The New Power Shoppers
If retailers are wondering who the next power shoppers are check out the new Packaged Facts report, Americans in 2020. According to the report Women, Latinos and seniors will top the list of the nation’s most influential consumers by the end of this decade.
My previously issued 2014 food trend predictions already highlights how these power shoppers will begin to unfold. Let’s start with the influence of women. Packaged Facts predicts they’ll usher in “an era of income equality” with men, because delayed marriages and “a greater propensity to pursue ‘three-letter’ degrees will allow women in the workplace to secure more positions of authority and affluence.”
I highlighted the “IndieWoman” as a major food influencer for 2014. Almost 31 million females fit this description – age 27 and older, living alone with no children. According to a Milo.com survey, these women have strong affiliations to brands and love to hunt for bargains. When it comes to their supermarket habits, "IndieWomen" spends $50 billion on food and beverages each year. In addition, a ConAgra Foods survey conducted by SupermarketGuru.com, found that 59% of respondents purchased multi-serve frozen meals because of their busy schedules. Because this group is increasingly busy, brands will cater to this demographic through more semi-homemade meals that use fresh-tasting, high-quality ingredients.
And what about Latino’s? The Latino population is growing in sheer numbers and in education level. Packaged Facts notes this will add to their spending clout. We have recently written about retail opportunities to serve Hispanics which also highlights another one of my trends predictions for 2014: greater popularity of international restaurant flavors at home. The surge of Latino and Asian populations - along with growing consumer interest in adding more flavor and variety to mealtime - leads to more growth opportunities for South American, Indian and Middle Eastern cuisines.
And finally, seniors. According to Packaged Facts, boomers and seniors head a “greater abundance of affluent households” and are often loyal consumers that retailers should court. By 2020, people older than 65 will account for 17% of the U.S. population and account for 42% of total population growth in the decade.
With this research in hand, retailers should look to appeal to the next power shopper.