacturers to tailor their marketing approach to each boomer segment. More info: http://us.infores.com/page/boomers_report.
For each of the 25 categories, the report includes an analysis of consumption and growth patterns by age group, the performance of private label in boomer shopper segments, boomer-driven product innovation, and channel shifting trends.