Do you know your target market?
The needs of ageing baby boomers will shape the nutraceutical agenda over the next decade, suggests research undertaken ahead of Vitafoods Europe. The survey shows that the industry is responding to the needs of millennials and Generation Z. However, baby boomers are expected to reign as the most important consumer group, even in ten years’ time.
The organisers of Vitafoods Europe asked 196 nutrition industry professionals to identify the two age groups that are currently most important to their business. Nearly three quarters (72%) chose baby boomers – people currently aged between 49 and 72, with Generation X (ages 36 to 48) close behind on 70%.One in three (35%) chose millennials (ages 25 to 35) and a quarter chose the “silent generation” – people currently over the age of 72.
With baby boomers approaching old age – and expecting to live longer – their needs are prominent on the nutraceutical industry’s agenda. Nearly a quarter (23%) of survey respondents say healthy ageing is the most important health benefit area for their company.
When asked which groups would be most important to their companies in ten years’ time, boomers still came top on 55%, but half of respondents (50%) chose millennials. Reflecting that, some experts are advising nutrition companies to focus on the needs of younger “digital native” consumers.
Jeff Hilton Co-Founder and Chief Marketing Officer at Brand Hive is speaking at a Business & Marketing Forum within the Vitafoods Europe Education Programme, titled ‘Consumer 2.0: It’s a digital world.’
“Increasingly supplements are an online vendor purchase, particularly among millennials,” he said. “They prefer to use their smartphones for everyday purchases. It will become essential to have a marketing presence in all distribution channels. The watchword will be ‘meet your customers where they are’, and increasingly that means online and social media through web forums, blogs and influencers. This vast and explosive digital landscape is the new marketplace opportunity for nutrition products.”
Many companies are also starting to focus on the needs of Generation Z. One in five (19%) companies said this group (currently aged 22 and under) is already a key market, with one in four (23%) saying it will be in ten years’ time. Strategies to understand and target Generation Z will be explored in a Business and Marketing Forum in the Vitafoods Europe Education Programme titled ‘Identifying the future consumers: who are they?’
Vitafoods Europe takes place between the 15th and 17th of May in Palexpo, Geneva. For more information visit www.vitafoods.eu.com