Knowledge of consumer profile is an important priority for food manufacturers so the products they produce can cater to the different groups of consumers better. Today, two dominant global consumer segments have emerged with very diverse profiles, attitudes, and habits, shared Mr Hilton.
The Baby Boomers, or those aged 51-69 years, tend to be more traditional, conservative, and prevention-oriented in terms of health and wellness. The second group are the Millenials who are typically the young working adults aged 19-33 years. This second group are significantly more open-minded than their parents when it comes to food and health products, and view health and wellness as a temporary asset that must be fully taken advantage of in the moment.
Millenials have carefully watched their ageing Boomer parents and are determined to avoid their mistakes, said Mr Hilton on his take of this consumer group.
As a result, this group is generally not brand loyal, unlike their parents. They embrace ‘choice’ in the products they purchase, and prefer to engage with smaller niche brands rather than monolithic global brands.
Boomers on the other hand, are more brand loyal and appreciate the comfort that comes from buying a known brand. They are also less likely to be early adopters of new and innovative niche brands.
With this distinct difference, while it spells good news for the start-up companies in food manufacturing, the older and larger manufacturers should take note of this difference and utilise it so as to better accommodate to their changing consumer profiles.
For these manufacturers who cater to the older Boomers, one way to make use of their loyalty could be increasing their range of products in elderly nutrition or healthcare. With the increasing ageing populations around the world, this market is projected to grow in due time because Boomers want to age in a more healthy way with a better quality of life.
Despite the differences, consumers would still want similar things such as quality of products and those for health and wellness. Both groups also value the ‘green’ movement toward increased sustainability and conservation of world resources.
Knowing the exact consumer profiles and their needs and/or wants could therefore help manufacturers better cater to their consumers.
Mr Jeff Hilton will be sharing more on the different types of today’s consumers at the coming Vitafoods Asia 2015 which will take place from 2-3 September at the AsiaWorld-Expo in Hong Kong.
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