Big-box supermarkets, dimly lit restaurants, grocery packaging bearing tiny lettering – these are but a few issues the food industry must begin addressing as the Canadian population ages.
« I don’t think any of these industries are looking very far ahead to the greying of society, » says Richard Loreto, who specializes in demographic trends in Canada and the U.S. and the implications for consumer products and services.
He believes that’s a weakness generally in all business sectors where there is a dominance for short-term perspective rather than long-term planning for the inevitable. « Unfortunately people wait until it hits them. »
Statistics Canada released population projections in December showing that senior citizens will outnumber children by about 2015, just eight years from now. And that aging trend will affect almost every area of society. One of those segments is the food industry, says Loreto.
« The food industry needs to look longer term and in their own strategic thinking begin to make the shift which inevitably will be important to them, » he said recently in an interview. « And so if the seniors market is relatively small today, you know if you do the analysis it is going to be a larger market 10 to 20 years from now. »
Today’s huge supermarkets will likely be daunting to seniors with walkers, prompting them to turn to smaller grocery outlets. Packaging is another hot-button issue for seniors, Loreto says. Food packages are already cluttered with information on ingredients and nutrition, making reading what’s on most products difficult, especially for aging eyes.
« The notion of a candlelight dinner with a fancy menu for those in their 60s is just not on because they aren’t going to be able to read what they want to order, » he says. Loreto says wise entrepreneurs might tap into housebound seniors’ desire for quality ready-made meals delivered to their homes along with groceries. « It’s a great business opportunity, » he says, « because as we get older we not only want better quality and service, but we’ll be able to pay for it. »
Loreto adds that the poor senior who can’t afford quality and service is a myth. « That was true 20 or 30 years ago when seniors were the focus of the poverty issue, but people born during the Depression or war years have done well financially. « So there is a niche market at present and an ever-growing market in the future to service seniors as they become less mobile as they inevitably will when they reach their 80s. »
Loreto says there is another popular myth that baby boomers, who were born in the years after the end of the Second World War, are different from today’s seniors. « It wrongly believes that the boomers are more hip, more cool and they won’t get arthritis or have any of the health problems their parents have, » he says. « I am sorry to say that boomers are not invincible to health problems like heart disease, diabetes and arthritis, » says Loreto, who is 56.
Another trend that should be considered with a growing seniors market is that their consumption goes down, « but they are buying quality food such as seafood, not fish sticks. » Loreto says that all sectors of the industry must start including seniors in its focus groups, whether it is to do with food products, delivery, packaging or supermarket access. « And yet the impact of demographics in this age group is not being tended to, » he stresses. « If they think strategically, they will realize there is going to be a significant change. »
Facts on Canada’s aging population:
-By 2031, seniors will account for about one-quarter of the population, or almost double the current proportion.
-The 65-plus crowd will likely overtake children under 15 in about 10 years.
-By 2031, seniors wil number between 8.9 million and 9.4 million.
-The glut of baby boomers, who begin turning 65 in five years in 2011, is the driving force behind the population shift.
Source: Statistics Canada.
All of the above text is a press release provided by the quoted organization. globalagingtimes.com accepts no responsibility for their accuracy.
